Düsseldorf, 20.04.2023

Weiqiao Pioneering Group plans to acquire a stake in Beijing Automobile Works (BAW) and in the future will work with the company to establish a new energy vehicle industrial base in Qingdao, Shandong Province, to produce new energy vehicles with recyclable aluminium bodies, batteries and electric motors. The new base is expected to become a key industrial cluster for the production of spare parts to consolidate Shandong province’s new energy resources and advance the automotive industry in the region.

On the 11^th April, BO Zhang, CEO of Weiqiao Pioneering Group visited the Qingdao headquarters base of Beijing Automobile Works (BAW) in the province of Shandong. During his visit, he visited BAW’s automobile museum, product exhibition hall, the new workshops and engine factory, and met with the company’s executive team for further cooperation.

Founded in 1951, Beijing Automobile Works (BAW) had moved its headquarters to Qingdao in 2020. This was the first time in the city’s history that the headquarters of a leading automotive manufacturing brand came to Qingdao.

During his visit, Bo Zhang also explained the outline of the project, whose short-term goal is to build a production capacity of 500,000 innovative automobiles in the first three to five years. Eventually, the project is expected to gradually reach a steady production of one million vehicles with a production value of more than 100 billion yuan. Bo Zhang also pointed out the core values of both companies and the common mission to promote the development of the new, light, environment-friendly and intelligent automobile industry in Shandong Province and contribute to the construction of a modern industrial system in Shandong.