Following its 100% acquisition of Sichuan Yema Auto from the Sichuan Fulin Group in January 2019, Levdeo has obtained qualifications to produce new energy vehicles utilizing the assets of Yema Automobile. Sichuan Yema Automobile Company has announced a new energy passenger vehicle construction project with an annual output of 60,000 new energy passenger vehicles, a breakthrough made possible by the re-integration of the companies’ resources.
The acquisition expedited Levdeo’ entry into the field of new energy vehicles. The scale and scope of the merger and acquisition is reminiscent of Geely’s historic $1.5 billion acquisition of Volvo 10 years ago. The new energy car construction project is one of 233 major construction projects announced in Shandong Province last February 12, 2020.