BeyonCa has signed separate agreements with a Saudi investor and a Middle Eastern distributor.
(Image credit: BeyonCa)
BeyonCa, the electric vehicle (EV) brand founded by former Volkswagen China executive vice president Weiming Soh, has entered into a partnership with a Saudi investor, marking the first time the new brand has appeared in the public eye this year.
BeyonCa signed a memorandum of understanding for investment and strategic cooperation with Saudi Arabian investment group Al Faisaliah Group Holding Company (AFG) on October 20, according to a press release by the EV maker today.
The agreement was signed at the headquarters of Dongfeng Motor Group in Wuhan, with representatives from BeyonCa's strategic investment shareholders Dongfeng and Renault Group in attendance.
BeyonCa also signed a strategic cooperation agreement with Q Auto, a Middle Eastern automotive distributor, to work together on business partnerships in the Middle East and beyond, according to the release.
Through its partnership with BeyonCa, Q Auto will establish a hub for China's EV industry in the Arab region, said Marwan Emile Faddoul, chairman of the car dealership.
BeyonCa's press release didn't offer much more on the two partnerships, though this is his first appearance in the public eye since October of this year.
BeyonCa was founded in 2021 by founder Soh, who spent 16 years at Volkswagen, where he served as the company's executive vice president of China business and also served as CEO of Renault China.
In today's press release, Soh's title is chairman of Renault China, in addition to being chairman and founder of BeyonCa.
On October 30, 2022, Soh officially unveiled the BeyonCa brand and its first concept car, the Gran Turismo Opus 1 (GT Opus 1).
BeyonCa means "Go Beyond the Car," and it will think beyond the car to build mobility solutions and health ecosystems that bring unique experiences to users, the company said at the time.
BeyonCa's first production model is scheduled to roll off the assembly line in 2024, according to its previously announced plans.
Last year it was reported that BeyonCa's first model would rival the Porsche Taycan, and could be priced in the RMB 1 million ($137,000) range.
($1 = RMB 7.3174)
