Author: Linda Ma

Eve Energy has formally submitted an application for a listing on the Hong Kong Stock Exchange, as the Chinese battery manufacturer looks to raise funds for international expansion, particularly in Hungary and Malaysia. CITIC Securities is acting as the sole sponsor for the offering, according to the preliminary prospectus published on Sunday. The company has not yet disclosed the number of shares to be issued or the expected fundraising target. Founded in 2001 and listed on China’s ChiNext board in 2009, Eve Energy has become one of the country’s major battery suppliers, serving customers such as Xiaomi, BMW, Mercedes-Benz, GAC…

Xiaomi is facing delivery delays for its first electric SUV, the YU7, after demand outpaced the company’s current production capacity. The overwhelming response has resulted in wait times of up to one year for some variants, underlining both the market’s enthusiasm and the challenges of ramping up automotive output. The YU7 launch drew more than 200,000 pre-orders within three minutes, with around 120,000 secured through non-refundable deposits. That figure continued to climb rapidly, reaching 289,000 total pre-orders in the first hour. Within 18 hours, Xiaomi recorded over 240,000 locked-in orders — exceeding the company’s annual production capacity. See also: Everything You…

Chinese electric vehicle manufacturer BYD will assume direct control over distribution of its electric and plug-in hybrid vehicles in Australia from July 2025, ending its partnership with national distributor EV Direct a year ahead of schedule. The strategic shift aims to streamline operations, broaden retail access, and support growing demand for new-energy vehicles across the country. Under the new arrangement, BYD Australia will oversee national distribution, while the retail network will be managed by a newly formed entity, EV Dealer Group (EVDG), which includes the current EV Direct management team. Eagers Automotive, one of Australia’s largest dealership groups, will remain…

A source familiar with BYD’s operations said the Chinese new energy vehicle (NEV) manufacturer has maintained stable production capacity and growing sales, countering recent reports that the automaker had slowed output and delayed expansion efforts. “BYD’s sales have grown steadily, and production capacity has remained stable,” the person told CnEVPost on Wednesday, requesting anonymity due to the sensitivity of the matter. The remarks come after a Reuters report, citing two unnamed sources, said BYD had reduced work shifts at some factories in China and delayed plans for new production lines, citing signs of slowing momentum in the domestic market. The…

Nio’s small EV sub-brand Firefly has launched its Battery-as-a-Service (BaaS) purchase plan ahead of schedule, offering significant price reductions for its Firefly EV model as it faces mounting sales pressure. Originally slated for an August 1 debut, the BaaS plan was rolled out early on Wednesday. Under the scheme, the Firefly EV’s starting price drops to RMB 79,800 ($11,120), down 33.39% from its original RMB 119,800 price, which included the battery. A higher-end variant sees a similar reduction, falling from RMB 125,800 to RMB 85,800, a 31.80% cut. To offset the lower upfront cost, customers under the BaaS scheme will…

Chinese tech giant Xiaomi (1810.HK) has intensified its push into the electric vehicle market by launching its second EV, the YU7 SUV, with a starting price of 253,500 yuan ($35,364) — undercutting Tesla’s Model Y by almost 4% in China. Xiaomi unveiled pricing for the YU7 on Thursday, with higher-end variants YU7 Pro and YU7 Max priced at 279,900 yuan and 329,900 yuan, respectively. The Model Y, which was China’s top-selling SUV in May, currently starts at 263,500 yuan. Xiaomi began taking orders at 10 p.m. local time, and reported more than 200,000 bookings within the first three minutes. “The…

Chinese electric vehicle manufacturer Xpeng has stated it avoided the widespread industry practice of exporting new vehicles as used cars, distancing itself from a grey market approach now facing increasing regulatory scrutiny in overseas markets. At an industry forum in Shanghai, Tang Zhikun, general manager of Xpeng’s international business centre, addressed the practice, which involves registering newly built vehicles in China before exporting them abroad as second-hand. “We are indeed more fortunate that we were very restrained last year and did not do this,” Tang was quoted as saying by official media outlet The Paper. China’s automotive sector has reportedly…

China is expected to overtake Australia as the world’s leading producer of lithium as early as next year, consultancy Fastmarkets said on Wednesday, signaling a shift driven by Beijing’s strategic focus on critical minerals and continued state support for domestic miners. Chinese lithium output is projected to surpass Australia’s by 8,000 to 10,000 metric tons in 2025, up from third place globally in 2023. The rise is largely attributed to aggressive investment in mining lepidolite, a lithium-rich ore found in abundance in southern China, despite higher extraction costs and potential environmental impact. “China’s got a very clear strategy to develop…

Xiaomi is setting its sights on Tesla’s crown in China’s electric SUV market, with CEO Lei Jun publicly stating that the company’s upcoming YU7 model is aiming to outsell the Tesla Model Y, the country’s best-selling premium electric SUV. The announcement comes just days before the official launch of the YU7, Xiaomi’s second electric vehicle. Expectations are high following the remarkable success of the SU7, which has exceeded industry forecasts by achieving over 180,000 deliveries since its early 2024 launch. The vehicle has become a notable competitor to Tesla’s Model 3, which now faces significantly lower delivery wait times amid…

Chinese electric vehicle maker BYD said it has sold over 1.5 million units of its Yuan family models globally, highlighting the sustained popularity of the compact EV line in both domestic and international markets. The Yuan family, part of BYD’s Dynasty series, currently includes four models: the Yuan Plus Smart Driving Edition, Yuan Plus Honor Edition, Yuan Up Smart Driving Edition, and the standard Yuan Up. BYD’s Yuan Plus is also marketed overseas under the name Atto 3 and has become the brand’s first global model. The company attributed the milestone to the affordability and smart features of the models.…

General Motors’ Buick brand launched the updated Electra E5, a pure electric SUV for the Chinese market, introducing new variants and highlighting enhanced battery safety as a key differentiator. The Electra E5 is now available in three variants priced at RMB 169,900 ($23,640), RMB 179,900, and RMB 189,900, with promotional discounts reducing the starting price to as low as RMB 149,900. Built on GM’s Ultium 2.0 platform, the mid-size SUV features a single front-mounted motor generating 180 kW of power and 330 Nm of torque, enabling acceleration from 0 to 100 km/h in 7.5 seconds and a top speed of…

Xiaomi is set to officially launch its second electric vehicle, the YU7 SUV, by the end of June, following a strong reception from prospective buyers since its debut in May. “We are preparing, see you at the end of the month!” Xiaomi founder and CEO Lei Jun wrote in a post on Chinese social platform Weibo. The YU7 was first unveiled on May 22, with display units appearing in Xiaomi’s headquarters in Beijing a week later. As of June 13, the model is showcased at 317 Xiaomi EV stores across 86 cities, according to the company. Lei told investors earlier…