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Geely’s EV unit Zeekr raises US$441 million at top end of New York IPO price range in biggest Chinese stock offering since 2021
Carmaker raised its IPO size by 20 per cent to accommodate demand from investors, sources said Zeekr’s IPO is the largest by a Chinese company in the US since Full Truck Alliance raised US$1.6 billion in June 2021 Zeekr Intelligent Technology, the premium electric-vehicle (EV) unit cont...Read more -
China EV price war to worsen as market share takes priority over profit, hastening demise of smaller players
The three-month discount war has seen prices of 50 models across a range of brands dropping by an average of 10 per cent Goldman Sachs said in a report last week that the automotive industry’s profitability could turn negative this year A bruising price war in China’s automotive sector is set to...Read more -
New-energy vehicles to make up 50% of China’s new cars sales by 2030, Moody’s forecasts
NEV adoption rate reached 31.6 per cent in 2023, versus 1.3 per cent in 2015 as subsidies for buyers and incentives for makers underpinned surge Beijing’s target of 20 per cent by 2025, under its long-term development plan in 2020, was surpassed last year New-energy vehicles (NEVs) will make up ...Read more -
Premium Chinese EV maker Xpeng eyes slice of mass-market segment
with launch of cheaper models to take on bigger rival BYD Xpeng will launch a compact EVs priced ‘between 100,000 yuan and 150,000 yuan’ for the China and global markets, co-founder and CEO He Xiaopeng said Premium EV makers are looking to grab a slice of the pie from BYD, Shanghai analyst says ...Read more -
China’s BYD to spend US$55 million on buy-back of Shenzhen-listed shares as world’s largest EV maker eyes higher market value
BYD will tap its own cash reserves to repurchase at least 1.48 million yuan-denominated A shares The Shenzhen-based company intends to spend no more than US$34.51 per share under its buy-back plan BYD, the world’s largest electric vehicle (EV) maker, plans to buy back 400 million yuan (US$55.56 ...Read more -
Chinese EV maker Nio deal to license technology to Middle East start-up Forseven, unit of Abu Dhabi’s CYVN Holdings
Deal allows Forseven, a unit of Abu Dhabi government fund CYVN Holdings, to use Nio’s know-how and technology for EV R&D, manufacturing, distribution Deal highlights increasing influence Chinese companies have on the development of the global EV industry, analyst says Chinese electric-car bu...Read more -
China EVs: Li Auto rewards hard-working employees with fat bonuses for surpassing 2023 sales target
The carmaker plans to give its 20,000 employees annual bonuses of up to eight months’ pay for exceeding the 300,000-unit sales target, according to a media report Co-founder and CEO Li Xiang has set a goal of delivering 800,000 units this year, an increase of 167 per cent compared with last year’...Read more -
Chinese EV builders Li Auto, Xpeng and Nio get 2024 off to a slow start, with sharp drop in January sales
• The month-on-month fall in deliveries appears to be bigger than expected, Shanghai dealer says • We will challenge ourselves with a target of 800,000 annual deliveries in 2024: Li Auto co-founder and CEO Li Xiang Mainland Chinese electric-vehicle (EV) builders’ 2024 has got off to a bumpy star...Read more -
VW and GM lose ground to Chinese EV makers as petrol-heavy line-ups fall out of favour in world’s largest car market
VW’s sales in mainland China and Hong Kong rose 1.2 per cent year on year in a market that grew 5.6 per cent overall GM China’s 2022 deliveries fell 8.7 per cent to 2.1 million, the first time since 2009 its mainland China sales fell below its US deliveries Volkswagen (VW) and General Motors (GM...Read more -
China EVs: CATL, world’s top battery maker, plans first plant in Beijing to supply Li Auto and Xiaomi
CATL, which had a 37.4 per cent share of the global battery market last year, will start construction on the Beijing plant this year, city’s economic planner says Ningde-based firm plans to deliver its Shenxing battery, which can offer 400km of driving range with just 10 minutes of charging, befo...Read more -
Chinese EV maker Geely introduces first pure electric Galaxy model, to woo mainstream buyers from BYD, foreign brands
The Galaxy E8 sells for almost about US$25,000, nearly US$5,000 less than BYD’s Han model Geely plans to offer seven models under the affordable Galaxy brand by 2025, while its Zeekr brand targets more affluent buyers Geely Automobile Group, one of China’s largest private carmakers, has launche...Read more -
China’s EV war: only the strongest will survive as BYD, Xpeng’s dominance knock out 15 pretenders amid supply glut
Total Capital raised has exceeded 100 billion yuan, and the national sales target of 6 million units set for 2025 has already been exceeded At least 15 once-promising EV start-ups with a combined annual production capacity of 10 million units have either collapsed or been driven to the verge of i...Read more
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