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Lifan Group

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Lifan Industry (Group) Co., Ltd.
Company typePublic company
SSE: 601777
IndustryAutomotive
Founded1992; 32 years ago (1992)[1]
FounderYin Mingshan
HeadquartersChongqing, China
Area served
China, South Asia, Middle East, Europe and Latin America
Key people
Yin Mingshan Mou Gang
ProductsCommercial vehicles
Passenger cars
Motorcycles
Number of employees
13,653[2]
Websitelifan.com
Lifan Group
Simplified Chinese力帆实业(集团)股份有限公司
Traditional Chinese力帆實業(集團)股份有限公司
Literal meaning"Great Sail" Industry (Group) Co., Ltd.
Transcriptions
Standard Mandarin
Hanyu PinyinLìfān shíyè (jítuán) gǔfèn yǒuxiàn gōngsī

Lifan Industry (Group) Co., Ltd. (Lifan Group or Lifan,[3][4] Chinese: 力帆, lit. 'Power Sail') is a civilian owned Chinese motorcycle and automobile manufacturer headquartered in Chongqing, China. It was founded in 1992 and began to manufacture automobiles in 2005, with license-built microvans and a small sedan developed by Lifan.[5]

Lifan's vehicle products include passenger cars, microvans, dirt bike engines, entry-level motorcycles, mini-vehicles, and commercial trucks.[6] The company's non-vehicle-related activities include the manufacture of sports shoes and winemaking.[7] Outside of China, Lifan is currently best known for the sale of small passenger cars in emerging markets.

History

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A Lifan truck, 2009

Lifan was founded by former political dissident Yin Mingshan in 1992 as a motorcycle repair shop with a staff of nine. Mingshan has a long history of conflict with government authority but currently enjoys a positive relationship with the Chinese Communist Party.[7] The company was originally called "Chongqing Hongda Auto Fittings Research Centre".[8] The company was renamed Lifan Industry Group in 1997.[8] It expanded into building buses in 2003.[9] As of 2004, Lifan was being referred to as "the largest private motorcycle manufacturer in China."[10] In 2009, it as the fifth-largest Chinese motorcycle maker.[5]

In 2003, Lifan acquired Chongqing Special Purpose Use Vehicle Manufacturing Co Ltd,[6] and 2005 saw the start of automobile production beginning with the LF6361/1010 minivan and pickup based on the 1999 Daihatsu Atrai. In December 2005, Lifan's first independently developed car entered production, the 520 sedan with a Brazilian Tritec engine.[9] As of 2011, Lifan makes a number of consumer offerings including the subcompact 320, the compact sedan and hatchback 520, the mid-sized 620 sedan, and the X60 compact SUV.[11]

Lifan made an IPO on the Shanghai Stock Exchange in late-2010.[5] In 2011, Lifan's exchange-listed entity announced revenue of US$1.83 billion, and profits of US$62 million.[12]

Lifan entered into an agreement with Italian motorcycle manufacturer MV Agusta on July 4, 2014, to be MV Agusta's sole distributors in China. Lifan currently have a number of Agusta models on show at selected dealerships, including the F4 RR motorcycle.[13]

Founder Yin Mingshan and his family are worth US$1.3 billion as of 2014.[14]

Lifan's cash balance was 370 million yuan versus 3.1 billion yuan at the end of 2017. Lifan had only 450 million yuan out of 12.6 billion yuan worth of credit lines from 25 banks according to filings. In 2018, Lifan raised approximately 4 billion yuan selling land to the government and unit Lifan Motors to electric vehicle startup Li Auto.[15] In 2018, Baidu and Panda Auto, an EV rental operator under Lifan Group, jointly launched the China's first shared autonomous vehicle pilot program, closed in 2020.[16]

As of 2020, it was reported that Lifan's debt totaled 31 billion yuan ($4.4 billion) in June 2019, with 60% due within a year, while assets stood at 41.5 billion yuan according to company filings. News of Geely planning to takeover Lifan surfaced with the target being the market share in the southwest which Lifan mainly dominates.[17]

Trademark dispute with Honda Motor

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In 2004, Lifan was ordered to cease selling motorcycles under the brand name "Hongda"—the culmination of a successful lawsuit brought by Honda Motors.[18] That same year Honda initiated a separate suit against Lifan this time for using badges similar to Honda's on its motorcycle products.[10]

Geely acquisition

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Lifan applied for bankruptcy protection in 2020.[19] On December 13, 2021, Geely Automobile announced that Geely decided to jointly invest in the establishment of a joint venture company, the Livan Automotive with Lifan Technology. The registered capital of the target company is 600 million yuan RMB. Geely Holding and Lifan Technology would each invest 300 million yuan, each holding 50% of the shares.

Since Geely is the major stakeholder of Lifan Technology, which accounts for 34.7%, making Geely the controlling shareholder of the Livian Automotive. The joint venture manufactures electric vehicles using Geely's existing platforms under the Maple brand.[20] As of January 2022, Geely announced that the joint venture with Lifan plans to build a battery swap ecosystem for electric cars. The first compatible car was launched in February 2021 as the Maple 60S.

Products

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When Geely acquired Lifan in 2020, Lifan is now more focused on original vehicles development for taxi customers and battery swap support.

Motorcycles

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Lifan tuk-tuks in Rwanda (2020)
Lifan V16 250, also called Lycan

Current and former Lifan motorcycle products include:

PFMoto

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PFMoto (Paifang Moto) is the new motorcycle brand of Lifan created in 2022; PFMoto sold lower-cost motorcycle and scooter, the first model introduced in the Chinese market in 2023 was the Starship 3, a cruiser-style with a design inspired by the Honda Gold Wing, and a 302cc V-twin engine.[22] In 2023, the Starship 6 is introduced, a version equipped with a 573 cc V2 engine.[23]

Subsequently, the Starthunder 250, a compact cruiser, and the Gravity 150 (LF150T-8C) scooter, equipped with a 149.3 cc single-cylinder engine, were launched.

In 2024, the Starship 4 was introduced as an intermediate model between the Starship 3 and the Starship 6. This motorcycle is equipped with a 398 cc V2 engine.[24]

Automobiles

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Current and former Lifan automobile products include:

[edit]
  • Lifan 320
    Lifan 320
  • Lifan 520i
    Lifan 520i
  • Lifan 520
    Lifan 520
  • Lifan 530
    Lifan 530
  • Lifan 620
    Lifan 620
  • Lifan 650
    Lifan 650
  • Lifan 720
    Lifan 720
  • Lifan 820
    Lifan 820
  • Lifan Lotto
    Lifan Lotto
  • Lifan Xuanlang (M7)
    Lifan Xuanlang (M7)
  • Lifan Maiwei
    Lifan Maiwei
  • Lifan X50
    Lifan X50
  • Lifan X60
    Lifan X60
  • Lifan X80
    Lifan X80
  • Lifan Fengshun
    Lifan Fengshun
  • Lifan Xingshun
    Lifan Xingshun
  • Lifan Truck
    Lifan Truck

Operations

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Production facilities

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Lifan has two passenger-car assembly plants in China.[15][6]

Now boasting motorcycle production bases in Thailand, Iran, Turkey, and Vietnam,[1] Lifan first established a presence in Vietnam in 1999 that made motorcycles and parts.[27] Beginning in March 2007, assembly of the 520 sedan commenced in Vietnam.[6] By mid-2009, the 320, 520i, and 620 had also been built or assembled in this country.[28]

Overseas assembly factories make Lifan-branded automobiles sold to domestic audiences but are not necessarily affiliated with Lifan in any way.

Azerbaijan

In early 2010, Lifan established an automobile assembly factory in Azerbaijan.[29]

Egypt

Such assembly has occurred in Egypt.[1]

Ethiopia

From 2007 until 2010, the Lifan 520 was assembled in Ethiopia from imported knock-down kits under the name of "Abay" (Amharic for the Blue Nile)[30] by Holland Car Company.[31] Cars assembled in Ethiopia may now bear the Lifan name,[32] and an after sales service center for Lifan automobiles exists in the capital, Addis Ababa, as of 2010.[33] As of 2016, Lifan continues to produce in Ethiopia (perhaps without a local partner), assembling cars with native-born labor from knock-down kits.[34] Five different models can be made at the current facility, set up in 2014, and sales can total fifty cars a month at prices ranging from $15,000 to $30,000.[34]

Iran

Lifan was assembling cars in Iran around 2010.[35]

Russia

Assembly of automobiles in Russia began in August 2007,[6] and in early 2011, the 320 model became the third Lifan product to see local production.[36]

Uruguay

In 2010, a 40,000 units/year production capacity assembly plant was established in Uruguay.[35]

Research and development

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At the end of 2006, Lifan held over 3,800 patents, the largest number of any Chinese automobile company,[1] of which at least 346 of were held by Lifan's automobile division.[6]

Sales

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A Lifan 520 at a dealership in Chile in 2009

Access to profitable export markets, something the Chinese State allowed the company in 1998,[6] means that this maker of automobiles and motorcycles does what many Chinese automakers desire: it sells in developed overseas markets like the EU, Singapore and Japan.[6]

While finding more markets for its motorcycle-related products, Lifan has exported passenger cars to 51 countries.[6] In 2010, its automotive exports were rivaled by only Chery.[29] The company has sold in many countries and in every continent except Antarctica.[37]

Allowed access in 2003, Lifan motorcycle products are sold in 18 European countries.[1] The Italian importer Martin Motors rebadges and sells two small Lifan passenger car models under its own name.[38]

Lifan has sold motorcycles in Japan since 2001.[1] Lifan automobiles have been sold in Laos and Syria since 2009.[39][40]

Lifan motorcycles and dirt bikes are available in Canada[37] and Mexico. As of 2009, a single model was on offer in this country.[41]

Some small passenger car models are sold in Brazil,[42] Guatemala,[43] Peru,[44] and Uruguay.[45]

Some of the cars Lifan exports are in the form of knock-down kits.[35] Put together in small, local workshops, selling such kits is an easy way for the company to gain access to developing markets.

Sponsorships

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Lifan was formerly the owner of the Chinese super league football team Chongqing Lifan; since 2005 it has been a sponsor of the team.

References

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  1. ^ a b c d e f About Lifan Group Lifan Official Site (Web Archive)
  2. ^ Lifan website Archived 2011-10-28 at the Wayback Machine
  3. ^ "About Lifan Group". Official website of Lifan Group. Archived from the original on 2009-10-22. Retrieved 2011-01-25.
  4. ^ China's Lifan Industry to debut in Shanghai this week[dead link‍] reuters.com, Wed Nov 24, 2010 8:37am IST
  5. ^ a b c Lifan IPO latest in quest for capital chinadaily.com.cn, 2010-11-29
  6. ^ a b c d e f g h i Corporate profile Archived 2011-07-13 at the Wayback Machine Lifan official site
  7. ^ a b "The communist entrepreneur: Yin Mingshan shows how to make profits and political friends in China". The Economist. 2003-03-27.
  8. ^ a b Great Events of Lifan Group from 1999 to 2005 Archived 2011-07-13 at the Wayback Machine Lifan official site
  9. ^ a b World of Cars 2006·2007. Warsaw, Poland: Media Connection Sp. z o.o. 2006. p. 236.
  10. ^ a b "Honda, Lifan locked in trademark disagreement". chinadaily.com.cn. China Daily. 3 June 2004. Retrieved 25 May 2015.
  11. ^ "Chinese Brands". ChinaAutoWeb.com. Retrieved 2011-09-14.
  12. ^ Hu, Haiyan. "Rewards of the journey". China Daily. Retrieved 24 May 2015.
  13. ^ Hamilton, Jeremy. "Lifan Motorcycle Company Profile". ChinaMotorRider. Retrieved 24 May 2015.
  14. ^ "#159 Yin Mingshan & family". Forbes. Retrieved 24 May 2015.
  15. ^ a b "China's Geely to take over debt-laden automaker Lifan as virus stokes shake-up -sources". reuters.com. 19 June 2020. Retrieved 28 May 2022.
  16. ^ "Il cimitero delle auto elettriche in Cina è deprimente". Quotidiano Motori (in Italian). Retrieved 2024-10-22.
  17. ^ "Chuan Geely's acquisition of Lifan plus Southwest Market may be the main reason". news.metal.com. 14 August 2020. Retrieved 28 May 2022.
  18. ^ Inoue, Kae (24 Dec 2004). "Honda Wins Hongda Suit as China Cracks Down on Piracy". bloomberg.com. Bloomberg LP. Retrieved 25 May 2015.
  19. ^ Barry van Wyk (June 15, 2022), "Lifan's remarkable journey from 'motorcycle king' to electric vehicles via bankruptcy", The China Project
  20. ^ "Geely takes root in Chongqing, Lifan ushered in a rebirth".
  21. ^ "Product: KPmini 150 (LF150-5U)". Lifan Motos. Archived from the original on 2020-10-29.
  22. ^ "Nuova PFMoto Starship 3" (in Italian). Retrieved 18 June 2024.
  23. ^ "New Chinese Manufacturer PFMoto Debuts The Starship 6 Tourer". Retrieved 18 June 2024.
  24. ^ "PFMoto Starship 6 y Starship 4: la familia "Gold Wing" china crece" (in Spanish). 27 May 2024. Retrieved 18 June 2024.
  25. ^ "No, it's not a Mini..." Autocar.co.uk. 2010-04-24. Retrieved 2010-09-13.
  26. ^ "Lifan 520i". Auto Express.
  27. ^ Factory in Vietnam Lifan Official Site (Web Archive)
  28. ^ Lifan320, Lifan620 Landed in Vietnam Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 9/9/2009
  29. ^ a b LIFAN MOTORS RANKED 2ND AMONG CHINESE EXPORTERS Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 6/7/2010
  30. ^ Blue Nile flows in Ethiopia ---- Lifan Motors in Ethiopia Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 19/3/2009
  31. ^ Official Launching of Lifan Wholly-owned Subsidiary in Ethiopia Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 5/1/2010
  32. ^ The First Batch Lifan Cars in Ethiopia From a Wholly Owned Subsidiary of Lifan Motors Offlined Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 3/3/2010
  33. ^ Vehicle Delivery & After-sales Service Station Launching Ceremony of Lifan Motors in Ethiopia Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 15/4/2010
  34. ^ a b Asher, Zain. "Marketplace Africa (series)." CNN. CNN International. 10 April 2016.
  35. ^ a b c Assembly Plant of Lifan Motors Settles Down in Uruguay Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 6/4/2010
  36. ^ "CHINESE AUTOMAKER LIFAN'S 320 STARTS PRODUCTION IN RUSSIA", Asia Pulse, Rhodes, Mar 23, 2011
  37. ^ a b Global Lifan > Global Network (image) Lifan Official Site (Web Archive)
  38. ^ Chi Siamo Martin Motors Official Site
  39. ^ Lifan Motors Launches in Laos Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 25/11/2009
  40. ^ The First 4S Store of Lifan Motors Opened in Syria Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 3/6/2009
  41. ^ Hermosa, Jessica Anne D. (February 4, 2009). "Lifan out to prove that China cars mean quality". BusinessWorld. pp. S1/9.
  42. ^ Lifan Motors Brazil web site lifanmotors.com.br
  43. ^ Lifan Landing in Guatemala, Full-scale Covering Mid-America Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 6/7/2010
  44. ^ Lifan320 Launches in Peru, Leading Popularity of LIFAN MINI Archived 2011-10-02 at the Wayback Machine Lifan Official Site, 13/5/2010
  45. ^ Lifan cars and microvans are sold in Ecuador by Chinamotors S.A. ProductosArchived 2011-02-02 at the Wayback Machine grupoaler.com
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