CH-AUTO, A Chinese Electric Vehicle Manufacturing and Design Service Company, Announces Plans To Become A Public Company Via Merger Transaction With Mountain Crest Acquisition Corp. IV – GlobeNewswire

May 2, 2022 by No Comments

  • CH-AUTO is a Chinese automotive manufacturer headquartered in Beijing, specializing in electric vehicle manufacturing, automotive design service, and automotive parts manufacturing
  • Qiantu K50, initially released in 2018, is China’s first volume-produced all-electric super sports car, improving the customer experience by utilizing lightweight materials such as aluminum and composite materials
  • Transaction implies an initial equity value of approximately $1.25 billion for CH-AUTO
  • CH-AUTO Founder and CEO Mr. Qun Lu will become CEO of the publicly traded holding entity; a Mountain Crest representative will join the Board of Directors

BEIJING and NEW YORK, May 02, 2022 (GLOBE NEWSWIRE) — CH-AUTO TECHNOLOGY CORPORATION LTD., a company formed under the laws of the Peoples Republic of China (“CH-AUTO”), an electric vehicle manufacturing and design service company based in China, and Mountain Crest Acquisition Corp. IV (Nasdaq: MCAF) (“Mountain Crest”), a Delaware corporation that was formed as a publicly-traded special purpose acquisition company, today announced they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company will operate under a holding entity named CH AUTO Inc., a Cayman Islands exempted company (“Pubco”) and plans to trade on the Nasdaq Stock Market. The transaction reflects an initial equity value of approximately $1.25 billion. The transaction is expected to close in the fourth quarter of 2022 and Qun Lu, CH-AUTO’s founder and CEO, will continue to lead the holding company as its CEO after closing of the transaction.

CH-AUTO started its business of automotive design service in 2003. CH-AUTO, through its automotive design service, is proud of its contribution to increasing the process of Chinese auto industry’s annual output from 2 million to nearly 30 million vehicles during the past nearly 20 years, along with the transformation of the industry from imitation to innovation. As a design service provider to major mainstream Chinese auto brands such as Geely, Chery, FAW and GAC, CH-AUTO has led and participated in the design and development of more than 100 automobile models. CH-AUTO has also developed in-depth strategic cooperation with GFG Progetti SRL, a leading automobile design company founded by Italian design master Giorgetto Giugiaro, through a joint venture design company in Shanghai in 2019.

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In 2015, CH-AUTO established a wholly-owned subsidiary “QIANTU MOTOR” (QT), aiming to build an electric vehicle brand for the global market. In 2018, QIANTU MOTOR’s first all-electric urban super sports car, Qiantu K50, was launched in production. Qiantu K50 is China’s first volume-produced all-electric super sports car and uses an aluminum-carbon fiber mechanical structure and a dual-motor all-wheel drive system. In addition, according to CH-AUTO’s records, the unique battery safety management system of QIANTU MOTOR has maintained a record of zero battery fire accidents. CH-AUTO expects to release its Qiantu K20 model targeting the young Gen-Z customers with an affordable price in the second half of 2022.

A photo accompanying this announcement is available at

Mr. Lu commented, “We believe intelligent technology will change the future consumer ecosystem, and our company is collaborating with Tsinghua University Suzhou Automobile Research Institute and Cross-strait Tsinghua Research Institute to develop the next-generation vehicle intelligence system. At the same time, we expect the industrial trend of replacing traditional steel with materials such as aluminum and composite …….



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