Shanghai (ZXZC)- Baoneng Motor, the automotive unit of Chinese property conglomerate Baoneng Group, set up an auto parts subsidiary in Shenzhen on Nov. 16, according to the Chinese company information search platform Qichacha.

With a registered capital of 5 billion yuan ($759,336,000), Baoneng Motor Auto Parts Co.,Ltd. is wholly-owned by Baoneng Motor. The newly-formed subsidiary has a line of licensed businesses including the development, production and sale of auto parts, stamping parts, forging parts, modules and other equipment. Apart from domestic trade, it is also allowed to operate import and export business. 

The move shortly came after Baoneng Motor announced the establishment of the automotive software company “Foresea Seven Swords”, which is designed to be a provider of intelligent vehicle-related software and innovative business models.

According to Baoneng Motor, Foresea Seven Swords 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. Headquartered in Shenzhen, it 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.

Baoneng xEV platform; photo credit: Baoneng Motor

Baoneng Motor is working on building a comprehensive industrial chain that covers complete vehicles, auto parts and mobility services. Production of the Xi'an plant, the company's first self-built vehicle manufacturing base, kicked off earlier this month. The first vehicle based on Baoneng's self-developed xEV NEV platform rolled off the assembly line at the same time.