BEIJING, October 24 (TMTPost)—BeyondCa introduced the new investor and partner in the Middle East, as part of expansion effort for the Chinese luxury electric vehicle (EV) startup.

Credit：BeyondCa

BeyondCa had signed a memorandum of understanding (MoU) on investment and strategic cooperation with Saudi Arabia-based Al Faisaliah Group Holding Company (AFG) on October 20, at an signing event at headquarters of Dongfeng Motor Corporation (DFM) in Wuhan, the capital of South Central China’s province Hubei, according to a statement on Monday. BeyondCa said, at the statement, it also inked a strategic cooperation deal with Q Auto, the official Volkswagen dealer in Qatar with extensive experience and resources in the auto industry, witnessed by representatives of its two strategic investors DFM and French auto giant Renault Group.

While BeyodnCa didn’t disclose details of the MoU with the Saudi Arabian investment group AFG or agreement with Q Auto, Shanghai-listed shares of Dongfeng Motor Corporation Ltd. jumped more than 10% at the afternoon trading on Monday. Dongfeng Motor Corporation Ltd. is a subsidiary of DFM, Chinese state-backed automobile manufacturer with more than five decades’ history.

BeyondCa was founded in 2021 by Renault China’s Chairman and CEO Soh Weiming, who also now serves as chairman of the Beijing-based EV company. It said the MoU with AFG would lead to a substantial investment if it were to materialize. The recent MoU and strategic cooperation agreement marked strong reorganization of the Middel East capital and industrial market, BeyondCa’s statement on Monday said. Boasting the leading team of automobile design and tuning, BeyondCa will leverage advantages of Chinese EV ecology to offer consumers the smart EV technology merging with the classic luxury car, the company said.

As to the partnership with AFG, BeyondCa said both companies have enthusiastically embarked on a collaborative journey to cultivate the EV market in the Middle East, and will jointly explore opportunities for EV development, encompassing research and development, manufacturing, trade, retail, charging, insurance, ecological services and allied sectors. Soh Weiming expected the premium EV will enter a high-growth period from 2025 to 2030, which will be the best window period for luxury car market. In the meantime, as the development of high-voltage fast charging, autonomous driving, smart cockpits and other relevant technologies, the ecosystem is becoming matured in that five-year period, the luxury EV is poised to be a good example of high-end manufacturing with the most competitiveness in the world, Soh said.

AFG CEO Ziad AL Tunisi spoke highly of the innovation and and foresight of China's EV industry. He highlighted he was deeply impressed by BeyonCa's technical capabilities and corporate vision. "It represents a lifestyle, far more than just a car. Our cooperation will be able to promote the high-quality EV industry in Saudi Arabia," Tunisi said.

BeyondCa’s new partnership came days after the Third Belt and Road Forum for International Cooperation Forum was held in Beijing. This year is the 10th anniversary of the Belt and Road Initiative (BRI) China’s President Xi Jinping proposed. More than 150 countries and over 30 international organizations have signed Belt and Roadcooperation documents over the past decade, and Saudi Arabia is one of the earliest members of BRI. AFG CEO Ziad AL Tunisi also expressed his optimism about the potential of economic cooperation between China and Saudi Arabia. "Saudi Arabia has opened its doors to the world, especially China and Chinese companies. We hope that our cooperation in EV sector will be as successful as that in the medical field," the executive said.