CHONGQING JINKANG ELECTRIC VEHICLES
(aka Sokon aka SF Motors)
China’s Chongqing Sokon Industry Group is the shareholder in Chongqing Jinkang electric vehicles. Sokon registered a company, SF Motors Inc in the USA in September 2016 and in October 2016 acquired the US based AC Propulsion Inc. for $100 million. The company also signed an agreement with Tesla co-founder and previous CEO Martin Eberhard as the company’s new energy vehicle consultant. Sokon’s EV start-up, Chongqing Jinkang, received a coveted EV production permit to produce 50,000 electric vehicles per annum. The company presented an investment project of $375 million (2.5 billion yuan) to qualify for the production certificate. Sokon also partnered with Dongfeng in the production of small commercial vehicles and the Fengguang SUV.
CHONGQING JINKANG ELECTRIC VEHICLES IN THE NEWS
Week 25 2017 - Chongqing Sokon expands to USA
Chongqing Sokon, one of the 15 Chinese companies with EV production certificates and owner of US based AC Propulsion this week acquired US AM General’s auto assets for $110 million. The acquisition includes the Hummer plant in Indiana and will be housed within its USA unit, SF Motors. Sokon has made a number of aggressive moves the last 12 months, including the signing of Tesla co-founder Martin Eberhard but so far has not made any clear indication of how all these actions will translate into a strategy.
Week 2 2017 - Chongqing Sokon gets production permit
China’s Chongqing Sokon receives the 8th electric vehicle production certificate, allowing the company to produce 50,000 electric vehicles per year.
Week 42 2016 - Sokon acquires US based AC Propulsion
China’s Chongqing Sokon Industry Group this week announced that is is to acquire electric vehicle company AC Propulsion Inc. for $100m.
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How successful is the Chinese New Energy Vehicles Program? The State Auditor found that 45% of Chinese EV makers sold less than 500 models per year.
Traum Auto, another new vehicle brand chasing the Chinese dream. The latest brand is from the Zotye stable officially launched on the 27th of June 2017.
In this week’s blog series on introducing Chinese electric car brands, we look at Thunder Power Holdings ( #ThunderPower ).