An EV company called Binli, founded by former Volkswagen China executive vice president Weiming Soh, recently received a strategic investment from Wuhan-based Changjiang Capital, according to local media.

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The electric vehicle (EV) company called Binli, founded by former Volkswagen China executive vice president Weiming Soh, recently received an RMB 10 billion ($1.57 billion) strategic investment from Wuhan-based Changjiang Capital, 36kr reported today.

The high amount of the investment is rare and comparable to the investment Nio received from the Hefei city government two years ago and the initial investment Xiaomi made for its car-making business, the report noted.

Binli and its investors will jointly set up a new energy vehicle (NEV) industry fund, and the company and industry chain-related companies are likely to build a passenger car industry base in Wuhan, the report said, citing people familiar with the matter.

Changjiang Capital is a wholly-owned subsidiary of Changjiang Securities engaged in private investment, and its partnership with Binli was brokered by the Wuhan government, according to the report.

Local media Cailian first reported Soh's creation of Binli in early December last year and said the company plans to announce specifics during the Beijing Auto Show in April 2022.

Dongfeng Motor has invested in the brand's operating entity and plans to OEM vehicles for it, Cailian previously said, citing sources familiar with the matter.

The brand's first model will be a Porsche Taycan killer and have more health-related features, according to the report.

The Taycan is Porsche's first all-electric model and starts at RMB 888,000 ($139,000) in China.

It's worth noting that if that's ultimately the brand's positioning, it wouldn't be surprising, as the name Binli sounds a lot like "Bentley," whose models are priced at more than RMB 2.5 million in China.

No specific information on the brand is available yet, but 36kr reports today that Binli will launch a car brand called BeyonCa in English.

Former Volkswagen China exec creates new EV brand