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Chery's Huawei-backed Luxeed to get independent carmaking license, plans IPO

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Chery's Huawei-backed Luxeed to get independent carmaking license, plans IPO

Luxeed, the EV brand jointly created by Huawei and Chery (HKEX: 9973), is about to obtain an independent carmaking license, and a Luxeed insider confirmed to Yicai on Saturday that the brand plans a standalone listing in the future.

China's Ministry of Industry and Information Technology (MIIT) on Friday published batch 412 of its announcement of motor vehicle manufacturers and products, listing Luxeed among the proposed new vehicle manufacturers. The public comment period runs through October 23.

According to the notice, Luxeed's production address is No. 8 Wanjiang Avenue, Wuhu Economic and Technological Development Zone, Anhui province, with the remark "member company of Chery Group."

In the same attachment, Chery applied to deregister this production address. This means Luxeed's license is not a new addition; rather, Chery is transferring the existing plant's capacity and its status as a production entity to Luxeed.

"It is Chery's plant that was given to Luxeed," Yicai quoted the insider as saying, adding that Luxeed will obtain its independent license once the public comment period ends and approval is granted.

In the same batch, Voyah, a unit of Dongfeng Motor Group, made a similar move. Voyah's newly approved production addresses include No. 8 Yunfeng Avenue, Wuhan Economic and Technological Development Zone, while Dongfeng Motor deregistered the same plant address at the same time.

Once Luxeed's license is approved, the badge on new vehicles is expected to change from the current "Chery" to "Luxeed," similar to how Nio Inc (NYSE: NIO) switched its badge from Anhui Jianghuai Automobile Group Corp (JAC) to Nio after obtaining its own production license .


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