Shanghai (ZXZC)- Haier Group, a Chinese multinational home appliances and consumer electronics company, recently set up an automotive technology subsidiary in Qingdao city, which is regarded by some industry insiders as part of preparations to make foray into the automotive industry.

Named Qingdao Kataichi Automotive Technology Development Co., Ltd. ("Kataichi" is Chinese Pinyin), the newborn company was incorporated on Nov. 21 with a registered capital of 150 million ($20.835 million), according to the corporate information platform Tianyancha. It features a business scope that extends to cover the R&D of emerging energy technologies, sales of automobile (including new energy vehicles), auto parts, housing rental service, etc.

Photo credit: Haier Group

The newly founded company is a wholly-owned subsidiary of Qingdao Kataichi Automobile Connected Technology Co., Ltd, which is 100% held by COSMOPlat, an industrial IoT platform of Haier Group.

Notably, Haier Group has invested in several automotive companies, such as the IoV (Internent of Vehicles) solution provider PATEO and the Jiangsu-based auto parts supplier Tongming High-Tech, through its investment arm, Haier Capital.

In March 2021, Haier Group signed an agreement with SAIC Motor to conduct an in-depth strategic cooperation on intelligent manufacturing, R&D and applications of intelligent vehicles, car-home connectivity, promotion of new energy vehicles and intelligent vehicles, and other areas.

In the same year, Haier Group also inked a framework agreement with Chery Holding to jointly build a world-leading automotive industrial IoT platform.