Motors Tracker

The struggle for control of Jiangsu Saleen Automotive Technology had escalated, putting the joint venture in which CNY10 billion (USD1.4 billion) has been invested at risk of becoming yet another failed Chinese electric carmaker, The Paper reported. Chairman Wang Xiaoling has filed an arbitration in Hong Kong over the breach of a joint venture agreement by an investment firm under the government of Rugao in China’s Jiangsu province, the report said yesterday. In a statement, Wang said Nantong Jiahe Technology Investment Development, which owns about 34 percent of Saleen, has refused to communicate with four overseas-funded firms controlled by him, which jointly own the remaining 66 percent, since May 29. That includes refusal to attend the Saleen’s shareholder meeting. According to a resolution adopted by the company at an extraordinary shareholders’ meeting on July 4, Nantong Jiahe was required to pay off the CNY300 million (USD42.8 million) it owes to the company within five working ...

Meituan Dianping-backed Li Auto is looking to raise USD100 million in its upcoming initial public offering on the Nasdaq as the second Chinese new energy vehicle maker to ever go public in the States after Nio whose stock price has been surging this month. Li Auto, which has already delivered more than 10,000 Li One vehicles, submitted its prospectus with the Securities and Exchanges Commission on July 10. But it didn't disclose its scale of issuance nor pricing details. Founded in April 2015, the Beijing-based firm launched its first model, a six-seater sport utility vehicle, last November. In the past two years, China's auto sales downturn and reduced subsidies have caused competition among manufacturers to further intensify. But some of the popular US-listed sellers, such as Tesla and Nio, have seen their stock prices surge in the past few months. Nio, which went public in September 2018, has had its shares [NYSE: NIO] nearly double in price this month. At this point, Li Aut...

New energy vehicle startup Byton has halted production in China from today. All staff, except for those in key posts, have downed tools. Nanjing-based Byton expects to stop production for six months, it announced yesterday. During this shutdown, all furloughed workers will get their July salaries, and will be paid from August, but without bonuses, allowances or benefits, The Paper reported, citing the announcement. "The new coronavirus pandemic has brought great challenges to Byton's financing, production and operations. After careful consideration and joint consultation between shareholders and management, the company has decided to institute a plan to reduce labor costs and promote the company's strategic reorganization from July 1. The move is fully supported by core shareholders," Byton told Yicai Global. "The Covid-19 pandemic has had a huge impact on the economy. No industry or enterprise can survive alone, and Byton is therefore facing huge challenges,...