Author: Linda Ma

Chinese electric vehicle (EV) startup Xpeng Motors has unveiled its strategic move to acquire Didi Global’s smart electric vehicle development business in a substantial deal worth HK$5.84 billion (US$744 million). The acquisition will see Xpeng issue approximately 3.25% of its shares to Didi at HK$64.03 per share, thus forging a strong partnership and making Didi a significant shareholder in the company. The collaboration between Xpeng and Didi is set to pave the way for the introduction of a new EV brand named “MONA” in 2024. This innovative venture, currently in its developmental phase, aims to cater to a wide range…

BYD, a player in the electric vehicle (EV) industry, has thrown its hat into the competitive electric SUV market with the grand unveiling of the Song L at the Chengdu Auto Show. The debut of this mid-size electric SUV has captured attention for its captivating design and a host of features that set it apart from the crowd. Amidst a sea of “me-too” electric SUVs flooding the market, the Song L emerges as a standout contender. Catering to a diverse range of preferences, this EV offers an array of options that can leave potential buyers feeling spoilt for choice. Performance…

Buick has taken the automotive world by surprise with the official introduction of its cutting-edge electric sedan, the Velite 6. Unveiled on Friday through the automaker’s Weibo page, the Velite 6 boasts remarkable attributes including an exceptional driving range and an unexpectedly affordable starting price. The Velite 6 is available in two distinct editions: the Comfort edition and the Premium edition, priced at 112,800 yuan ($15,500) and 115,800 yuan ($15,900) respectively. Underneath its sleek design, both variants are propelled by a single 130 kW (174 hp) front electric motor, delivering a maximum torque of 265 Nm. This power is harnessed…

In a decisive move that resonates with the swift evolution of the automotive landscape, Volvo has set its sights on the expansive Chinese market with a groundbreaking announcement. The renowned Swedish automaker has unveiled plans to introduce an all-electric MPV that not only redefines opulence in electric vehicles but also underscores its commitment to sustainable driving and cutting-edge technology. Amid the current fervor surrounding automotive innovation, Volvo has taken center stage by offering a sneak peek into its latest creation. With a full revelation slated for November 12, automotive enthusiasts and eco-conscious consumers are on the edge of their seats,…

In a significant leap towards its foray into the electric vehicle (EV) landscape, Chinese tech titan Xiaomi has received the green light from the National Development and Reform Commission (NDRC) to establish an annual production capacity of 100,000 electric vehicles. This regulatory approval marks a pivotal milestone in Xiaomi’s audacious venture into the EV manufacturing realm. Xiaomi’s founder and visionary, Lei Jun, made waves in 2021 by announcing the company’s strategic entry into the realm of smart electric vehicles. Pledging a formidable investment of $10 billion over the forthcoming decade, Jun laid out an ambitious roadmap with the goal of…

Xpeng, the Chinese electric vehicle (EV) manufacturer, has officially commenced deliveries of its flagship sedan, the P7i, across several European markets. The company’s foray into the European automotive landscape marks a significant step in its mission to provide advanced and intelligent mobility solutions to customers worldwide. The P7i’s international debut has seen successful deliveries kick-starting in prominent Nordic countries, including Norway, Sweden, Denmark, and the Netherlands. Xpeng announced this milestone through its official Weibo account, underscoring its commitment to delivering innovation and cutting-edge technology to global consumers. In an era where smart driving experiences are shaping the automotive industry, Xpeng’s…

In a strategic move to rival competitors like SAIC-GM-Wuling’s Mini EV, Chinese automotive powerhouse Dongfeng Motor has taken the automotive industry by storm with the official launch of its new brand, Nammi. Unveiled during a captivating event in Chengdu, Sichuan province, Dongfeng’s Nammi emerges as China’s pioneering car brand singularly dedicated to the realm of compact electric vehicles. Harnessing the power of direct user engagement, Dongfeng places individuality at the core of Nammi’s ethos, with the letter “M” symbolizing the brand’s strong emphasis on the user, succinctly defined as “Me.” The essence of user participation extends further, with the brand’s…

In a strategic move, Xiaomi’s electric vehicle (EV) division has restructured its power battery suppliers, selecting CALB as the tier-1 supplier and CATL as the tier-2 supplier, according to insider sources cited by Jiemian, a prominent local media outlet. This decision marks a significant shift from the previous arrangement, where CATL held the tier-1 position. The adjustment comes after a patent dispute between the two battery manufacturers, culminating in Chinese intellectual property authorities invalidating two of CATL’s patents, effectively enabling CALB to reenter the competition. Xiaomi had originally secured battery packs from CATL at a starting cost of RMB 80,000…

In a strategic move that reflects the burgeoning electric vehicle (EV) market, Zeekr has set its sights on a substantial sales increase by 2025, seeking to achieve nearly tenfold growth compared to its 2022 figures. The prominent automaker, a subsidiary of Geely, has unveiled plans to introduce a range of mass-market-oriented models over the next two years. With aspirations of reaching an annual sales target of 650,000 units by 2025, Zeekr’s CEO, Andy An, conveyed this ambition in an official statement following Geely’s recent announcement of its first-half financial results. Meanwhile, Geely has maintained its 2023 sales projection at 1.65…

In a recent announcement, renowned tech company Huawei and electric car manufacturer Chery have revealed their joint venture in the form of a sophisticated electric sedan, officially named the Luxeed S7. This unveiling comes after a tantalizing glimpse provided by Huawei a few days ago, accompanied by news that the vehicle is set to make its market debut in the near future. The Luxeed S7 emerges as a striking coupe-like sedan that blends innovation and style in a co-production effort between the two companies. The Luxeed S7, set to be unveiled this quarter, embodies the outcome of the collaboration between…

In the second quarter of 2023, Chinese electric car manufacturer Xpeng reported an upturn in sales compared to the preceding quarter, although accompanied by increased losses. The company’s focus is now on a projected rebound in the current quarter, with Xpeng forecasting a substantial surge in deliveries and sales. Xpeng’s sales for the period spanning April to June reached 5.06 billion yuan (approximately 636 million euros), marking a 25.5 percent increase from the first quarter of 2023. However, this figure also represents a 31.9 percent decline compared to the same interval in 2022. This shift in performance can be traced…

China Evergrande Group’s subsidiary, China Evergrande New Energy Vehicle Group (NEV), has announced plans to issue new shares. This move is part of the broader restructuring strategy aimed at reducing loan burdens and bolstering liquidity. Under the terms of the plan, NEV is set to release an aggregate of 5.44 billion new shares at a price of HK$3.84 per share, totaling HK$20.89 billion (approximately $2.67 billion). The primary purpose of this share issuance is to retire outstanding loans owed by NEV, including those associated with China Evergrande and its founder, Hui Ka Yan, as well as his affiliated entity Xin…