With a little help from the Tianjin Jinghai District government, Iconiq Motors (thread
) is to settle in Tianjin.
On July 11, the Jinghai District government signed a cooperation framework agreement with Tianjin Baili Machinery Equipment Group Co., Ltd. (BENEFO) and a new energy vehicle base project agreement with Tianjin Iconiq New Energy Automobile Co., Ltd. (ICONIQ)
At the same time, Tianjin Jingyi Investment Development Group Co., Ltd. signed an equity transfer agreement with BENEFO and a cooperation agreement with ICONIQ.
Per these agreements, Tianjin Jingyi Investment Development Group Co., Ltd. has acquired the entire shareholding of Tianjin Tianqi Group Meiya Automobile Manufacturing Co., Ltd. (Tianqi Meiya) from BENEFO. Tianjin Jingyi IDGC is a firm owned by Tianjin Jinghai District SASAC. The Jinghai District government will facilitate the construction of a new energy vehicle base, led by ICONIQ, that will encompass the entire industrial supply chain necessary for the manufacturing of advanced NEVs. The cooperation between ICONIQ and Tianjin Jingyi IDGC, which now wholly owns Tianqi Meiya, will allow ICONIQ to build these vehicles under Tianqi Meiya's production qualification.
Press release from the Tianjin Jinghai District government:
From another quasi-government source:
Some articles in the media have reported that ICONIQ has acquired or invested in Tianqi Meiya, but at this juncture that is not true [however, there is a possibility of such a transaction happening eventually]
The fate of Tianqi Meiya's current factory is not clear. This is situated in Xiqing district, whereas the new base will be set up in Jinghai district, within the Tianjin Jinghai Ziya Economic and Technological Development Zone. In 2017, it was reported that ICONIQ might cooperate with NEVS, which also has a manufacturing base in Tianjin, but with NEVS now being controlled by a new owner (Evergrande), that plan may have been abandoned.