FAW Bestune and Jiangsu Yueda Group Form Strategic Partnership

On August 21, FAW Bestune Automobile Co., Ltd. and Jiangsu Yueda Group officially signed a strategic cooperation agreement in Changchun, Jilin. Liu Zhongchen, Chairman and Party Secretary of FAW Bestune, and Zhang Naiwen, Party Secretary and Chairman of Yueda Group, jointly attended the signing ceremony, marking a new stage in the cooperation between the two parties.

Image source: Jiangsu Yueda

According to the agreement, both parties will adhere to the principles of "equality and mutual benefit, complementary advantages, innovative development, and win-win cooperation." They will fully leverage their respective resource advantages, expand the dimensions of cooperation, and establish a long-term and stable strategic partnership. The cooperation will cover multiple areas, including equity investment, production and manufacturing, supply chain collaboration, research and development technology, and sales services, with the aim of jointly promoting high-quality development of the enterprise.

During the event, both parties conducted in-depth exchanges on the research and development, production, supply, and sales of new energy vehicles, and engaged in pragmatic discussions on the advancement of specific cooperation projects. Yueda Group stated that it will actively focus on complete vehicle manufacturing, core components, and technological innovation services, continuously strengthening the comprehensive strength of the automotive industry chain.

In September 2023, Jiangsu Yueda Group participated as a strategic investor in the mixed-ownership reform of FAW Bestune. The company's name was changed from "FAW Bestune Car Co., Ltd." to "FAW Bestune Automobile Co., Ltd." Although Yueda holds approximately 2% of the shares, its strategic significance is considerable, effectively helping Bestune overcome various bottlenecks in brand, market, and production capacity. The cooperation has promoted FAW Bestune to establish a "Changchun + Yancheng" dual-base layout, with the Yancheng new energy base having a total investment of over 5 billion yuan. From initiation to the launch of the first model, the "Bestune Pony," it took only 18 months.