Government News
Juneyao Air's Parent Firm Declines to Comment on Rumor That It Is Branching Into NEVs 2022-08-24
Juneyao Air's Parent Firm Declines to Comment on Rumor That It Is Branching Into NEVs
The owner of Chinese carrier Juneyao Air has refrained from commenting on a rumor circulating on social media that the conglomerate will start making electric cars, Shanghai Securities News reported yesterday.
Juneyao Group is aware of the rumor that it will start manufacturing Juneyao cars but has no comment to make, the report said.
“We would like to recommend Juneyao Group’s newest member Juneyao Automobile to you,” according to a company internal document circulated on social media yesterday. “It will provide you with splendid new energy vehicles.”
“We have established a NEV industry fund, hoping to create a promising electric car firm with more partners, after years of operation in aviation, finance, education and big health industries,” the document said.
Juneyao Group bought a 85.3 percent stake in electric car manufacturer Yudo Auto in April through its unit Zhuhai Yucheng Investment Center and it continues to actively invest in the NEV sector, according to public enterprise equity information.
Yudo sold 9,300 cars in 2018, ranking second among Chinese electric car startups after Nio. But after new rivals, including XPeng Motors and Li Auto, emerged, Yudo’s sales have been less impressive. It sold 5,300 units last year, racking up losses of CNY213 million (USD31.1 million).
The firm halted production for several months from February to July due to financial troubles. In April, one of its four founders, Haiyuan Composites Technology, said that it is selling its 11 percent stake in the firm to Shanghai-based Juneyao for CNY22 million (USD3.2 million).
Fujian Motor Industry Group, Putian State-Owned Assets Investment, Yudo’s management team and Haiyuan Composites established Yudo in 2015 with an investment of CNY900 million (USD131 million). Their respective stakes were 39 percent, 34.4 percent, 15.5 percent and 11 percent.
Set up in 1991, Juneyao Group runs four big companies, namely Juneyao Air, financial services firm AJ Group, yoghurt drink retailer Juneyao Grand Healthy Drinks and department store operator Commercial Mansion Grand Orient.
Source: Yicai
Application Status
| 04-16 | 21315227 | Processing |
| 03-12 | 21315226 | Processing |
| 09-26 | 21315225 | Processing |
Inquiry Status
| 02-29 | 02131558 | Received |
| 03-06 | 02131557 | Received |
| 11-14 | 02131556 | Received |
FAQ
Q: Q: Is there a place where I can get...
A: A: Log on to http://touch.shio.gov....
A: A: Log on to http://touch.shio.gov....
Q: Q: What is the easiest way to set u...
A: A: 1. Log on to http://touch.shio.g...
A: A: 1. Log on to http://touch.shio.g...
Q: Where can I get an English map of S...
A: English maps of Shanghai are availa...
A: English maps of Shanghai are availa...
