China Dynamics Forms JV in Dubai to Develop Electric Vehicle Business
HONG KONG, Mar 22, 2021 – (ACN Newswire via SEAPRWire.com) – China Dynamics (Holdings) Limited (the “Company”; Stock Code: 476, together with its subsidiaries, collectively “China Dynamics” or the “Group”), a provider of new energy vehicles and technology integrated solutions, and W Motors Automotive Group Holding Limited (“W Motors”) have signed a Memorandum of Understanding (“MOU”) for strategic business cooperation, with the intention of forming a 30:70 joint venture (“JV”) in Dubai for the manufacture, assembly, sales and distribution of electric vehicles across the world.
Under the MOU, the JV under the name of LOKI (Low Emission Kinetic Energy), will set up a small series manufacturing facility in the United Arab Emirates for the assembly of bodies, interiors and other features of electric vehicles. China Dynamics will serve as the official platform, powertrain and technology provider while W Motors will be the official partner for all designs, styling, assembly and marketing.
LOKI is expected to launch two fully running prototypes within 12 months for testing and pre-order. The new line of electric vehicles will include but will not be limited to pick-up trucks, delivery vans, recovery trucks, tow trucks, garbage trucks, public and private buses and school buses.
Both parties agree to exert efforts in marketing accordingly and they intend to develop a strategic partnership/affiliation between each other for the purpose of tackling relevant opportunities in the Middle East market.
Mr. Miguel Valldecabres Polop, CEO of China Dynamics, said, “We are delighted to sign the MOU with W Motors. As an innovative solutions provider of new energy vehicles and technology, the Group integrates leading technologies in a meaningful and effective way to develop low-cost and high-tech full electric mobility. W Motors is a supercar manufacturer and automotive design center that produces, amongst other products and activities, limited-edition vehicles for the international market in close partnership with multinational engineering firms. This cooperation will enable us to share our expertise and know-how, with the aim of exploring future opportunities in the ever-growing new energy vehicles sector across the world.”
About China Dynamics (Holdings) Limited (Stock Code: 476)
China Dynamics (Holdings) Limited is a pioneer and a prominent player in China’s new energy commercial vehicles market, as well as a whole-vehicle manufacturer of specialty passenger vehicles and new energy passenger vehicles. It is an integrated driving and logistics solutions provider with a solid technological foundation in diverse areas including new energy platform power system and its key components. The Group has two production bases in Chongqing and it has developed its sales network in Mainland China, Hong Kong and the Philippines.
About W Motors Automotive Group Holding Limited
Founded in 2012, W Motors is the first manufacturer of high-performance luxury sports cars in the Middle East. Based in Dubai, the company is fully integrated with activities ranging from Automotive Design, Research & Development to Engineering and Manufacturing, as well as Automotive Consultancy within its Special Projects Division.
Led by Founder and CEO Ralph R. Debbas, W Motors creates some of the most exclusive and technologically advanced vehicles on the market today in partnership with leading automotive engineering and manufacturing companies around the world.
The first hypercar created by W Motors was the iconic Lykan HyperSport, which catapulted the company to international stardom when it took centre stage as hero car in Universal Studios’ Furious 7. Its latest hypercar to be launched is the Fenyr SuperSport, a limited edition with a production run of 110 models including 10 “Launch Editions”. The company also created the world’s most advanced security vehicle, the Ghiath Beast Patrol for Dubai Police.
W Motors will soon launch its state-of-the-art automotive facility in Dubai, UAE, which will accommodate the production of all current and future models including electric and autonomous vehicles, in line with Dubai’s vision of becoming the “world’s smartest city”.
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