Premium EV maker BeyonCa, backed by Renault , opens new tab and Dongfeng Motor, opens new tab, said on Friday it plans to set up a final assembly plant and its international headquarters in Hong Kong, developing the territory's first car brand.

In October 2023, BeyonCa signed a preliminary investment deal with Riyadh-based Al Faisaliah Group (AFG). This agreement is expected to help raise fresh funds and fuel growth. The Beijing-based carmaker did not provide further details about the size of the potential investment¹. Both companies will jointly explore opportunities for EV development, encompassing research and development, manufacturing, trade, retail, charging, insurance, ecological services, and allied sectors.

BeyonCa is the latest Chinese start-up to target the Middle East amid escalating competition at home¹. Mainland China, with about 200 players, is the world's largest EV market¹. BeyonCa founder Soh Weiming with the marque's first prototype model, GT OPUS 1.

BeyonCa, a start-up founded by a group of former Volkswagen executives, plans to take on the likes of Audi and BMW in China from next year with a new premium electric vehicle . The company rolled out a concept car with features such as sensors that can monitor a driver’s blood pressure, alarms to alert doctors employed by BeyonCa of an emergency, and an autonomous driving function to help park the car.

BeyonCa will begin production in China but plans to build an overseas plant within five years to serve markets including the Middle East, ASEAN countries, and Europe. It aims to sell 100,000 EVs annually with three to five models available by “a few years after 2025”.

These developments indicate that BeyonCa is positioning itself as a major player in the global EV market, with a particular focus on health monitoring features in its vehicles. This strategy could potentially give it a competitive edge in the high-end premium segment.