WUHAN, China, Oct. 25, 2023 /PRNewswire/ -- BeyonCa, a trailblazing premium smart electric vehicle (EV) maker, has taken significant steps towards realizing its vision of becoming a global leader in the premium EV segment with the signing of two agreements.
On October 20, 2023, BeyonCa signed a Memorandum of Understanding (MOU) with Al Faisaliah Group Holding Company (AFG), a prominent diversified investments group headquartered in Riyadh, and a Strategic Cooperation Agreement with QG FZE-LLC (QG), a venture builder with extensive experience and resources in the automotive industry.
Starting from the left in the back row: Ziad AL Tunisi, Chief Executive Officer of AFG; You Zheng, Member of the Board of Dongfeng Group Management, Head of R&D DongFeng Group, Chairman of Voyah; Weiming Soh, Chairman and Founder of BeyonCa, Chairman of Renault China. Starting from the left in the front row: Alegandro Carbon, Chief Portfolio Officer of AFG; Jason Zhang, Co-founder of BeyonCa; Marwan Emile Faddoul, Chairman of Qauto.
The signing ceremony was hosted at the headquarters of Dongfeng Motor Group in Wuhan, China, which is one of BeyonCa's strategic investors.
MOU with AFG: Pioneering Opportunities in the Middle East
BeyonCa and AFG have enthusiastically embarked on a collaborative journey to cultivate the EV market in the Middle East. Under the MOU, both companies will jointly explore opportunities for electric vehicle development, encompassing research and development, manufacturing, trade, retail, charging, insurance, ecological services, and allied sectors.
One of the key highlights of this agreement is the exploration of the possibility of AFG making a substantial investment in BeyonCa.
Weiming Soh, Founder and Chairman of BeyonCa, is brimming with optimism regarding the premium EV market, affirming, "We anticipate that premium electric cars will enter a period of rapid growth from 2025 to 2030, marking an unparalleled window of opportunity in the premium automobile sector."
He underscored the maturation of supply chains and technological ecosystems and underscored BeyonCa's readiness, with its eminent team and global resources, to lead the EV industry.
Ziad AL Tunisi, CEO of AFG, expressed his profound admiration for China's innovative and forward-looking EV industry, particularly highlighting BeyonCa's technology and vision. He stated, "It's not just a car; it's a lifestyle. I hope that our partnership will advance to help introduce the EV industry into Saudi Arabia."
Strategic Cooperation Agreement with QG: Expanding Financial Horizons
Simultaneously, BeyonCa formalized a Strategic Cooperation Agreement with QG FZE-LLC (QG), propelling BeyonCa towards investment opportunities in the Middle East.
Beyond financing collaboration, BeyonCa and QG will synergize efforts to create additional business value.
Marwan Emile Faddoul, Chairman of Qauto, an enterprise within the QG portfolio, expressed his aspiration to establish an electric hub in this region through collaboration with BeyonCa.
Optimistic about the Future of Sino-Arab Economic Cooperation
Ziad also conveyed his optimism concerning the potential of China-Arab economic collaboration. "Saudi Arabia is opening its arm to the world, especially to China and Chinese companies. We aspire to foster a relationship in the EV industry as we have previously achieved in the healthcare sector," he noted.
Only two days prior to the signing ceremony, the 3rd "Belt and Road" Forum for International Cooperation concluded in Beijing. Saudi Arabia has been among the earliest supporters of the "Belt and Road" Initiative, introduced a decade ago, and unveiled its "Vision 2030" in 2016, aiming to enhance diversification across economic, social, and cultural fronts.
"This is an opportunity bestowed upon us by the times. I believe that BeyonCa's super-premium electric vehicle project can serve as a model for Sino-Arab capital and economic collaboration," affirmed Soh.
About BeyonCa
BeyonCa is a leading premium smart electric vehicle (EV) manufacturer engaged in the research and development, production, sales, and eco-services of intelligent electric vehicles and related systems. With a global perspective, a seasoned team of automotive experts, and strong technology resources, BeyonCa is poised to make a significant impact in the luxury EV market.
