Author: Linda Ma

The European Commission has rejected a proposal from the Chinese government to introduce a minimum price of 30,000 euros ($32,946) for electric vehicles (EVs) imported from China, according to three sources familiar with the matter. The move was part of an attempt by Beijing to avoid tariffs that the European Union plans to impose next month as part of its anti-subsidy investigation. The Commission dismissed the proposal from Chinese EV manufacturers in September, as it continued its investigation into alleged subsidies provided to Chinese automakers, which has escalated into the most significant trade dispute between China and the EU in…

Nio, the Chinese electric vehicle (EV) manufacturer, has announced the formation of a joint venture to expand into the Middle East and North Africa (MENA) market, marking a significant step in its global growth strategy. The new venture, Nio MENA, was established in partnership with Abu Dhabi-based CYVN Holdings, and will focus on local production and market entry. The joint venture was formalized on October 4, during a ceremony attended by the President of the United Arab Emirates and the President of Egypt. William Li, Nio’s founder, chairman, and CEO, hailed the event as a pivotal moment in the company’s…

Chinese flying taxi company Vertaxi has successfully raised $29 million in a recent financing round, increasing its total funding to over $57 million. The company is focused on developing a five-passenger electric vertical takeoff and landing (eVTOL) vehicle designed for transporting both cargo and passengers. The Vertaxi Matrix 1 flying vehicle will feature up to 20 rotors, with 16 designated for lift, and is expected to have a range of 150 miles, according to company specifications. Earlier this year, the Civil Aviation Administration of China accepted Vertaxi’s application for type certification of its M1B unmanned cargo eVTOL vehicle, with the…

BYD continued its impressive growth trajectory in September, achieving record sales driven primarily by robust demand for its hybrid models. The company reported sales of 419,426 new energy vehicles (NEVs) last month, marking the fourth consecutive month of record highs. This figure represents a significant increase of 45.91% compared to the 287,454 units sold in September 2023, and a 12.42% rise from August’s sales of 373,083 units. Since ceasing production and sales of internal combustion engine vehicles in March 2022, BYD has shifted its focus to plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). In September, BYD sold…

On September 27, Geely and Jameel Motors (International) announced the signing of an agreement to distribute Farizon new energy commercial vehicles across 11 countries, serving a combined population of approximately 450 million people. Under the agreement, Jameel Motors will concentrate on distributing Farizon-branded new energy vehicles, which include electric, hybrid, hydrogen, and methanol-powered options. This initiative aims to penetrate new and select markets with growing demand for greener transportation solutions. Farizon, established in 2016, is a subsidiary of Geely focused on the manufacturing of commercial vehicles. Its product lineup features light commercial vehicles, trucks, and buses that are all categorized…

The European Union is scheduled to vote on October 4 regarding the implementation of tariffs up to 45% on imported electric vehicles (EVs) from China, according to sources familiar with the discussions. Member states have been provided with a draft regulation outlining the proposed measures, although the vote has been postponed slightly to allow for final negotiations with Beijing aimed at finding a resolution to avoid the tariffs. Despite the delay, talks between EU officials and Chinese representatives may continue even if the member states decide to impose the tariffs. The timeline for the vote remains fluid, as indicated by…

Li Auto achieved a significant milestone in September, delivering 53,709 vehicles and surpassing its previous record of 51,000 set in July. This represents a year-on-year increase of 48.94 percent and an 11.61 percent rise from the 48,122 units delivered in August. These record monthly deliveries propelled Li Auto to a total of 152,831 deliveries in the third quarter, reflecting a 45.4 percent increase compared to the same period last year and falling within the company’s guidance range of 145,000 to 155,000 units. Founded in July 2015, Li Auto is a prominent player in the extended-range electric vehicle (EREV) market in…

Tesla has achieved a significant milestone, exporting its 1 millionth vehicle from China, marking a major achievement for the U.S. electric vehicle maker. The milestone vehicle was loaded onto a ship today and departed from the port of Nangang in Shanghai, according to a statement by Grace Tao, Tesla’s vice president of external affairs, posted on Weibo. Since Tesla began exporting China-made vehicles in 2020, the company has rapidly expanded its reach, shipping to regions including Europe, the Asia-Pacific, Australia, and New Zealand. Tesla’s Shanghai factory, known as Giga Shanghai, has played a central role in meeting the increasing global…

A fire broke out today at one of the production facilities of Chinese power battery giant CATL (Contemporary Amperex Technology Co. Limited) in Ningde city, Fujian province, where the company is headquartered. The incident, which occurred at CATL’s production base Z, is considered a rare event in the battery manufacturing sector. According to reports from local media outlet Cailian, the fire started around 11:00 am Beijing time and had not been completely extinguished as of 2:40 pm. Witnesses at the scene reported that firefighters were on site shortly after the fire started, and staff were promptly evacuated from the facility.…

Nio today announced that it has finalized agreements for an investment in NIO Holding Co., Ltd., its PRC subsidiary where it holds a 92.1% controlling equity interest (“NIO China”). The investment will come from Hefei Jianheng New Energy Automobile Investment Fund Partnership (Limited Partnership), Anhui Provincial Emerging Industry Investment Co., Ltd., and CS Capital Co., Ltd. (collectively referred to as the “Strategic Investors”). These Strategic Investors are set to contribute a total of RMB 3.3 billion in cash (the “Strategic Investment Amount”) to acquire newly issued shares of NIO China. In conjunction with the Strategic Investors, Nio will also invest…

The U.S. Commerce Department stated on Friday that proposed rules to ban Chinese internet-connected vehicles and key Chinese software and hardware could result in a reduction of up to 25,841 vehicle sales annually and lead to higher prices. The department highlighted that U.S. automakers and others selling in the country could face a competitive disadvantage in the global market due to the increased prices. The department’s proposal, aimed at reducing national security risks related to China, could block between $1.5 billion to $2.3 billion worth of vehicle components from Chinese and Russian companies for vehicles sold in the U.S. While…

Avatr Technology, supported by Changan Automobile, CATL, and Huawei, has launched its first vehicle offering both battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) options. The Avatr 07, a five-seat SUV, was revealed at a launch event on September 26. This marks a significant step for the brand as it expands its lineup with hybrid models to address consumer demand and increase sales. The Avatr 07 is available in BEV and extended-range electric vehicle (EREV) variants, with the EREV version being the first to feature Avatr’s Kunlun extended-range system. The company also plans to release EREV versions of…