Baoneng Investment Group, a private Chinese business conglomerate that acquired Qoros last year, plans to set up a tech center in Germany to help its auto manufacturing unit access and upgrade technology.
Led by chairman Yao Zhenhua, senior executives of Baoneng’s auto business unit visited Germany this month in search of a site for the center.
Establishing a European tech center is part of the company’s efforts to institute world-class r&d capabilities, Baoneng said.
Baoneng acquired a 51 percent stake in Qoros in December. Qoros was previously a 50-50 joint venture between state-owned Chery Automobile and Singaporean investment company Kenon Holdings
During the trip, Yao and the other executives also visited Robert Bosch’s headquarters in Stuttgart and explored the possibility of collaborating with the German supplier to develop alternative energy vehicles, vehicle connectivity and new materials.
Baoneng hasn’t disclosed where to build the tech center in Germany.
Baoneng started out as vegetable retailer in the south China city of Shenzhen in 1992 and has diversified into real estate, health care, insurance, auto components and car financing.
Baoneng last year started constructing plants in domestic cities including Guangzhou, Hangzhou and Kunming to assemble EVs.