BeyonCa, a premium electric vehicle manufacturer supported by Renault and Dongfeng Motor, announced on Friday that it intends to establish an international headquarters and a final assembly factory in Hong Kong, creating the first automotive brand in the region, according to Reuters.
After the epidemic and protests in 2019 delivered Hong Kong's economy a double blow, the city has worked to expand and diversify its economy.
Weiming Soh, the founder and chairman of BeyonCa, stated in Hong Kong, "We aim to achieve a breakthrough in Hong Kong's auto manufacturing industry, becoming the first international premier electric vehicle brand made in Hong Kong."
A government-owned industrial park in Hong Kong will be used for the assembly of BeyonCa's vehicles, while mainland China will handle the majority of the manufacturing, including body welding, stamping, and painting.
The company kept the value of its investment a secret.
Beyonca announced in 2022 that it would start production in China, but within five years it intended to construct a factory abroad to service markets in the Middle East, ASEAN nations, and Europe.
Soh stated that the company aimed to sell 100,000 EVs annually, with three to five models available by "a few years after 2025".
