BeyonCa Makes Waves in Middle East EV Market with Saudi, Qatari Deals
Beijing-based electric vehicle (EV) startup, BeyonCa, has made significant strides in the Middle East market. The company signed a memorandum of understanding with Saudi Arabia's Al Faisaliah Group (AFG) and a strategic cooperation agreement with Q Auto. This comes amidst a mixed year for China's new energy vehicle industry, with some companies thriving and others facing challenges.
BeyonCa, founded in 2021 by Soh Weiming, a former vice president at Volkswagen Group, has quickly established partnerships in the Middle East. Ziad Al-Tunisi, CEO of AFG, and Marwan Emile Faddoul, chairman of Q Auto, expressed interest in collaborating with BeyonCa to introduce EVs to Saudi Arabia and create an EV production hub in the Arab region.
The Chinese automotive market continues to draw Middle Eastern investors. In 2023, Saudi Arabia's Ministry of Investment invested USD 5.6 billion in Human Horizons. Hillhouse Investment Group also supported BeyonCa with a USD 200 million investment in October. Meanwhile, Nio raised over USD 700 million from the Abu Dhabi government.
BeyonCa's progress is notable given the mixed fortunes of its peers. Li Auto managed to turn a profit, while Nio and Xpeng Motors struggled with sales. WM Motor filed for bankruptcy. Despite initial skepticism, BeyonCa has overcome challenges, including retrenching 600 employees shortly after its launch.
BeyonCa's partnerships with AFG and Q Auto signal a growing interest in Chinese EV technology in the Middle East. With investments from Saudi Arabia and Abu Dhabi, the region is poised to become a significant market for Chinese EV manufacturers. Despite industry challenges, BeyonCa's progress demonstrates the potential of China's new energy vehicle industry.
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