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Monthly Archive: March 2023
Financially troubled Enovate reportedly close to getting life-saving money
Enovate has already owed its employees two months of salary arrears and its factory in Changsha, Hunan province, has shut down production this year, according to local media.
(Image from Enovate's Weibo)
Enovate Motors, the Chinese new energy vehicle (NEV) startup that announced late last year that it would build a production base in Saudi Arabia, is actually facing financial woes in its home market. However, the good news is that it is about to receive life-saving money.
Enovate is set to close a new round of funding in the near future, amounting to RMB 750 million yuan ($108 million), a report in local media Auto Time today said, citing multiple sources.
The money will arrive no later than March 24, one of the people familiar with the matter said. Another source with access to the financing said that it is indeed happening and that specific plans are being negotiated.
Enovate was formerly known as Zhejiang Dianka Automobile, which was founded in 2015 and produces mini electric vehicles (EVs). The Enovate brand was officially launched in November 2018.
In September 2020, the company's first model, the all-electric SUV Enovate ME7, was launched.
Enovate made its second model, the SUV Enovate ME5 with extended-range technology, available in China on July 13, 2021.
Enovate has closed eight financing rounds totaling more than RMB 11.5 billion, with the company's most recent financing round on October 13, 2020 for more than RMB 5 billion, Auto Time's report noted.
So far this year, Enovate has owed its employees two months of salary arrears, and its factory in Changsha, Hunan province, has shut down production this year, according to the report.
In addition to the Changsha manufacturing base, Enovate is also building factories in Shaoxing, Zhejiang and Nanning, Guangxi, with a planned total capacity of 220,000 units for the three production bases.
The money Enovate is about to receive will first be used for employee payroll and to push the plants back into production, the report said, citing an internal employee.
The company's performance in China has been weak over the past two years, with sales of just 1,778 units in 2021 and 5,321 units in 2022.
Enovate has begun targeting overseas markets as competition in its home market grows fiercer.
Enovate signed a contract with Sumou Holding in Saudi Arabia on December 7 to jointly build a NEV production plant here, as CnEVPost previously reported.
The two companies will form a joint venture that will make two phases of spending totaling about $500 million in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs.
The facility, when completed, will be the first Chinese-branded NEV production base in Saudi Arabia, Enovate said at the time.
Enovate is another carmaker besides WM Motor that has run into financial difficulties.
WM Motor has been in serious financial trouble, leading to disruptions in its operations over the past few months. On March 7, the company announced that it was addressing its challenges and was working hard to resume production.
WM Motor also has plans to enter Saudi Arabia, with an insider saying the company is planning a joint venture to set up a plant in the Middle East, according to an Auto Time report today.
The EV maker is currently in talks with the Saudi government and local wealth funds, and the exact timing of the plan is unknown, according to the report.
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Financially troubled Enovate reportedly close to getting life-saving money
Enovate has already owed its employees two months of salary arrears and its factory in Changsha, Hunan province, has shut down production this year, according to local media.
(Image from Enovate's Weibo)
Enovate Motors, the Chinese new energy vehicle (NEV) startup that announced late last year that it would build a production base in Saudi Arabia, is actually facing financial woes in its home market. However, the good news is that it is about to receive life-saving money.
Enovate is set to close a new round of funding in the near future, amounting to RMB 750 million yuan ($108 million), a report in local media Auto Time today said, citing multiple sources.
The money will arrive no later than March 24, one of the people familiar with the matter said. Another source with access to the financing said that it is indeed happening and that specific plans are being negotiated.
Enovate was formerly known as Zhejiang Dianka Automobile, which was founded in 2015 and produces mini electric vehicles (EVs). The Enovate brand was officially launched in November 2018.
In September 2020, the company's first model, the all-electric SUV Enovate ME7, was launched.
Enovate made its second model, the SUV Enovate ME5 with extended-range technology, available in China on July 13, 2021.
Enovate has closed eight financing rounds totaling more than RMB 11.5 billion, with the company's most recent financing round on October 13, 2020 for more than RMB 5 billion, Auto Time's report noted.
So far this year, Enovate has owed its employees two months of salary arrears, and its factory in Changsha, Hunan province, has shut down production this year, according to the report.
In addition to the Changsha manufacturing base, Enovate is also building factories in Shaoxing, Zhejiang and Nanning, Guangxi, with a planned total capacity of 220,000 units for the three production bases.
The money Enovate is about to receive will first be used for employee payroll and to push the plants back into production, the report said, citing an internal employee.
The company's performance in China has been weak over the past two years, with sales of just 1,778 units in 2021 and 5,321 units in 2022.
Enovate has begun targeting overseas markets as competition in its home market grows fiercer.
Enovate signed a contract with Sumou Holding in Saudi Arabia on December 7 to jointly build a NEV production plant here, as CnEVPost previously reported.
The two companies will form a joint venture that will make two phases of spending totaling about $500 million in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs.
The facility, when completed, will be the first Chinese-branded NEV production base in Saudi Arabia, Enovate said at the time.
Enovate is another carmaker besides WM Motor that has run into financial difficulties.
WM Motor has been in serious financial trouble, leading to disruptions in its operations over the past few months. On March 7, the company announced that it was addressing its challenges and was working hard to resume production.
WM Motor also has plans to enter Saudi Arabia, with an insider saying the company is planning a joint venture to set up a plant in the Middle East, according to an Auto Time report today.
The EV maker is currently in talks with the Saudi government and local wealth funds, and the exact timing of the plan is unknown, according to the report.
The post Financially troubled Enovate reportedly close to getting life-saving money appeared first on CnEVPost.
For more articles, please visit CnEVPost.
Aptera Extends Its Accelerator Program, Needs More Money To Start Production
The Californian solar EV startup received a $21 million grant, but it’s not enough.
Li Auto’s Beijing plant expected to see 1st vehicle roll off line by Sept
Li Auto's first all-electric model will go into production at its Beijing plant, with an annual capacity of 100,000 all-electric vehicles in the first phase.
Li Auto US | Li Auto HK
(A rendering of Li Auto's factory posted on Weibo by Beijing Shunyi district authorities.)
Li Auto's (NASDAQ: LI) plant in Beijing, where it is headquartered, is expected to be operational by September to produce its first all-electric model.
Li Auto's manufacturing site in Beijing -- built on the site of the original Hyundai No. 1 plant -- is expected to see its first vehicle roll off the line by September of this year, according to an article published yesterday by a WeChat account owned by local media outlet Beijing Daily.
The article said Beijing officials toured the factories of automakers including BAIC and Li Auto in the city's Shunyi district on March 14.
Yin Li, party chief of Beijing, checked out the construction of Li Auto's Beijing plant and the current operation of its pilot production center, according to the report.
He asked Beijing government authorities to support Li Auto's development in the city by providing smooth services and helping the company resolve difficulties.
Yi said he hoped Li Auto would stay rooted in Beijing and accelerate the start-up of projects under construction, according to the report.
Li Auto's current vehicles -- the Li L7, Li L8 and Li L9 -- are all extended-range electric vehicles (EREVs), all produced at its plant in Changzhou, Jiangsu province, in eastern China.
On October 16, 2021, an announcement from Beijing's Shunyi District government said that Li Auto had officially started construction of its manufacturing site in the district, with production scheduled to begin by the end of 2023.
Upon reaching production, the plant will achieve an annual capacity of 100,000 units of pure-play electric vehicles, the announcement said.
The plant was originally Hyundai's No. 1 factory, but production had been halted since April 2019.
A Beijing Daily report at the time cited officials from the Beijing Municipal Development and Reform Commission as saying that Li Auto had utilized 60 percent of the plant's original resources, maximizing the existing stock of plant resources.
On March 14, the Shunyi district government said in a post on its official Weibo account that Li Auto's factory in Beijing would be reviewed for production qualifications in the near future.
Li Auto's first all-electric model will go into production at the plant, with an annual capacity of 100,000 all-electric vehicles in the first phase, according to the post.
Li Auto's official Weibo account, which reposted the post, added that the second phase of the Li Auto industrial park, its R&D office center here, is also under construction.
The company's first all-electric model is expected to be an MPV.
In terms of product form, an SUV with extended-range technology would be a more appropriate choice. Li Auto's future pure electric models will bring a product completely different from any form currently on the market and will not have an impact on existing products, Li Xiang, founder, chairman and CEO of Li Auto, said on Weibo in June last year.
In July last year, a model suspected to be Li Auto's MPV was seen appearing in front of Li Auto's Beijing R&D headquarters.
The post Li Auto's Beijing plant expected to see 1st vehicle roll off line by Sept appeared first on CnEVPost.
For more articles, please visit CnEVPost.
HiPhi Y SUV with 810 km of range confirmed. New spy shots
The HiPhi Y exposed with a massive 115-kWh battery and up to 810 km of pure-electric range. It is ready to rival Nio, XPeng and others.
The post HiPhi Y SUV with 810 km of range confirmed. New spy shots appeared first on CarNewsChina.com.
Tesla Should Prioritize CCS Network Gaps With Magic Dock
A few weeks ago, I ran across a significant logistical challenge when planning a trip. I wanted to take my Bolt EUV (with only 200–250 miles of range) to Moab, and probably with a small trailer full of camping gear or an RV. Neither of those trailers ended up getting bought (more on that in […]
LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO
HesaiHesai began trading on the Nasdaq on February 9 and has accumulated a decline of about 36 percent since then.
Chinese LiDAR maker Hesai Group (NASDAQ: HSAI) saw record revenue in the fourth quarter, though gross margin fell further.
Hesai reported revenue of RMB 409.2 million ($59.3 million) in the fourth quarter, up 56.6 percent year-on-year, according to its unaudited earnings report released after the US stock market closed on March 15, the company's first since listing on the Nasdaq.
The company shipped 47,515 total LiDAR units in the fourth quarter, up 739.2 percent from 5,662 units in the same period in 2021.
It shipped 43,351 ADAS LiDAR units in the fourth quarter, compared to 87 units in the same period in 2021.
Hesai's gross margin was 30 percent in the fourth quarter, down from 52.4 percent in the same period in 2021 and down from 37 percent in the third quarter.
The decline in gross margin was primarily due to increased shipments of low-margin ADAS LiDAR products in the early ramp-up phase and lower capacity utilization at the in-house plant, the company said.
Hesai reported a net loss of RMB 135.3 million for the fourth quarter, compared with RMB 70 million for the same period in 2021.
Excluding stock-based compensation expense, it reported an adjusted non-GAAP net loss of RMB 110.2 million in the fourth quarter, compared with RMB 39.3 million in the same period in 2021.
The company reported both basic and diluted net loss per common share of RMB 1.18 for the fourth quarter. Excluding stock-based compensation expense and deemed dividends, adjusted non-GAAP basic and diluted net loss per common share for the fourth quarter were both RMB 0.96.
It reported R&D expenses of RMB 178.8 million in the fourth quarter, an increase of 13.3 percent from RMB 157.8 million in the same period of 2021, primarily due to higher payroll expenses resulting from an increase in R&D staff.
Hesai's sales and marketing expenses for the fourth quarter were RMB 41.4 million, an increase of 95.2 percent year-on-year.
It had general and administrative expenses of RMB 47.6 million in the fourth quarter, a decrease of 7.6 percent year-on-year, primarily due to a decrease in stock-based compensation expenses.
Hesai's cash and cash equivalents and short-term investments were RMB 1.86 billion as of December 31, 2022, compared to RMB 2.79 billion as of December 31, 2021 and RMB 2.07 billion as of September 30, 2022.
For the full year 2022, Hesai's revenue was RMB1,202.7 million, an increase of 66.9 percent year-on-year.
The company shipped 80,462 LiDAR units in full-year 2022, an increase of 467.5 percent year-on-year.
The company's gross margin for the full year 2022 was 39.2 percent, down from 53 percent in the prior year.
For the first quarter of 2023, Hesai expects net revenues to be in the range of RMB 390 million to RMB 410 million, or about 57.0 percent to 65.0 percent year-on-year growth.
Hesai began trading on the Nasdaq on February 9 under the ticker HSAI and has continued to fall since then.
The company closed down 12.36 percent yesterday, bringing its cumulative decline since the IPO to about 36 percent.
Hesai was up 3.02 percent in after-hours trading Wednesday following the earnings report.
Hesai debuts on Nasdaq, becoming 1st Chinese LiDAR maker to go public in US
The post LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO appeared first on CnEVPost.
For more articles, please visit CnEVPost.
Zeekr X exposed with a 66-kWh battery and 560 km of range. New photos leaked
The Zeekr X's battery details and range were exposed in China. It will be able to run up to 560 km on a single charge.
The post Zeekr X exposed with a 66-kWh battery and 560 km of range. New photos leaked appeared first on CarNewsChina.com.
New batch of 867 new Tesla Model S and Model X imported to China
Six imported units of the new Tesla Model S and Model X arrived at Yangshan Port in Shanghai on February 28.
Tesla is sending more of the new Model S and Model X to China, as deliveries of the two more expensive models here get closer.
The latest shipment of 867 new Tesla Model S and Model X electric vehicles (EVs) arrived in Tianjin recently, according to a Weibo post by the Tianjin Port Group yesterday.
The vehicles came from San Francisco and arrived at the Tianjin Global Ro-Ro terminal on the ro-ro vessel Asia Beauty, according to the Weibo post.
The Weibo said these are the first imports of the new Tesla Model S and Model X into China, but it's worth noting that several of these Tesla models were already imported into China late last month.
On February 28, six imported Tesla pure electric vehicles, drove out of the containers at the Nangang terminal in Shanghai Yangshan Port to be inspected on site by customs officers, according to a previous report by Shanghai Securities News.
This is the first batch of the new Tesla Model S Plaid vehicles imported into China by sea since they were launched, according to the report by Shanghai Securities News.
Tesla unveiled the Model S Plaid in the US in September 2020 with three motors that can accelerate from zero to 60 miles per hour in 1.99 seconds. The company's CEO Elon Musk called it the fastest production car ever built.
In early June 2021, Tesla began deliveries of the model in the US and eliminated the more capable Plaid + model.
Musk said in late 2021 that the Model S Plaid could come to China around March 2022. However, that didn't become a reality.
On January 6, Tesla announced the prices of the new Model S and Model X in China, which are not produced locally, while significantly lowering the prices of the Model 3 and Model Y produced in China.
The Model S is available in China in two versions, a regular version with dual motors and all-wheel drive, and a Plaid version with tri motors and all-wheel drive, starting at RMB 789,900 ($114,620) and RMB 1,009,900 respectively.
The Model X is also available in China in two versions, the regular version with two-motor all-wheel drive and the Plaid version with tri-motor all-wheel drive, starting at RMB 879,900 and RMB 1,039,900, respectively.
Currently, the official website of Tesla China shows the expected delivery date for all versions of Model S and Model X in China in the second quarter.
Tesla has a factory in Shanghai that produces the Model 3 and Model Y. It sold 74,402 China-made vehicles in February, including 40,479 vehicles exported and 33,923 vehicles delivered in China, according to the China Passenger Car Association (CPCA).
Tesla's deliveries in China in February included 25,526 Model Ys and 8,397 Model 3s, according to the CPCA.
($1 = RMB 6.8915)
The post New batch of 867 new Tesla Model S and Model X imported to China appeared first on CnEVPost.
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