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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