Beyonca, an electric vehicle brand jointly owned by French automaker Renault and Chinese carmaker Dongfeng Motor, announced on Monday that it had received an investment from Al Faisaliah Group Holding Company, a Saudi Arabian conglomerate.
The deal was signed at a ceremony in Wuhan, China, where Dongfeng Motor is based. Beyonca also signed a strategic partnership with QG FZE-LLC, a UAE-based company, to explore the Middle East market for its EV products.
Beyonca was launched in 2020 as a premium EV brand that aims to compete with Tesla and other global players. The brand currently offers two models, the B1 sedan and the B2 SUV, which are both powered by Renault’s electric technology and Dongfeng’s manufacturing capabilities.