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Investment 7.3 billion! Textile giants began to lay out cars!
Oct 08,2023
Jishi Automobile, which appeared not long ago, recently received a "huge sum of money" from a $1 billion strategic investment from Weiqiao Venture Group, the largest private enterprise in Shandong.
Textile giant "Wei Bridge"
Wei Qiao Venture Group originated in the textile industry. Its founder Zhang Shiping started from scratch and made a township oil and cotton factory one of the top 500 in the world. It can be called a legendary entrepreneurial experience.
Today's Weiqiao Textile has formed a complete industrial chain of "textile-dyeing and finishing-clothing, home textile". Last year, its total revenue reached 16.574 billion yuan, ranking 122nd in the list of "2022 Hurun China Top 500.
After years of hard work, China Hongqiao (Weiqiao Aluminum) has built a globally competitive "thermoelectric-mining-alumina-primary aluminum-aluminum deep processing-recycled aluminum" entire industrial chain, and has grown more rapidly into the industry. Number one in the world.
Why invest in 7.3 billion cars?
Recently, Lo Ke Intelligence, the parent company of Jishi Automobile, announced that it had won the strategic investment of Weiqiao Venture Group, with a total investment of 1 billion US dollars. The money will be used for all-aluminum body research and development, integrated die casting technology and short-process intelligent factory projects, in addition to the continuous improvement of the production capacity of the intelligent manufacturing super factory.
As a new car released in 2023, many people may be unfamiliar with this brand.
At the end of August, Polar Stone launched its first model, the medium and large new energy SUV Polar Stone 01, with a 6-seat version priced at 359900 and a 7-seat version 349900. The first model is expected to be delivered in November, but the official has not announced the number of advance orders.
Although Polar Stone is a newcomer, its founder has already made a name for itself in other industries. The parent company of Jishi Automobile is Shanghai Luoke Intelligent Technology Co., Ltd., which was established in 2021. Its legal representative, Chang Jing, is also the chairman of Stone Technology Co., Ltd. Stone Technology is the company that specializes in sweeping robots.
Shandong Weiqiao Venture Group, which has a low sense of existence in the car circle, is a super-large enterprise integrating aluminum, textile, clothing, home textile and other industries.
In February, the controlling shareholder of BAIC Manufacturing (BAW) changed. Tianyan survey shows that Weiqiao Group holds 71% of its shares and successfully becomes the controlling shareholder. Naturally, it also has the qualification of automobile manufacturing.
This is also the most critical step since Wei Qiao entered the bureau to build cars. As the largest private enterprise in Shandong and the largest cotton textile enterprise in the world, Wei Qiao Group has three listed companies, Wei Qiao Textile, China Hongqiao and Hongchuang Holdings.
Last year, the output of electrolytic aluminum products and alumina products of China Hongqiao Group reached 5.473 million tons and 8.298 million tons respectively, with a net profit of more than 8.7 billion yuan, ranking first among all aluminum enterprises in China.
At the end of April this year, Weiqiao Venture Group founded "Weiqiao (Suzhou) Lightweight Research Institute" in Suzhou, which studied the lightweight aluminum alloy materials for automobiles.
Therefore, Wei Qiao and Polar Stone hit it off. Wei Qiao wants to enter the high-end intelligent equipment manufacturing industry by building cars, while Polar Stone needs car building qualification.
It can be seen that Wei Qiao is to use cars to enter the high-end intelligent equipment manufacturing industry and improve the added value of products.
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