Representative Ben Bowman (D-Tualatan) proudly participated in a ribbon cutting ceremony of Yulon Motors, a Taiwanese company, and QPO Energy, a battery and energy storage company to be based in Tualatin, Oregon. The Taipei Economic & Cultural Office (essentially the Taiwanese Consulate) invited state and local leaders, the Taipei Economic and Cultural Office, and executives from Yulon Motors and QPO Energy to attend the signing.

Yulon has purchased a 49.5% stake in QPO Energy and is the company’s partner in launching the Tualatin factory. The factory will build battery packs and modules for utility-scale energy storage systems and homeowners. The Inflation Reduction Act incentivizes utilities and homeowners to buy energy storage systems made in the United States. These incentives have created an opportunity on which Yulon and QPO are hoping to capitalize.

Bowman states, “QPO has partnered with Yulon to relocate part of their battery manufacturing from China to Tualatin. The factory will employ up to 400 people and shows that Oregon is benefiting from the post-pandemic supply chain reshuffling away from China.”

This may be moving a part of the manufacturing out of China, but it doesn’t make it American owned. Yulon was founded by Shanghai-born entrepreneur Yen Tjing-ling in 1953 when Taiwan was trying to establish its own automotive industry after World War II, and started out by making car components. Today, Yen’s son is chairman and Yulon is a major Taiwanese carmaker, repair service and distributor. It’s top institutional shareholders with only 5% are Vanguard Group, Inc., Norges Bank Investment Management, Dimensional Fund Advisors LP, and BlackRock Fund Advisors.

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Yulon manufactures and markets Luxgen-brand vehicles, and operates dealerships for Nissan via a joint venture in Taiwan and China. It also distributes Mitsubishi vehicles through affiliate China Motor. The latest release is Luxgen7, a six seat MPV turbocharged 2.2-litre petrol engine with the bells and whistles of a 360-surveillance camera – night vision and a lane departure warning system. The company also plans to launch a Model C battery-powered SUV under it upmarket Luxgen brand this year followed by the Model E sedan made in Taiwan.

Yulon has struggled over that past four years reporting a loss of $25 billion in 2019. They show a profit in 2020 and 2021, but it only covered a third of what was lost in 2019, only to be hit with another nearly $5 billion lost in 2022.

The partnership with QPO Energy and building the Tualatin factory will be an expansion for Yulon adding manufacturing of battery and energy storage systems.


--Donna Bleiler

Post Date: 2023-07-29 15:56:38

Last Update: 2023-07-28 16:47:25