Renault-backed Chinese EV start-up BeyonCa signs preliminary Saudi investment deal with an eye on Middle East market

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Agreement signed last week could result in ‘a substantial investment’ if realised, BeyonCa says

BeyonCa joins a flurry of Chinese carmakers making a beeline for Middle East, but the region does not represent easy pickings as ‘Chinese car brands … are still little-known in the Middle East’: analyst

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BeyonCa’s GT Opus 1 concept car is unveiled during an event at the EV start-up’s headquarters in Beijing, in this file photo from October 2022. Photo: Reuters

Daniel Renin Shanghai

Published: 8:15pm, 23 Oct 2023

Chinese electric vehicle (EV) start-up BeyonCa has set its sights on the Middle East with the signing of a preliminary investment deal with Riyadh-based Al Faisaliah Group (AFG) that is expected to help raise fresh funds and fuel growth.

The Beijing-based carmaker, which is backed by French automobiles manufacturer Renault and China’s Dongfeng Motor, said on Monday that the agreement signed last week would result in “a substantial investment” if it were to materialise. BeyonCa did not provide further details about the size of the potential investment.

“BeyonCa and AFG have enthusiastically embarked on a collaborative journey to cultivate the EV market in the Middle East,” the company said in a statement. “Both companies will jointly explore opportunities for EV development, encompassing research and development, manufacturing, trade, retail, charging, insurance, ecological services and allied sectors.”

A signing ceremony was held at state-owned Dongfeng’s headquarters in Wuhan, in Hubei province, on Friday.

BeyonCa is the latest Chinese start-up to target the Middle East amid escalating competition at home. Mainland China, with about 200 players, is the world’s largest EV market.

At the end of last year, Zhejiang-based Enovate Motors, which does not rank among the top Chinese EV makers, announced a plan to build a factory in Saudi Arabia, following a state visit by President Xi Jinping to the Middle Eastern country. The carmaker, which counts Shanghai Electric Group as an early investor, signed an agreement with Saudi Arabian authorities and joint-venture partner Sumou to set up an EV plant with an annual capacity of 100,000 units.

BeyonCa founder Soh Weiming with the marque’s first prototype model, GT OPUS 1. Photo: Handout