Renault-Backed EV Start-Up BeyonCa Sets Up In Hong Kong

Chinese luxury car start-up BeyonCa, founded by former Volkswagen China executive vice president Weiming Soh, is to set up its global headquarters and final assembly plant in Hong Kong as it seeks to become the city’s first car brand.

Soh is also the current head of Renault’s China operations and Renault is a backer of BeyonCa along with Dongfeng Motor.

Renault said in 2022 it was investing an undisclosed amount in the start-up in order to better understand the Chinese technological ecosystem.

“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,” said Soh.

‘Made In Hong Kong’

The company is to set up offices, international headquarters and its final assembly plant in an innovation park in Hong Kong’s Tseung Kwan O New Town.

Most of the manufacturing processes, including stamping, body welding and painting, will be carried on in the mainland, the company said.

BeyonCa, whose name stands for Beyond Cars, in 2022 announced its brand along with the Gran Turusmo Opus 1, a four-door premium concept vehicle.

The company did not disclose the value of its investment in the manufacturing project.

Soh said BeyonCa aims to sell 100,000 EVs annually with three to five models available “a few years after 2025”.

Competition

China’s ultra-competitive EV market has forced manufacturers to pursue overseas sales.

Domestically, manufacturers have engaged in several rounds of a price war that has slashed their profit margins.

The competitive environment has seen Tesla’s sales sag in the country as it faces the growth of rivals such as BYD, which briefly surpassed it as the worldwide No. 1 seller of electric vehicles earlier this year.