Yulon Motor Co (裕隆汽車) yesterday said that its board of directors approved the disposal of its electric vehicle (EV) unit, Luxgen Motor Co (納智捷汽車), to Foxtron Vehicle Technologies Co (鴻華先進) for NT$787.6 million (US$24.98 million).
Foxtron, a half-half joint venture between Yulon affiliate Hua-Chuang Automobile Information Technical Center Co (華創車電) and Hon Hai Precision Industry Co (鴻海精密), expects to wrap up the deal in the first quarter of next year.
Foxtron would fully own Luxgen following the transaction, including five car distributing companies, outlets and all employees.
Photo: Yang Ya-ming, Taipei Times
The deal is subject to the approval of the Fair Trade Commission, Foxtron said.
“Foxtron will be in charge of the company’s operation and build an extensive electric vehicle value chain in Taiwan from product design to distribution and maintenance services,” Foxtron president Chen Ching-ya (陳清亞) told a news conference in Taipei.
Foxtron plans to launch its new electric model under its new brand, Foxtron Bria, in Taiwan only, in the first quarter of next year, Chen said.
The company does not have any plans to roll out new models under the Luxgen brand, he said.
Foxtron Brias would be built based on the Model B developed by Foxtron, he added.
That means the Luxgen n7 would be the last model under the Luxgen brand, ending 15 years of operations.
Yulon said it still has about 700 to 800 Luxgen n7s.
Under the contract design and manufacturing service business model, Foxtron said that it would stick to its plans to ship new electric vehicles to Australia and New Zealand next year.
The vehicles would be off-brand to avoid direct competition with its customers, the firm said.
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