FAW Bestune, Yueda Group deepen ties with new strategic partnership

Shanghai (Gasgoo)- On August 21, FAW Bestune Automobile and Jiangsu Yueda Group ("Yueda Group") signed a strategic cooperation agreement in Changchun, Jilin, signaling a new chapter in their partnership, according to a post on Yueda Group's WeChat account.

The agreement lays out plans for both sides to build a long-term and stable partnership guided by mutual benefit and complementary strengths. Their collaboration will span equity investment, manufacturing, supply chain integration, research and development, and sales and service, with the shared goal of driving sustainable growth.

During the signing ceremony, both companies engaged in detailed discussions on cooperation across the electric vehicle value chain, from R&D to production, supply, and sales. Yueda Group emphasized its commitment to strengthening capabilities in complete vehicle manufacturing, key components, and technology-driven services, aiming to reinforce its position within the broader automotive supply chain.

This new step builds on Yueda Group's earlier investment in FAW Bestune. In September 2023, Yueda Group became a strategic investor during FAW Bestune's mixed-ownership reform. Although Yueda Group holds only about a 2% stake, its involvement has had a significant impact, helping FAW Bestune overcome challenges in branding, market access, and production. The partnership has already enabled a dual-base strategy for FAW Bestune in Changchun and Yancheng.