| Lifan Industry (Group) Co., Ltd. | |
| Type: | Public company |
| Industry: | Automotive |
| Foundation: | [1] |
| Founder: | Yin Mingshan |
| Location: | Chongqing, China |
| Key People: | Yin MingshanMou Gang |
| Num Employees: | 13,653[2] |
| Products: | Commercial vehicles Passenger cars Motorcycles |
| Area Served: | China, South Asia, Middle East, Europe and Latin America |
Lifan Industry (Group) Co., Ltd. (Lifan Group or Lifan,[3] [4],) 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. Outside of China, Lifan is currently best known for the sale of small passenger cars in emerging markets.
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." 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.[10]
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.[11]
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.[12]
Founder Yin Mingshan and his family are worth US$1.3 billion as of 2014.[13]
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.[14] 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.[15]
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.[16]
In 2004, Lifan was ordered to cease selling motorcycles under the brand name "Hongda"—the culmination of a successful lawsuit brought by Honda Motors.[17] That same year Honda initiated a separate suit against Lifan this time for using badges similar to Honda's on its motorcycle products.[18]
Lifan applied for bankruptcy protection in 2020. 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 Technolgy, 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.[19] 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.
When Geely acquired Lifan in 2020, Lifan is now more focused on original vehicles development for taxi customers and battery swap support.
Current and former Lifan motorcycle products include:
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.[21] In 2023, the Starship 6 is introduced, a version equipped with a 573 cc V2 engine.[22]
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.[23]
Current and former Lifan automobile products include:
Lifan has two passenger-car assembly plants in China.[14] [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.[26] 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.[27]
Overseas assembly factories make Lifan-branded automobiles sold to domestic audiences but are not necessarily affiliated with Lifan in any way.
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]
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.[34] The company has sold in many countries and in every continent except Antarctica.[35]
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.[36]
Lifan has sold motorcycles in Japan since 2001.[1] Lifan automobiles have been sold in Laos and Syria since 2009.[37] [38]
Lifan motorcycles and dirt bikes are available in Canada[35] and Mexico. As of 2009, a single model was on offer in this country.[39]
Some small passenger car models are sold in Brazil,[40] Guatemala,[41] Peru,[42] and Uruguay.[43]
Some of the cars Lifan exports are in the form of knock-down kits.[33] Put together in small, local workshops, selling such kits is an easy way for the company to gain access to developing markets.
Lifan was formerly the owner of the Chinese super league football team Chongqing Lifan; since 2005 it has been a sponsor of the team.