The Denza N7 pure electric SUV may be officially released at the end of June and will be delivered in July.
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Category: China
BREAKING: NIO secures $1.1 billion investment from Abu Dhabi fund
This article is being updated, please refresh later for more content.
(Image credit: CnEVPost)
NIO (NYSE: NIO) has received more than $1 billion in investment from an Abu Dhabi sovereign fund to strengthen its balance sheet and support business growth.
On June 20, NIO signed a share subscription agreement with Abu Dhabi investment house CYVN Holdings, which will invest a total of about $1.1 billion in the Chinese electric vehicle company through an additional new share issue and transfer of old shares, according to a statement.
CYVN Holdings is an Abu Dhabi government majority-owned investment vehicle focused on strategic investment in the advanced, smart mobility sector and is committed to partnering with global industry leaders in this area.
The investor will subscribe for a total of $738.5 million in cash for 84,695,543 shares of NIO's newly issued Class A ordinary shares at a purchase price of $8.72 per share.
The transaction price is the volume-weighted average price of NIO's Class A ordinary shares on the New York Stock Exchange over the seven consecutive trading days immediately preceding June 19.
The transaction is subject to customary closing conditions and is expected to close in early July.
CYVN Holdings has agreed not to sell, transfer or dispose of any shares acquired in the investment transaction for six months after closing, according to a statement from NIO.
In addition, CYVN Holdings has entered into a share purchase agreement with an affiliate of Tencent, an existing shareholder of NIO, to purchase 40,137,614 shares of NIO's Class A ordinary shares.
Upon completion of the investment transaction and the secondary share transfer, CYVN Holdings will own about 7.0 percent of the total issued and outstanding shares of NIO.
Following the closing of the investment transaction, CYVN Holdings will have the right to nominate a director to the board of directors of NIO so long as it continues to beneficially own no less than 5 percent of the company's outstanding share capital.
Below is NIO's press release, as the CnEVPost article is being updated.
NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the premium smart electric vehicle market, today announced that it has entered into a share subscription agreement with CYVN Holdings L.L.C., an investment vehicle majority owned by the Abu Dhabi Government strategically focused on advanced and smart mobility (the “Investor” or “CYVN Holdings”), pursuant to which the Investor will invest an aggregate of US$738.5 million in cash to subscribe 84,695,543 newly issued Class A ordinary shares of the Company at a per share purchase price of US$8.72, being the volume weighted average price of Class A ordinary shares (as adjusted for the American depository share-to-Class A ordinary share ratio) on the New York Stock Exchange over the seven consecutive trading days immediately preceding June 19, 2023 (the “Investment Transaction”).
The Investment Transaction is subject to customary closing conditions and the closing is expected to take place in early July 2023.
The share issuance is conducted as a private placement in reliance on Regulation S under the Securities Act of 1933, as amended, (the “Securities Act”) to be exempt from registration. The Investor has agreed not to sell, transfer or dispose of any shares acquired in the Investment Transaction for six months after the closing.
Concurrently, the Company is aware that the Investor has entered into a share purchase agreement with an affiliate of Tencent (the “Existing Shareholder”) pursuant to which the Investor will purchase 40,137,614 Class A ordinary shares of the Company beneficially owned by the Existing Shareholder (the “Secondary Share Transfer”).
Upon the closing of the Investment Transaction and Secondary Share Transfer, the Investor will beneficially own approximately 7.0% of the Company's total issued and outstanding shares.
Upon or after closing of the Investment Transaction, the Investor will be entitled to nominate one director to the Company's board of directors so long as it continues to beneficially own no less than 5% of the Company's outstanding share capital. Such appointment will be subject to the requirements of applicable laws, regulations, listing rules and the Company's articles of association.
In addition, NIO and the Investor agreed to cooperate to jointly pursue opportunities in NIO's international business following the closing of the Investment Transaction.
“The strategic investments from CYVN Holdings demonstrate NIO's unique values in the smart electric vehicle industry. The Investment Transaction will further strengthen our balance sheet to power our continuous endeavors in accelerating business growth, driving technological innovations and building long-term competitiveness,” said William Bin Li, founder, chairman and chief executive officer of NIO.
“In addition, we are excited about the prospect of partnering with CYVN Holdings to expand our international business. With the vision of Blue Sky Coming, we will continue to strive for technological breakthroughs and user experiences beyond expectations, contributing to a more sustainable future for the globe.”
“Our strategic investments in NIO are driven by our appreciation of its leading brand, innovative and premium products, and proven technological capabilities in the smart electric vehicle market,” said Jassem Al Zaabi, Chairman and Managing Director of CYVN Holdings.
“We are excited to develop strategic partnerships with NIO, and are fully committed to providing strategic value that will support NIO's international business growth. We will join hands with NIO to drive the global energy transition and sustainable growth for the whole humanity.”
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Leapmotor partners with ZF to develop smart chassis
Leapmotor will enter the European market, and ZF will use its branding in Europe to help the NEV maker.
(Image credit: Leapmotor)
Leapmotor recently signed a strategic partnership agreement with German technology giant ZF Group to work together on a smart chassis for passenger cars, the Chinese new energy vehicle (NEV) maker said today.
The two will jointly develop smart chassis products to provide consumers with a more personalized, intelligent and comfortable and safe driving experience, a Leapmotor press release said.
ZF is continuing to strengthen its localization strategy and will work with more partners to drive the development of EVs in China toward the next generation of mobility, the German company said.
Leapmotor will also enter the European market in the future, and ZF will use its branding in the European market to help the NEV maker's overseas expansion, according to the release.
The press release does not provide anything more on Leapmotor's entry into the European market, and this is the first time we've seen the NEV maker mention the plan.
Leapmotor has been seen as a budget EV maker since its inception, with sales previously contributed mainly by the inexpensive EV T03, which currently has a starting price range of RMB 59,900 to RMB 89,900.
The C11, which went on sale on September 29, 2021, and the C01, which went on sale on September 28, 2022, are Leapmotor's flagship models, targeting the RMB 150,000 to RMB 300,000 range.
The company delivered 12,058 vehicles in May, up 19.75 percent from 10,069 in the same month last year and up 38.18 percent from 8,726 in April.
Leapmotor's local counterpart, Neta, another budget EV maker, has been aggressively entering international markets for the past two years.
A total of 4,000 Neta EVs were shipped abroad, the latest new batch after 3,600 units were sent to overseas markets in March, Neta announced on June 6.
Thailand is Neta's home base for expanding into the ASEAN market, and the company is also actively preparing to enter the European market, Neta said.
Neta will participate in the Munich Motor Show in Germany later this year, and the Neta GT sports car will be available in overseas markets in the not-too-distant future, it said.
Back at ZF, the German tech giant has been in the Chinese market since 1981 and has set up nearly 50 manufacturing companies, four R&D centers, nearly 240 after-sales service outlets in more than 20 cities and employs about 20,000 people in China.
On October 11, 2022, NIO and ZF signed a strategic cooperation agreement in Munich to cooperate in areas including steer-by-wire (SBW) products.
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XPeng signs partnership deal with home appliance giant Midea’s auto parts unit
Midea's automotive parts division, Welling, will provide thermal management products, including electric compressors, for the entire XPeng model line.
(Image credit: Midea)
XPeng (NYSE: XPEV) today signed a strategic partnership agreement with Welling, the automotive parts division of Chinese home appliance giant Midea Group, to collaborate on thermal management products.
Welling will provide thermal management products, including electric compressors, for the entire XPeng model line, according to a Midea press release.
Electric compressors improve energy efficiency through cooling, heating and internal heat transfer, and play a critical role in battery life, charging speed and range, according to the release.
Welling's products cover a wide range of areas including electric compressors, integrated modules for thermal management, drive motors, EPS steering motors, and electronic water pumps and is committed to providing core components and system solutions for green mobility, according to the release.
Midea is one of the largest home appliance manufacturers in China and has been involved in the vehicle components field for 20 years.
Midea entered the commercial vehicle sector in 2003 and has since acquired several bus companies and built production bases in Kunming and Changsha, with bus and specialized chassis manufacturing capabilities.
On May 18, 2021, Welling announced three product lines for its automotive components business, including drive systems, thermal management systems, and assisted driving systems.
"We want to be the fastest-responding supplier in the industry, keeping up with the speed of automakers," the group's vice president and president of Midea Industrial Technologies, Fu Yongjun, said at the time.
On February 16, 2022, Welling announced the start of construction of its new energy vehicle (NEV) parts production base in Anqing, Anhui province, with a total investment of about RMB 11 billion ($1.5 billion).
The project will be mainly used to produce products including power steering motors, electric compressors for NEVs and drive motors, and will be equipped with R&D centers for thermal management, main drive and assisted driving systems and national laboratories, Welling said at the time.
The project will have an annual production capacity of 60 million sets and an annual output value of RMB 40 billion after completion, according to the company.
The first phase of this Anqing NEV parts base was been put into operation in early 2023 and will be able to meet stable production and delivery demand, Midea said today.
XPeng has seen weak deliveries over the past year, as it switches its product array to new models.
The company delivered 7,506 vehicles in May, down 25.87 percent year-on-year but up 6.03 percent from April, the fourth month to see sequential growth.
XPeng began pre-sales of the new SUV G6 on June 9, and the model will be officially launched on June 29, with deliveries starting in July.
($1 = RMB 7.1767)
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Changan Qiyuan A07 EV spy shots exposed in China. To compete with ID.7 and Model 3
On June 20, spy shots of a new mid-size sedan Changan Qiyuan A07 were exposed. Changan is a state-owned automaker, and Qiyuan (启源) is their entry-level series focusing on EVs and EREVs. The A7 is Qiyuan’s first car and will be officially released in July. MIIT previously revealed the Qiyuan A07 during the homologation consulting, […]
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China NEV insurance registrations for week ending Jun 18: Tesla 14,500, Li Auto 7,800, NIO 2,000
Correction: Fixed the error in the last table.
NIO was 2,000 units last week. Its sales from June 1 to June 18 were 4,800 units.
In the week of June 12 to June 18, Li Auto sold 7,800 units, continuing to lead among China's new car makers, the company said today on Weibo.
As of June 18, Li Auto had sold 19,800 units this month, and the company will aim to achieve a monthly sales target of more than 30,000 this month, it said.
Li Auto didn't explain what that weekly sales tally was based on, but apparently they were insurance registrations. The company had suspended sharing those numbers in May, but has since resumed sharing them.
Li Auto delivered 28,277 vehicles in May, up 145.97 percent year-on-year and up 10.11 percent from April, the third consecutive month to exceed the 20,000-unit mark.
Li Auto's current least expensive model, the five-seat Li L7, achieved its second consecutive month of more than 10,000 deliveries in May, the company said on June 1.
On Li Auto's Family Tech Day event on June 17, the Li L7 sold more than 1,000 units in a single day for the first time, the company's founder, chairman and CEO Li Xiang said on June 18.
Tesla (NASDAQ: TSLA) sold 14,500 units in the week of June 12 to June 18, lower than the 16,400 units sold in the previous week, according to figures shared by Li Auto.
From June 1 to June 18, Tesla sold 40,600 units in China, the highest number of vehicles, including internal combustion engine vehicles, for premium brands.
NIO (NYSE: NIO) was 2,000 units last week, up from 1,500 units the week before.
Between June 1 and June 18, NIO sold 4,800 units.
NIO officially launched the new ES6 on May 24 and rolled out the ET5 Touring on June 15.
The company had produced some of the vehicles in the designer-recommended configuration combinations for quick delivery prior to the launch of both models.
Deliveries of the new ES6 began on the night of the May 24 launch, and deliveries of the ET5 Touring began on June 16.
XPeng (NYSE: XPEV) was at 1,600 units last week and 3,800 units from June 1 to June 18.
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Leapmotor sees cumulative deliveries reach 200,000 units
That means Leapmotor has delivered 7,038 vehicles so far this month. The company delivered 12,058 vehicles in May.
(Image credit: Leapmotor)
Leapmotor has reached 200,000 cumulative deliveries since its inception, the Zhejiang-based new energy vehicle (NEV) maker announced today.
The company delivered 12,058 vehicles in May, up 19.75 percent from 10,069 in the same month last year and up 38.18 percent from 8,726 in April, according to information it announced earlier this month.
By the end of May, Leapmotor had delivered 192,962 vehicles since its inception, data monitored by CnEVPost showed. Today's milestone means that Leapmotor has delivered 7,038 vehicles so far this month.
Founded in 2015, Leapmotor's models on sale include the mini vehicle T03, the coupe model S01, the flagship SUV model C11, and the flagship sedan C01.
The C11, which went on sale on September 29, 2021, and the C01, which went on sale on September 28, 2022, are Leapmotor's flagship models, targeting the RMB 150,000 ($20,900) to 300,000 range.
On March 1 this year, Leapmotor officially launched the C11 extended-range electric vehicle (EREV), banking on the model's targeting a larger market to turn around weak sales performance.
The company's previous sales were mainly contributed by the inexpensive electric vehicle T03, which has led Leapmotor to be seen as a budget EV maker. The model's current starting price range is RMB 59,900 to RMB 89,900.
Leapmotor's higher-priced C11 EREV is priced from RMB 149,800 to RMB 185,800. The C11's all-electric version starts at RMB 155,800 to RMB 219,800.
Its flagship sedan, the C01, has a price range of RMB 149,800 to RMB 228,800.
In late March, Leapmotor management said the company is targeting 200,000 units in 2023, nearly doubling its sales from 2022.
Leapmotor delivered 111,168 vehicles in 2022, up 157.80 percent from 43,121 units in 2021.
($1 = RMB 7.1760)
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Buick E4 pure electric SUV launched in China, with a range of 620km, starting at 26,400 USD
Buick E4 is the fourth EV launched by Buick in China. Currently, EVs account for only 1/15 of Buick's sales in China, while EVs account for nearly 30% of new cars in the Chinese market.
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Qiantu’s parent firm to establish joint venture in Jordan
The joint venture will bring Qiantu's K50, K20 and K25 to Jordan and serve the Middle East and North African markets, Qiantu said.
(Image credit: Qiantu)
Qiantu Motors, which is almost forgotten in China, seems to be continuing to push its presence in overseas markets.
Qiantu's parent company, CH-Auto Technology Co Ltd, recently signed a strategic partnership agreement with the Manaseer Group, Jordan's largest private company, to jointly establish a joint venture in Jordan, according to a press release yesterday.
Qiantu will work with Manaseer to expand into the Middle East and North Africa market, bringing exciting electric vehicle (EV) options to consumers in the region, the Chinese EV maker said.
Jordan has one of the most stable and reliable markets in the Middle East and ranks first in economic freedom in the region, according to the press release from Qiantu.
Manaseer was founded in 1999 and has 16 subsidiaries with businesses in construction, building materials, new energy, transportation, modern agriculture, minerals and other sectors, according to the release.
The joint venture will bring Qiantu's K50, K20 and K25 EVs to Jordan and serve the Middle East and North African markets, Qiantu said.
Founded in 2015, Qiantu was one of the first EV startups in China.
Qiantu's first model, the Qiantu K50, was launched in China in 2018, but the model did not win recognition for the company and was discontinued in November 2020.
On December 18, 2021, Qiantu held a strategy-sharing session at its factory in Suzhou, marking its return after a two-year hiatus.
Qiantu unveiled its new development plan at that time, and also held a ceremony to launch the Qiantu K50 sports car and deliver the model to customers.
In October 2022 Qiantu announced to showcase and start pre-sales of Qiantu K50, Qiantu K25 and Qiantu K20 in Malaysia, with Qiantu K25 making its global debut.
In March this year, Qiantu signed an agreement with Mullen Automotive, an American EV company, to expand into the US market, and the K50 supercar will be rebranded with the Mullen GT and GTRS.
These modifications will be in line with Mullen's current vehicle design language in the Mullen FIVE and Mullen FIVE RS.
To secure the supercar's status, the car will also feature an updated powertrain, targeting a 0-60 mph time of less than 2.0 seconds and a top speed of more than 200 mph.
Qiantu inks deal with Mullen to tap US market, K50 supercar to be rebranded as Mullen GT and GTRS
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BYD Song Plus Champion Edition launched in China. EV version starts at 23,700 USD
The BYD Song Plus EV has up to 620 km of range and 218 hp. As for the DM-i version, it can run up to 150 km (CLTC) on a single charge.
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