Sokon to launch intelligent NEV brand in March

Shanghai (Gasgoo)- Chongqing Sokon Industry Group Stock Co., Ltd. (Sokon) announced on Feb. 23 that the company's intelligent NEV brand will be launched in March. Besides, the new NEV brand will also release its cutting-edge core technologies and concept sample models globally.

It is revealed that Sokon will release three NEV models in 2018, which are priced at RMB 250,000, RMB 400,000 and around RMB 600,000. The vehicle products will be introduced in the American market first and will return to the Chinese market later. After the brand was released, Sokon's NEVs will be put into mass production and sales in 2019.

It is known that Sokon has been deploying the new energy passenger vehicle for a long time. It was after June, 2016, Sokon was listed in Shanghai Stock Exchange that it began to deploy in NEV field. In July, 2016, Sokon transferred the whole stake of Chongqing Dongkang New Energy Vehicle Co., Ltd. to Chongqing Ruichi Automobile Industry Co., Ltd., and added Dongkang New Energy's registered capital to RMB 300 million to invest in pure electric passenger vehicles. In October, 2017, Sokon acquired the whole stakes of AC Propulsion Inc, e.motor Coporation Limited and E.Motor Advance Corporation Limited.

On Oct. 17, 2017, Sokon's wholly-owned subsidiary, SF Motors, acquired the whole stake of InEVit for $33 million. Moreover, Martin Eberhard, founder of InEvit, as well as his team also joined SF Motors. 

On Nov. 2, 2017, SF Motors announced that the acquisition of AM General's commercial assembly plant ("CAP") had closed. AM General, American leading vehicle solution provider, is famous for manufacturing Hummer.

On Dec. 12, 2017, Sokon announced that it planned to build up a power battery project of high-performance vehicles at the Science and Technology Industrial Park of Chongqing College Town. To start construction on Jan. 23, 2018, the project, with a total investment of RMB 2.026 billion, will achieve an annual production capacity of 5.2GWh after the operation starts.

At the same date, Sokon also announced that it planned to invest RMB 400 million to set up two companies, Chongqing Jinkang Power New Energy Co., Ltd. and Chongqing Jinkang Electric Vehicle Sales Co., Ltd., of which, Chongqing Jinkang Power New Energy Co., Ltd. will be the implementers of power battery project of high-performance vehicles.