Wanxiang Group's new energy business development encounters obstacles, overseas markets become the focus

Wanxiang Group, a company dedicated to the manufacture of auto parts, has recently attracted attention for the addition of the concept of "new energy vehicles" to its subsidiary "Wanxiang Qianchao". Wanxiang Group once invested 1.3 billion to build the largest automotive power battery manufacturing base in China, becoming one of the first companies in China to obtain the "birth permit" for electric vehicles. However, due to the long period of no production of new energy vehicles, Wanxiang's car manufacturing qualifications were frozen by the Ministry of Industry and Information Technology. In the overseas market, Wanxiang Group acquired the US A123 company and Fisker Automotive, and reorganized into the current Karma Automotive, focusing on the research and development and production of extended-range electric vehicles.