Lifan to build key EV parts with domestic supplier
Chongqing Lifan Industry Co., a private Chinese producer of light vehicles and motorcycles, is forming a joint venture with a domestic supplier to build key components for electric vehicles.
The joint venture, a 51-49 partnership between Lifan and Hiboridd Automotive Technology Co., will be incorporated in the southwest China municipality of Chongqing, where Lifan is headquartered.
It will produce electric motor control units for Lifan's EVs as well as powertrain control parts for Lifan's hybrids and plug-in hybrids.
Lifan will invest up to 56.1 million yuan ($8.6 million) in the joint venture while Hiboridd will provide technology and engineering resources under the partnership.
Hiboridd, based in Beijing, primarily makes motor control units for EVs and engine management systems for cars and light trucks.
Lifan, albeit a leading motorcycle manufacturer, is a small light-vehicle maker in China. In the first four months of the year, it delivered 37,078 gasoline light vehicles, down 3.3 percent from a year earlier. But its EV sales rose 8.7 percent to 1,420 vehicles.
The company has ambitious plans to expand its presence in China's fast-growing alternative energy vehicle industry. It hopes to launch more than 15 EVs and hybrids from 2016 to 2020 and sell 500,000 EVs and hybrids in the five-year period.
It will produce electric motor control units for Lifan's EVs as well as powertrain control parts for Lifan's hybrids and plug-in hybrids.
Lifan will invest up to 56.1 million yuan ($8.6 million) in the joint venture while Hiboridd will provide technology and engineering resources under the partnership.
Hiboridd, based in Beijing, primarily makes motor control units for EVs and engine management systems for cars and light trucks.
Lifan, albeit a leading motorcycle manufacturer, is a small light-vehicle maker in China. In the first four months of the year, it delivered 37,078 gasoline light vehicles, down 3.3 percent from a year earlier. But its EV sales rose 8.7 percent to 1,420 vehicles.
The company has ambitious plans to expand its presence in China's fast-growing alternative energy vehicle industry. It hopes to launch more than 15 EVs and hybrids from 2016 to 2020 and sell 500,000 EVs and hybrids in the five-year period.
