Shanghai (ZXZC)- Zhongqi Chuangzhi Technology Co.,Ltd. (called “Zhongqing Chuangzhi” for short), a joint venture co-funded by three state-owned automakers—Dongfeng, FAW and Changan, was officially launched on June 29 in Nanjing, according to a post on FAW Group’s WeChat account.

Founded on June 2 and located in Jiangning District of Nanjing, Zhongqi Chuangzhi involves a registered capital of 16 billion yuan ($2,261,036,640), which is jointly contributed by China South Industries Group Corporation (CSGC), Dongfeng Motor Corporation, Chongqing Changan Automobile Co., Ltd., FAW Group and Nanjing Jiangning Economic Technology Development Co.,Ltd., which is wholly owned by local government, according to the business data query platform Tianyancha.

According to FAW Group, Zhongqing Chuangzhi is designed to work on the R&D of the forward-looking, generic and core technologies of intelligent-connected vehicles (ICVs) powered by the so-called new energies, and the industrialization of their technical achievements.

Based on the working plan proposed by the newborn joint venture, Zhongqing Chuangzhi will be dedicated to developing products of intelligent electric chassis, hydrogen-fueled powertrain, and ICVs.

Another major mission is to develop core technologies of the next-generation vehicles. The joint venture is ambitious to build the auto parts critical to intelligent NEV technologies and relevant technical brands by gathering key resources, innovating in development process and operational mechanism, so as to support the development of the new-generation smart NEVs.

While focusing on making achievements in core technologies and developing products, the joint venture is going to gain pivotal resources through strategic investments, merger & acquisition and corporate restructure, in a bid to rapidly form its self-owned R&D and industrialization abilities.

The launch of the new joint venture will help expand the cooperation formed by Dongfeng, Changan and FAW, and give fresh impetus to the transition and upgrading of China's automobile industry.

The three state-run automakers signed in December 2017 a framework agreement to carry out strategic collaboration on the innovation of prospective generic technologies, the operation of whole-value automobile chain, the “going global” initiative and the exploration of new business models (photo source: FAW Group's WeChat account).