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☆ EV brand Beyonca signs investment deal with Saudi Arabian group
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: 1 min

Beyonca's GT Opus 1 concept car is unveiled during an event at the electric vehicle (EV) start-up's headquarters in Beijing, China October 30, 2022. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Oct 23 (Reuters) - Electric vehicle brand Beyonca, backed by Renault (RENA.PA) and Dongfeng Motor (0489.HK), said on Monday that it signed an investment agreement with Riyadh-based Al Faisaliah Group Holding Company. At the signing ceremony at Dongfeng Motor's headquarters in the central Chinese city of Wuhan, Beyonca also inked a strategic cooperation deal with QG FZE-LLC regarding investment opportunities in the Middle East, according to the EV brand. Reporting by Beijing newsroom; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Beyonca, QG, Jamie Freed Organizations: REUTERS, Rights, Renault, HK, Al, Group Holding, Beijing, Thomson Locations: Beijing, China, Rights BEIJING, Riyadh, Wuhan

Some elements of the Jeep joint venture's failure are particular to Stellantis - and the former car groups that feature among its 14 brands. But data compiled for Reuters by consultancy LMC Automotive expose a problem shared by a number of other global carmakers: plummeting Chinese plant usage. Reuters GraphicsThe Jeep failure in China happened less than two years after Stellantis was formed by the merger of PSA and Fiat Chrysler. "Chinese companies actually have an early mover advantage because they embraced electrification faster than the foreign companies were willing to," he added. While fully-electric cars make up an average of 5% of models foreign carmakers sell in China, they account for 30% of Chinese carmakers' models, according to LMC data.

☆ Renault-backed Beyonca EV venture touts health monitoring, targets Audi in China
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +3 min

Soh, Beyonca's chairman, said the company was targeting the high-end premium segment, where they would compete with models such as Audi's A8L, BMW's 7 Series and Mercedes' S Class. Soh said that by the time the car was launched, third generation EV technology would offer faster charging times and longer driving ranges. Soh acknowledged the difficult backdrop but pointed to steady growth in the premium car segment, which he said had potential annual sales of 3 million cars in China. He declined to say how much Beyonca had raised from investors or how large a stake Renault and Dongfeng held in the company. Beyonca is headquartered in Beijing and has a design center in Munich and an artificial intelligence development hub in Singapore.

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