Motors Tracker

Guangzhou Xiaopeng Motors Technology finished its nearly USD500 million C+ round financing, the Chinese electric carmaker said today. The major investors are Aspex Management HK, Coatue Management, Hillhouse Capital Group and Sequoia Capital China. Xiaopeng provided no further details. Founded in 2014, the company produces internet-enabled e-cars for young consumers.   It has secured the production license for its self-built fully-owned factory in Zhaoqing, Guangdong Province in May 2020. The Company announced its Series C funding round of US$400 million in November 2019.     

SAIC Motor said today that  it will not be buying a controlling stake in China Auto Rental due to newly emerged circumstances. “ What we focus is not only acquiring the firm but also its operations after the acquisition is completed. We terminated the transaction in time to protect our shareholder ’ s interest， ”  said Chen Hong, chairman of SAIC Motor in a shareholder ’ s meeting today.  A few hours later, the parent firm of China Auto Rental said it is to sell no more than 443 million shares worth HKD1.37 billion to a unit of BAIC. The Beijing-based car-maker is expected to hold 20.87 percent of the car rental firm after the acquisition is completed. For automakers, having a ride-hailing or rental platform on the side is becoming an important driver of sales,  said  Zeng Zhiling, general manager of LMC Automotive Consulting . China Car Rental ’ s revenue was CNY1.325 million in the first quarter, a decrease of 28.3 percent, and its net losses amounted to CNY18...

China Baowu Steel Group and SAIC Motor penned a comprehensive cooperation framework agreement yesterday to broaden their cooperation in comprehensive solutions for automotive materials, hydrogen energy utilization and industrial finance, SAIC announced on its WeChat account yesterday. The two Shanghai-based companies will jointly build a national-level hydrogen energy industry demonstration zone and 10 to 20 hydrogen stations in the enclave by 2025, per the agreement. Baowu will bring to bear its hydrogen energy industry chain advantages and provide guarantees and services for SAIC’s hydrogen consumption divisions, including research and development of fuel cell stacks, systems and car rentals. It will also provide SAIC with or coordinate specific scenarios for fuel cell vehicle pilots and supply supporting facilities that include the hydrogen energy re-filling facilities required for vehicle operation. SAIC will take charge of the R&D of fuel cell vehicles and mass production plan...

China's self-driving car startup TuSimple and US truck manufacturer Navistar International will cooperate to jointly develop Level 4 autonomous trucks and achieve mass production by 2024, TuSimple said in a statement on its website yesterday. San Diego-based TuSimple has maintained technical cooperation with Illinois-headquartered Navistar for more than two years since it secured investment from it in 2017, according to corporate information platform Tianyancha. Their partnership is the most in-depth between start-up driverless companies and original equipment manufacturers, and also the only one on L4 driverless trucks. “Navistar’s strategic partnership with TuSimple positions us to be a leader in developing solutions for our customers by leveraging our organizations’ collective expertise to integrate our vehicle design and systems integration capabilities with TuSimple’s innovative autonomous technology,” Persio Lisboa,Navistar's chief executive, said in a press release annou...

China is organizing a campaign to bring more new energy vehicles to the countryside, and car-makers including BYD, the Great Wall, Changan and Chery are expected to participate.  Promotional events will last about one month from August to late September in Qingdao, Haikou, Kuming, Chengdu and Taiyuan, said the the Ministry of Industry and Information Technology, the Ministry of Agriculture and Rural Affairs and the Ministry of Commerce in a notice issued today.  Car models to be included in this campaign  are as follows:  EC3, Beijing EV, EC3 CNY73,800 - 79,800 ORA R1 and ORA IQ, Great Wall, ORA R1 CNY69,800 - 79,800 ORA iQ CNY114,800 - 124,800 Baojun E100, Baojun E200, Hongguang MIMI EV, SAIC-GM-Wuling Motor Baojun E100 CNY49,800 - 59,800  Baojun E200 CNY54,800 - 64,800 Benben E-star, Changan EV Benben E-star CNY69,800 - 74,800 Chery EQ1, Chery EV Chery EQ1 CNY 59,800 - 78,800 iEV6E, JAC Motors IEV6E CNY59,500 - 75,500 Yuan, E1, E2, E3, BYD Yuan CNY59,900 - 78,...

J&R Optimum Energy’s will supply power batteries for an electric version of the resurrected Hummer, a brand of trucks and sport utility vehicles. The deal is expected to generate revenue of about CNY2.4 billion (USD343.4 million) for J&R Optimum, the Xi’an-based company said in a statement yesterday. Hummer, which gained global fame during the Gulf War and was later discontinued because of high fuel consumption, is likely to be revived as an electric vehicle in the Chinese market. J&R Optimum said yesterday that 200,000 are expected to be made over the next five years and it will provide the lithium batteries, with a minimum total capacity of 3 Gigawatt hours. J&R Optimum will partner with Hummer Chongqing New Energy Technology Development, which holds the brand’s license, to jointly develop the Hummer G1.5 and cooperate in the vehicle’s battery support, launch and operation and battery retrieval, the statement added, without providing further details. J&R Optimum’s...

Nio's stock price rose to a historic high after it said that Chinese tech giant Tencent Holdings, the new energy vehicle maker's second-biggest shareholder, has bought more shares. Nio's equity price [NYSE: NIO] reached an all-time high of USD16.44 intraday yesterday in New York, after which it closed 7.6 percent down at USD13.84, with a market cap of USD15.4 billion. This year, the shares have nearly quadrupled in price. Tencent had a 16.3 percent stake in Nio as of July 8, according to the Shanghai-based car company's filing with the US Securities and Exchange Commission yesterday. The Shenzhen-based internet firm has been increasing its holdings lately. Nio issued 60 million American Depositary Shares on June 9 at a price of USD5.97 and Tencent bought 1.7 million of them, spending USD10 million. It had a 15.1 percent stake after that.