FAW Bestune Automobile and Jiangsu Yueda Group Strengthen Partnership with New Strategic Cooperation Agreement
Shanghai (Gasgoo)- On August 21, FAW Bestune Automobile and Jiangsu Yueda Group (“Yueda Group”) signed a strategic cooperation agreement in Changchun, Jilin, marking a significant milestone in their partnership, as reported on Yueda Group’s official WeChat account.
Photo credit: Yueda Group
The agreement sets the stage for a long-term and mutually beneficial partnership between the two companies, focusing on leveraging each other’s strengths in equity investment, manufacturing, supply chain integration, research and development, as well as sales and service. The ultimate goal is to drive sustainable growth and innovation in the automotive industry.
During the signing ceremony, FAW Bestune and Yueda Group delved into discussions about collaborating across the electric vehicle value chain, encompassing areas such as R&D, production, supply chain management, and sales. Yueda Group underscored its dedication to enhancing its capabilities in complete vehicle manufacturing, key components, and technology-driven services to solidify its position in the automotive supply chain ecosystem.
This latest development builds upon Yueda Group’s prior investment in FAW Bestune. Back in September 2023, Yueda Group became a strategic investor as part of FAW Bestune’s mixed-ownership reform. Despite holding a modest 2% stake, Yueda Group’s involvement has been instrumental in helping FAW Bestune address challenges related to branding, market penetration, and production. The partnership has also facilitated the implementation of a dual-base strategy for FAW Bestune in Changchun and Yancheng.
