Shanghai (ZXZC)- Baoneng Motor, the automotive unit of Chinese property conglomerate Baoneng Group, announced on Nov. 16 the establishment of the automotive software company “Foresea Seven Swords”.

The newly-built company is designed to be a provider of intelligent vehicle-related software and innovative business models, said Baoneng Motor. It will engage in the R&D of smart car architecture, automotive-grade chips, car-to-cloud distributed computing platform, autonomous driving system, intelligent cockpit, vehicle control system, cloud service platform and other technical products.

Photo credit: Baoneng Motor

Headquartered in Shenzhen, Foresea Seven Swords will set up branches in Beijing and Shanghai, research institutes in Chengdu and Nanjing as well as other R&D divisions at home and abroad. Total number of manpower is set to reach 2,500 by 2021 and increase to 5,000 by 2025.

Involving a registered capital of 1 billion yuan ($151,867,200), Foresea Seven Swords is wholly controlled by Baoneng Motor, according to the corporate data Tianyancha.

Baoneng Motor noted the automotive software company will assist the group with the development of intelligent car brand and achievement of the strategic goal of being “a world-renowned automobile group with powerful competitiveness”.

The newborn company has posted job listings that embrace positions related to strategic deployment, product planning, quality management, smart driving and intelligent cockpit.

Baoneng Motor's Xi'an base starting production; photo credit: Baoneng Motor

On November 8, Baoneng Motor started production at its smart vehicle plant in Xi'an, the capital of Shaanxi Province. At the same time, the first vehicle based on Baoneng's self-developed NEV-dedicated xEV platform rolled off the production line.

The Xi' an-located plant is Baoneng's first self-built vehicle manufacturing base. Moreover, the group has already got two plants in Changshu and Shenzhen by investing in Qoros and Changan PSA.