Chinese airline owner Juneyao Group plans to enter booming EV market

SHANGHAI: Juneyao Group, the parent of Chinese carrier Juneyao Airlines, plans to start making electric vehicles , two people with knowledge of the matter said, as it seeks to diversify from businesses that have been hit hard by COVID-19.

Established local brands Nio, Xpeng and Li Auto compete fiercely against foreign players such as Tesla in the world's largest EV market, but Juneyao would join a growing list of high-profile Chinese companies with little or no automotive experience that are rushing into the sector. An investment firm controlled by Wang Han, the son of the late Juneyao co-founder, Wang Junyao, is also a majority shareholder of Yudo Auto, a Fujian-based EV maker, according to Qichacha. Chinese media reported that Yudo Auto's shareholding change showed up in official records on June 24.

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Chinese airline owner Juneyao Group plans to enter booming EV market -sourcesSHANGHAI : Juneyao Group, the parent of Chinese carrier Juneyao Airlines, plans to start making electric vehicles (EV), two people with knowledge of the matter said, as it seeks to diversify from businesses that have been hit hard by COVID. Shanghai-based Juneyao, owned by Chinese billionaire Wang Junjin,
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