US-based RONN Motor Group, Inc., a multinational automotive developer and clean technology auto manufacturer, has announced the signing of two joint venture (JV) partnerships in China.
The partnerships, signed on 1st November (2018), will lead to a definite three-way joint venture to co-develop the company’s all-electric, zero-emission, hydrogen fuel cell/battery vehicles within the Chinese market.
The Chinese automotive market is now the largest in the world, with government mandates to remove fossil fuel vehicles beginning in 2019.
“While all specifics won’t be released until all agreements are completed before 31st January (2019), RONN will retain 51% of the new energy vehicle joint venture relationship at $5.00 per share,” said Ronn Ford, CEO.
“With the driving factors of NEV national policies and industries, the fuel cell commercial vehicles in China is expected to enter the regional maturity stage in 2020-2025 and will reach an outbreak growth in 2025-2030,” said Kevin Hong, Founder and Chairman of Arbor Lake Capital, the advisory group for RMG.
“In terms of fuel-cell passenger cars, it is expected that the market would enter the mass production stage in 2020-2025,” Hong concluded.
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