Shanghai (ZXZC)- Lifan Technology (Group) Co.,Ltd, previously known as Lifan Industry (Group) Co.,Ltd., saw its first battery swappable full-electric MPV model "80 V" roll off the production line at its manufacturing plant in Chongqing, indicating the resumption of its car production business after a tough restructuring.

Lifan Technology's 80V rolling off production line; photo credit: Lifan Technology

Another two models equipped with swappable battery pack are expected to be rolled out this year as well, the company said. The one is dubbed “60S”, which is a sedan developed for taxi service, and the other one, named “80X”, will be a large-sized SUV to serve as a government car.

On January 26, Lifan Technology announced the introduction of a B-segment battery swappable MPV from Geely Technology Group. The company said the vehicle can offer up to 500km of range under NEDC cycle using a flat battery pack, which can be swapped from chassis within 60 seconds.

On Aug. 26, 2020, Lifan Industry (Group) Co.,Ltd., a Chongqing-based car and motorcycle maker, announced public recruitment of investors as a local court in Chongqing Municipality ruled to accept its bankruptcy reorganization.

Lifan claimed in last November that Manjianghong Equity Investment Fund Enterprise would replace Lifan Holdings as a controlling shareholder. In addition, Geely Maijie and its parent company Geely Technology Group would participate in the reorganization of Lifan as industrial investors.

In early March 2021, the board of directors agreed to change the company's name from Lifan Industry (Group) Co.,Ltd. to Lifan Technology (Group) Co.,Ltd.

After completing the reorganization, industrial investors will imbue Lifan Technology with their capabilities of the customization of battery swappable EV models, the advanced manufacturing, and the user operation to help Lifan rapidly develop vehicles armed with swappable batteries, said Lifan Technology.

For the year of 2020, Lifan Technology gained around 3.637 billion yuan ($565.832 million) in revenues and recorded 58 million yuan ($9.023 million) in the full-year net profit attributable to shareholders. The company noted its total liabilities amounted to 6.729 billion yuan ($1.047 billion) by the end of December 2020, shrinking 59.4% compared to that in early 2020.