AutoBeta(AutoBeta.net)10/24 Report--

According to the enterprise information credit publicity system, Maple Leaf Automotive affiliated company Fengsheng Automotive Technology Group Co., Ltd. recently changed its name to Zhejiang Jiyue Automotive Technology Co., Ltd.

According to Tianyan, Zhejiang Jiyue Automotive Technology Co., Ltd. was established in April 2013. the legal representative is Cao Zhenyu with a registered capital of 2.404 billion yuan. It is understood that Fengsheng Automotive Technology Group Co., Ltd. was originally called Zhejiang Kangdi Electric vehicle Co., Ltd., which was jointly funded by Shanghai Huapu Guorun Automobile Co., Ltd. and Zhejiang Kangdi Automobile Industry Co., Ltd. later, the two sides changed their name to Kangdi Electric vehicle Group Co., Ltd through capital increase. In October 2016, Shanghai Huapu Guorun Automobile Co., Ltd. withdrew, and Zhejiang Geely holding Group Co., Ltd. became a new shareholder. The following year, Zhejiang Geely holding Group Co., Ltd. withdrew, and Geely Group (Ningbo) Co., Ltd. became a new shareholder. In October 2019, Kangdi Electric vehicle Group Co., Ltd. changed its name to Fengsheng Automotive Technology Group Co., Ltd.

In April 2020, Maple Leaf Automobile brand was released. After Geometry Brand, Geely launched a new new energy vehicle brand again, which mainly competes with the new domestic car-building forces. In March 2021, Zhejiang Kangdi Automobile Co., Ltd. withdrew and was wholly owned by Geely Automobile Group Co., Ltd. In June 2024, Fengsheng Automotive Technology Group Co., Ltd. added a cancellation announcement for the dissolution of the resolution, and the controlling shareholder was changed from Geely Automobile Group Co., Ltd. to Zhejiang Geely Qizheng Automotive Technology Co., Ltd. the latter is the wholly-owned holding company of Zhejiang Geely Qizheng Automotive Technology Co., Ltd.

In January 2022, Geely announced on the Hong Kong Stock Exchange that the joint venture with Lifan Technology had completed the industrial and commercial registration formalities and obtained the business license issued by the Market Supervision Bureau of Liangjiang New area in Chongqing. The joint venture company is established with the ratio of 50:50 shares of Geely Automobile to Lifan Technology, named Chongqing Ruilan Automotive Technology Co., Ltd. (hereinafter referred to as "Ruilan Automobile"). It is reported that with the establishment of Ruilan Automobile, the new power exchange brand Maple Leaf Automobile will withdraw from the historical stage, and its products will be taken over by Ruilan Automobile.

In February 2022, Ruilan launched its first rechargeable sedan, Maple Leaf 60S, which is based on GBRC's new global charging and recharging modular platform. The two models are priced at 139800 yuan and 169800 yuan respectively, and are also sold in the B-end market.

Benefiting from the hot sales of Maple Leaf 80V and Maple Leaf 60S in the B-end market, Ruilan car sales reached 56000 in 2022. However, entering 2023, the B-end market has been hit, the C-end market is difficult to enter, and the performance of Ruilan Automobile in the market has also appeared slowly. According to the data, Ruilan's cumulative sales in 2023 were 38001, down 32 per cent from 56140 in 2022.

In February, Geely announced the sale of a 45 per cent stake in Ruilan in an announcement on the Hong Kong stock exchange. According to the announcement, Zhejiang Geerun, a subsidiary of Geely, entered into an equity transfer agreement with Geely Qizheng. Zhejiang Geerun agreed to sell and Geely Qizheng agreed to buy 45 per cent of Ruilan car, with a cash consideration of 504 million yuan. After the completion of the sale, Geely Group will no longer hold any interest in Ruilan Automobile, and the group is expected to make a profit of about 117 million yuan from the sale. After the sale is completed, Ruilan will be 55% owned by Lifan Technology and 45% owned by Geely Qizheng.

At present, Ruilan Motors' models on sale are Maple Leaf 60s, Maple Leaf 60s PRO, Maple Leaf 30X, Maple Leaf 80v, Maple Leaf 80v PRO and Ruilan 9, among which Ruilan 9 is a medium and large SUV under Ruilan Automobile, which will be launched on December 17th, 2022. A total of four configurations will be launched and the price is 10.99-129900 yuan. According to the data, only 7352 Ruilan cars were sold in the first three quarters of 2024, with the highest-selling model being the Ruilan 7, with 2726. Since Geely sold Ruilan, Ruilan's sense of existence has declined sharply, with no new car launch and no obvious marketing activities.

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