Shanghai (ZXZC)- On October 20, 2023, the Chinese luxury smart electric vehicle brand, BeyonCa, inked an investment and strategic cooperation memorandum with Al Faisaliah Group Holding Company ("AFG"), an investment group headquartered in Saudi Arabia.

In addition to this move, BeyonCa also entered into a strategic cooperation agreement with Q Auto, a company with extensive experience and resources in the Middle East's automotive industry.

Photo credit: BeyonCa

The signing ceremony for the aforesaid strategic cooperation agreement and the memorandum took place at the headquarters of Dongfeng Motor Group in Wuhan, with representatives from BeyonCa's strategic investment shareholders, Dongfeng Motor Group and Renault Group, bearing witness to the event.

Mr. Weiming Soh, Chairman of BeyonCa and Chairman and CEO of Renault China, expressed his confidence in the luxury electric vehicle market's rapid growth projected between 2025 and 2030, marking the prime window of opportunity in the luxury car sector. He emphasized that the convergence of technologies such as battery, electric motor, electric control unit, high-voltage fast charging, autonomous driving, and intelligent cabin has matured into a comprehensive ecosystem. Luxury electric vehicles are poised to become a hallmark of China's most internationally competitive high-end manufacturing brand.

Weiming Soh underscored that BeyonCa is well-prepared to seize this global opportunity, stating, "BeyonCa has assembled a robust international team, established a leading global technological reserve, nurtured a mature ecosystem, and developed a global business presence and channel resources."

The strategic collaboration with Q Auto aims to jointly engage in commercial ventures in the Middle East and other regions, said BeyonCa. Marwan Emile Faddoul, Chairman of Q Auto, stated, "Through our collaboration with BeyonCa, we will establish a hub for the Chinese electric vehicle industry in the Arab region."