China-based carmaker Dongfeng Motor has formed an automotive technology fund equipped with almost RMB1.6bn ($243m) of capital, DealStreetAsia reported today, citing a stock exchange filing.
Dongfeng has committed approximately $91m to Dongfeng Bocom Yuanjing Motor Investment Fund while financial services firm Bank of Communications’ Bocom International Holdings has put up the same amount.
The rest of the capital is being supplied by Wuhan Jingkai Industry Investment Fund, which will hold a 25% stake in the fund, with the other two each owning 37.3%. Shanghai Bole and Yuanjing Investment are the other two limited partners for the vehicle.
Dongfeng Bocom Yuanjing Motor Investment Fund will target areas such as electric vehicle technology, connected car systems and vehicle sharing services, in addition to adjacent areas like big data, cloud computing, artificial intelligence, power technology and the internet of things.
Bocom International will manage the fund while Yuanjing Investment, the venture capital firm also known as Vision Plus Capital, has been named an executive partner.
Dongfeng has already been intermittently active in corporate venturing, leading a $100m series A round for autonomous vehicle developer AutoX in September 2019, six months after contributing to a $1.46bn fund with several corporate partner focusing on ride hailing.
