Shanghai (ZXZC)- A joint venture between FAW Xiali and the EV startup Bordrin was officially founded on November 18 and was granted operating license only two days later, according to FAW Xiali’s annoucement.

Involving a registered capital of RMB2.54 billion, the joint venture will be held as to 80.1% by the Nanjing-based startup in cash. Meanwhile, FAW Xiali makes contribution by land use rights, plants and relevant facilities. 

Huang Ximing, chairman and CEO of Bordrin, said the joint venture would take advantage of the startup’s R&D ability and the traditional automaker’s mature manufacturing system and production scale.   

Reportedly, the Nanjing-based tech company currently has owned four R&D hubs in Detroit, Nanjing, Shanghai and Beijing. The joint venture will possess two production bases in Tianjian and Nanjing after its establishment.  

At the 2019 Auto Shanghai, Bordrin premiered two premium intelligent electric SUVs, Bordrin iV6 and Bordrin iV7, and three self-developed electric platforms, i-SP, i-MP and i-LP designed for small-, medium- and large-sized models respectively. It is said that the Bordrin iV6, the first product of the joint venture, will be put into production at the Tianjin plant and is expected to be delivered to consumers in 2020 (photo source: Bordrin).