The first car company in the area, BeyonCa, is a premium electric vehicle maker that revealed on Friday that it plans to open an international headquarters and a final assembly plant in Hong Kong.
BeyonCa, a luxury electric vehicle manufacturer, announced on Friday that it intends to establish an international headquarters and a final assembly factory in Hong Kong, thereby creating the first automobile brand in the region. BeyonCa is supported by Dongfeng Motor (0489.HK) and Renault (RENA.PA). After the epidemic and protests in 2019 dealt 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.”
BeyonCa’s vehicles will be put together in a government-owned industrial park in Hong Kong, but the majority of the manufacturing, including body welding, stamping, and painting, will take place on China’s mainland. The corporation 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’s goal was to sell 100,000 EVs a year, with three to five models hitting the market “a few years after 2025.”
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