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According to the official Weiwei of Weiqiao Venture Group, the flag-raising ceremony was held at the headquarters base of Beijing Automobile Factory in Qingdao for the first time after Weiqiao Venture Group controlled the Beijing Automobile Factory. Zhang Bo, chairman of Weiqiao Venture Group, said that after realizing equity investment cooperation, the two sides will give full play to their existing production and manufacturing capacity, actively develop and introduce innovative models, and strive to make use of three to five years to achieve the production, manufacturing and integrated supply capacity of 500000 vehicles, and gradually form an innovative automobile industry ecosystem of one million vehicles, with an output value of more than 100 billion yuan.

Weiqiao Venture Group controls Beijing Automobile Factory, which means that Beijing Automobile Factory has become a part of the future development of Weiqiao Venture Group.

Weiqiao Entrepreneurship Group, founded in 1951 and with three listed companies, is the number one private enterprise in Shandong Province, focusing on the textile and aluminum industries, according to its website. In recent years, based on its advantages in the aluminum industry, Shandong Weiqiao has laid out a new lightweight new energy vehicle industry, promoting the transformation of Weiqiao Venture Group from a traditional material manufacturing enterprise to a high-end intelligent equipment manufacturing enterprise. Zhang Bo, chairman of Weiqiao Entrepreneurship Group, said that Weiqiao Entrepreneurship Group will fully support the development of Beijing Automobile Factory in terms of automobile lightweight, electrification, intelligence, new products and industrial cooperation. Lu Fujun, chairman of the Beijing Automobile Factory, also said that after Weiqiao holding, the development planning, product planning and talent planning of the enterprise have all been rearranged.

Beijing Automobile Factory was established in 1951. It is the second large-scale automobile manufacturing enterprise built after Changchun first Automobile Factory. The name of the factory was personally inscribed by Comrade Zhu de, the first Marshal of New China. In 1962, Beijing Automobile Factory developed China's first light off-road vehicle-BJ210. In the 1960s, after the Soviet Union stopped supplying China's main military vehicle, the GAZ-69, Beijing Automobile Factory took on the task of developing the military vehicle, copying the BJ212 on the basis of the GAZ-69 and producing it in 1965. After the reform and opening up, Beijing Automobile Factory launched a civilian version of the BJ212, as well as another "military to civilian" model Warrior. In 1983, Beijing Automobile Factory reached a joint venture agreement and established the first Sino-foreign joint venture in the history of China's automobile industry-Beijing Gyibug Automobile Co., Ltd.

Poor performance, Beijing Automobile Factory (hereinafter referred to as "BAIC Manufacturing") was abandoned by BAIC. In 2001, after restructuring and restructuring, BAIC became a subsidiary of Beijing Automobile holding Group. In 2010, BAIC established Beijing Automotive Co., Ltd. with assets including a 51% stake in BAIC Manufacturing, which became a subsidiary of BAIC.

At first, BAIC Manufacturing was put into BAIC as a high-quality asset of BAIC Holdings, but in the following years, contrary to the overall performance of BAIC, BAIC gradually deteriorated due to the aging of its products, and its performance also continued to decline. In 2012, BAIC spun off BAIC Manufacturing from BAIC shares, managed directly at the group level, and became a first-tier holding subsidiary of BAIC.

With the improvement of the management level, it is thought that BAIC has paid more attention to BAIC manufacturing, which once made the outside world see the hope of BAIC manufacturing to get out of the predicament, but the facts have proved that the development of BAIC manufacturing returning to the group level is not optimistic. In 2014, BAIC had a manufacturing operating income of 144900 yuan and a net loss of 700 million yuan.

In 2015, BAIC listed to transfer its 51% stake in BAIC Manufacturing at a transfer price of 117 million yuan, announcing that BAIC was officially decoupled from BAIC, from a state-owned enterprise to a private enterprise. and the pick-up is Fulu Group, which is well-known in the field of low-speed electric vehicles. Tianyan investigation shows that the 51% stake in BAIC manufacturing is taken by Beijing Automobile Assembly Plant, which is a private enterprise and the actual controller Yao Changsheng. In May 2016, BAIC Manufacturing completed the industrial and commercial change, and Beijing Automobile Assembly Plant wholly owned BAIC Manufacturing.

In May 2020, Lu Fujun, chairman of Fulu Group, realized indirect control of BAIC manufacturing through Qingdao Fulu, and moved BAIC's manufacturing headquarters from Beijing to Qingdao, while Beijing Automobile Assembly Plant withdrew its shares completely. It is understood that Fulu Group is well-known for low-speed electric vehicles. It has successively built four brands of low-speed electric vehicles, namely Lailichi, Fulu, Kuifeng and Lu Pai, and has become one of the largest low-speed electric vehicle companies in Shandong Province, but its sales have declined since 2018.

Fulu Group acquired BAIC manufacturing in order to enter the new energy vehicle market, which was also the practice of many low-speed electric car companies at that time. In 2018, Fulu Group signed a strategic cooperation agreement with BAIC Manufacturing to set up BAIC Manufacturing Texas Branch to jointly build new energy vehicles. In 2019, BAIC Manufacturing Texas launched popular models such as Beiqi Leopard 200, Leopard 100 and Big Cat. The prototypes of these models are still low-speed electric vehicles. For example, the prototype of Big Cat is "Lidi C01" and the prototype of Leopard 200 is "Fengfeng K7". However, after BAIC manufacturing improvements, these vehicles can be licensed for new energy vehicles and their service life has also been improved.

In January 2022, BAIC Manufacturing headquarters in Qingdao was completed and put into production. At present, BAIC has four major production bases in Qingdao, Dezhou, Linyi and Huanghua, with an annual production capacity of 450000 vehicles. In June 2022, BAIC launched Yuanbao, a mini electric car, with a price of 339-49900 yuan, to compete with Hongguang MINIEV and Chery QQ ice cream models.

While laying out miniature electric vehicles, BAIC also has the ambition to expand more car market segments. On the website of BAW Beijing Automobile Factory, the company's product plans include pick-up trucks, MPV, small trucks and other models, of which the medium and large MPV-- ace M7 will go on sale in December 2022 with a price of 5.98-139800 yuan.

In 2022, BAIC made an annual sales of 4467 vehicles, an increase of 99.06% over the same period last year, but it does not have much presence in the market. BAIC Manufacturing, as an enterprise that once painted heavy ink in China's automobile history, developed China's first light off-road vehicle, independently developed Beijing's first car, and developed China's first motorcycle. Marshal Zhu de wrote the name of the factory himself. However, today's BAIC manufacturing is not strong in product competitiveness, and relying on the Weiqiao Venture Group, what kind of spark can be rubbed out remains to be seen.

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