Smart and Sustainable Electric Mobility
Through Volkswagen's partnership with Xpeng and Audi's with SAIC, Volkswagen is strengthening its position in the Chinese auto market, the German auto giant said.
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Xpeng and Volkswagen will initially co-develop two B-segment BEVs sold under the Volkswagen brand in the Chinese market using Xpeng's G9 platform and ADAS software, with production expected to begin in 2026.
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HoloMatic expects its losses to narrow dramatically by 2024 and to break even by 2025, when it will apply for a stock market listing.
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Sunwoda's power battery installations in China amounted to 0.73 GWh in June, placing it at No. 6 with a 2.21 percent share.
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Talent's second phase of a 2 GWh/year plant in Chongqing is expected to be completed by the end of 2023, and a 10 GWh/year industrial park project in Anhui is under construction.
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Tianqi has acquired a 2.83 percent stake in Smart, giving the Mercedes-Geely JV a valuation of $5.3 billion.
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Nio and the CYVN entities will work together on strategic collaborations in international business and technology partnerships, the EV maker said.
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The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, NIO said.
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NIO (NYSE: NIO) announced yesterday that it has received an investment of about $1.1 billion from CYVN Holdings, an Abu Dhabi government fund, to strengthen its balance sheet and support business growth.
In an article posted on its mobile app, William Li, founder, chairman and CEO of NIO, provided some details about the deal.
The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, and ultra-efficient decision-making and execution, Li said in an article posted on the NIO App yesterday.
They have a vision and execution that is highly aligned with NIO's Vision, Action philosophy, Li said.
"I believe the partnership will further drive the vision of Blue Sky Coming to fruition at a sooner date," Li added.
NIO signed a share subscription agreement on June 20 with CYVN Holdings, which will invest a total of about $1.1 billion in the Chinese electric vehicle (EV) company through the purchase of additional new shares in NIO and the transfer of shares from an existing shareholder.
In addition to the investment, the two companies will also strategically collaborate on NIO's international business, Li said.
The investment reflects NIO's unique value in the global smart EV industry and will provide continued momentum for the company's long-term growth, Li said in the NIO App article.
CYVN Holdings' investment in NIO comes at a time when the global EV market, particularly in China, is growing rapidly, resulting in a diminishing reliance on oil.
Oil nations, particularly Saudi Arabia, are already actively embracing this change.
On December 7, 2022, Chinese new energy vehicle (NEV) startup Enovate Motors signed a deal in Saudi Arabia with local company Sumou Holding to jointly build a NEV production plant there.
The two parties will spend a total of about $500 million in two phases in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs, and the facility will be the first Chinese-branded NEV production base in the country, Enovate said at the time.
On June 12, a statement from Saudi Arabia's state news agency said the Saudi Arabian Ministry of Investment had signed a $5.6 billion deal with Chinese EV company Human Horizons to collaborate on developing, manufacturing and marketing vehicles.
BREAKING: NIO secures $1.1 billion investment from Abu Dhabi fund
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Midea's automotive parts division, Welling, will provide thermal management products, including electric compressors, for the entire XPeng model line.
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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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Polestar will own 49 percent of the joint venture, with Xingji Meizu holding the remaining 51 percent.
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After acquiring smartphone maker Meizu last year, Geely is integrating it with car brands under its umbrella.
Swedish electric vehicle (EV) maker Polestar said today it has formed a joint venture with Xingji Meizu to build an operating system for Polestar cars sold in China.
Polestar will own 49 percent of the joint venture, with Xingji Meizu holding the remaining 51 percent, according to a statement.
The joint venture will build on Xingji Meizu's existing operating system, Flyme Auto, for Polestar's smart operating system, Polestar OS, for the Chinese market.
The system can be integrated with cell phones, augmented reality smart terminals and user service applications to create a borderless digital ecosystem, Polestar said.
China is one of the fastest-growing EV markets in the world, with distinct consumer trends, notably the deep integration of consumer electronics and cars, said Polestar CEO Thomas Ingenlath.
Through this partnership, Polestar and Xingji Meizu will provide Chinese customers with an experience that exceeds expectations, he said.
Originally a brand acquired by Volvo Cars, Polestar became independent with joint funding from Geely and Volvo, focusing on premium EVs and based in Gothenburg, Sweden.
In June 2022, Polestar went public on NASDAQ through a merger with a SPAC (Special Purpose Acquisition Company).
Currently, Polestar's models are all produced in Chinese factories.
Meizu was one of the first smartphone manufacturers in China, founded in 2003, and became one of the best-known phone makers in the smartphone era. However, the company's market share has declined severely over the past few years.
On July 4, 2022, Hubei Xingji Shidai Technology, a cell phone company founded by Eric Li, founder and chairman of carmaker Zhejiang Geely Holding Group, announced the completion of its acquisition of a majority stake in Meizu.
Xingji acquired a 79.09 percent controlling interest in Meizu and gained sole control of the company.
Last November, Meizu released the system, called Flyme Auto, saying it was a continuation of the Flyme mobile operating system for the smart cockpit.
In March, the Xingji Meizu Group was officially launched, and its executives announced at the time that the company would focus on mobile and in-car systems, XR technology and forward-looking technologies going forward.
With the new joint venture, Polestar is no longer an EV company, but a technology company with multiple smart terminals, including cars and phones, Xingji Meizu CEO Shen Ziyu said today.
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