BeyonCa, a premium electric vehicle (EV) manufacturer backed by Renault and Dongfeng Motor, has unveiled plans to establish a final assembly plant and its international headquarters in the city. This ambitious project is set to mark a significant milestone, as it aims to develop Hong Kong’s very first homegrown car brand.
The announcement comes at a crucial time for Hong Kong’s economy, which has been seeking to diversify and bolster new industries following the dual challenges of the 2019 protests and the COVID-19 pandemic. BeyonCa’s initiative aligns perfectly with these goals, potentially catalysing a new era of automotive manufacturing in the region.
Weiming Soh, BeyonCa’s founder and chairman, expressed the company’s vision during a press conference in Hong Kong, stating, “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.” This statement underscores the company’s commitment to not only establishing a presence in the city but also to elevating Hong Kong’s status in the global automotive landscape.
The proposed manufacturing process will involve a collaborative effort between Hong Kong and mainland China. While the final assembly will take place in a government-owned industrial park in Hong Kong, the majority of the manufacturing processes – including stamping, body welding, and painting – will be completed in mainland China. This approach leverages the strengths of both regions, potentially optimising production efficiency and cost-effectiveness.
Although BeyonCa has not disclosed the specific value of its investment in this project, the scale of its ambitions suggests a substantial financial commitment. The company’s long-term strategy, as outlined in 2022, includes plans to commence production in China and subsequently establish an overseas plant within five years. This overseas facility is intended to serve markets beyond Asia, including the Middle East, ASEAN countries, and Europe, indicating BeyonCa’s global aspirations.
Soh has set an ambitious target for the company, aiming to sell 100,000 EVs annually with a diverse lineup of three to five models available “a few years after 2025.” This goal reflects BeyonCa’s confidence in its product offerings and the growing demand for premium electric vehicles worldwide.
The decision to set up operations in Hong Kong could prove to be mutually beneficial for both BeyonCa and the city. For Hong Kong, it represents a significant step towards diversifying its economy and establishing itself as a player in the high-tech manufacturing sector. The project has the potential to create jobs, attract further investment, and boost the city’s reputation as an innovation hub.
For BeyonCa, Hong Kong offers a strategic location with proximity to mainland China’s manufacturing capabilities and access to international markets. The city’s well-developed infrastructure, financial services, and business-friendly environment could provide a solid foundation for the company’s global headquarters.
This venture also highlights the changing landscape of the global automotive industry, with new players emerging to challenge established manufacturers. BeyonCa’s backing from industry giants like Renault and Dongfeng Motor lends credibility to its ambitious plans and could provide valuable expertise and resources as the company scales up its operations.