Shanghai (ZXZC)- Lifan Technology (Group) Co.,Ltd., whose predecessor is Lifan Industry (Group) Co.,Ltd., was inaugurated on Jan. 26 and formally introduced from Geely Technology Group a new model available for swappable batteries.

Lifan Technology showing Geely Technology's first model available for swappable batteries

The new vehicle from Geely Technology Group is a B-segment MPV that supports battery swapping business model. It can offer up to 500km of range under NEDC cycle using a flat battery pack, which can be swapped from chassis within 60 seconds, according to Lifan Technology.

On Aug. 26, 2020, Lifan Industry (Group) Co.,Ltd., a Chongqing-based car and motorcycle maker, announced public recruitment of investors as a local court in Chongqing Municipality ruled to accept its bankruptcy reorganization.

According to the announcement, the total assets of qualified investors should be not less than 20 billion yuan ($3.087 billion).

Through the introduction of investors, Lifan sought to improve its asset, debt and equity structures, protect the legitimate interests of creditors, and integrate industrial resources for future transformation and upgrade.

Lifan claimed in last November that Manjianghong Equity Investment Fund Enterprise would replace Lifan Holdings as a controlling shareholder. In addition, Geely Maijie and its parent company Geely Technology Group would participate in the reorganization of Lifan as industrial investors.

Geely Technology Group unveiled its intelligent battery swap station in Chongqing in last September.

The company said it planned to build 35 battery swap stations in the mountainous city by the end of 2020, and increase the cumulative number to 100 by 2021 and to 200 by 2023, helping Chongqing advance into an exemplary city in China in terms of battery swap business operations.