On June 15, the signing ceremony of the strategic cooperation agreement between the Chinese real estate and financial group, Baoneng and Guangzhou Development District was successfully held. Baoneng New Energy Vehicle Group (Baoneng NEV), the subsidiary of Baoneng, will receive CNY 12 billion of strategic investment from state-owned enterprises in Guangzhou Development District, and will locate its headquarters here.
According to the above cooperation agreement, Baoneng NEV will build an NEV-based headquarters integrating manufacturing, R&D and operation in Guangzhou Development District. The two parties will carry out all-round and in-depth cooperation as part of the process of auto industry upgrading.
The cooperation between Baoneng and Guangzhou Development District started long ago. It has successfully launched several projects, including a NEV production base, a power battery manufacturing base, and a new investment business headquarter in Greater Bay Area.
Allegedly, Baoneng NEV focuses on the development of extended-range electric vehicle (iREV), battery electric vehicle (BEV), and fuel cell vehicle (FCV), and will launch the new model in the second half of this year. To accelerate the strategic deployment in the automobile market, Baoneng NEV has set up an automotive software company called Foresea Seven Swords to support in-house technological development. Currently, the subsidiary is conducting research and development on chips for autonomous, relevant algorithms and high-definition maps.