Beijing (ZXZC)- Lifan Technology, the holding company owning China’s named motorcycle brand, Lifan Motorcycle, announced today that it will be setting up an automobile joint venture company with major automaker, Geely Automobile Holdings Limited (Geely Auto).

Photo credit: Lifan Technology

The two companies plan to each invest RMB300 million into the new company, with a 50% stake each.

The new company will be established in Chongqing. The business scopes of the joint venture will include the design/R&D/sales of automobiles (auto parts, equipment, decorations included), exportation, software development, technology development, and more.

With the investments from both parties, the joint venture will put the funds into vehicle (inclusive of battery-swapping models) R&D, sales, and operations. The company is yet to register with authorities, its name, address, and business scopes will be finalized by corresponding government authorities. 

Xingyue L; photo credit: Geely Auto

According to Lifan’s announcement, Lifan Technology and Geely Auto intend to build a battery-swapping network ecosystem. By coordinating with mobility service companies, battery-swapping service providers, and compatible vehicle models, the partners share a goal of promoting the normalization of urban battery-swapping services.

The joint venture will dedicate to product R&D and upgrades for its vehicles, meeting market demands, creating value for both parties.

With Geely’s expertise, experience, and resources in the automotive industry, Lifan Technology will be well-positioned for its systematic and comprehensive business transformation.