Geely and Lifan joint venture company named "Ruilan Automobile"

On January 24, Geely Automobile Port Stock Exchange announced that the joint venture company established with Lifan Technology has completed the industrial and commercial registration procedures and obtained a business license issued by the Market Supervision and Administration Bureau of Liangjiang New Area, Chongqing, China, named Chongqing Ruilan Automobile Technology Co., Ltd. (hereinafter referred to as "Ruilan Automobile").

According to the announcement, Ruilan Automobile will launch a variety of power form products in the future. Based on self-developed power exchange technology, Ruilan Automobile is committed to creating an intelligent power exchange ecology and providing competitive power exchange products and services for the market.

Image source: Screenshot of Geely's announcement

According to the previous announcement, unlike some car companies that only face C-end users, the new joint venture company will rely on the advanced power exchange platform to achieve a full-dimensional vehicle-to-electricity separation and replacement ecology for B-end and C-end users, operating users and private markets, thereby reducing the one-time purchase cost of electric vehicles.

In addition, the new joint venture will not only expand power exchange services, but also explore forward-looking technologies such as V2G and S2G to create a business model that integrates battery supply, battery energy storage, and battery recycling.

At the end of last year, Lifan Technology and Geely Automobile jointly invested in the establishment of a joint venture company, the registered capital of the target company was 600 million yuan, the company invested 300 million yuan in the form of monetary funds, with a shareholding ratio of 50%, and Geely Automobile invested 300 million yuan in the form of monetary funds, with a shareholding ratio of 50%.

Lifan Technology and Geely Automobile jointly established a new joint venture, which is considered to be another major strategic move after Geely invested in Lifan. In fact, as early as January last year, Lifan Automobile announced the official listing of Lifan Technology (Group) Co., Ltd. and introduced a power-changing pure electric MPV model under the majority shareholder Geely Technology Group. However, the new model introduced by Lifan Technology is inextricably linked to Geely's Maple Leaf Automobile, which is regarded as the latter's replacement car.