Category: Deals

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 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)

XPeng CEO sees China EV landscape far from set

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Polestar partners with Geely’s Meizu to make in-car operating system that caters to Chinese consumers

Polestar will own 49 percent of the joint venture, with Xingji Meizu holding the remaining 51 percent.

(Image credit: CnEVPost)

After acquiring smartphone maker Meizu last year, 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.

Polestar 4 launched in China with starting price of $50,870

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NIO Capital ups bet on ARM CPU startup CIX Technology

Capital participated in a RMB hundreds of millions Series A round of funding for CIX Technology, after previously co-leading the company's Pre-A round.

(Image credit: NIO Capital)

CIX Technology, a Chinese startup that builds computer CPUs based on ARM architecture, recently closed new funding from several investors, including NIO Capital.

NIO Capital said today that it participated in CIX Technology's multi-hundred-million-yuan Series A funding round after co-leading the company's Pre-A round.

Following the completion of this round, CIX Technology will continue its efforts in the general-purpose CPU space to accelerate the design and development of next-generation CPU chips, according to NIO Capital.

Founded in 2021, CIX Technology is focused on developing general-purpose CPUs for scenarios including personal computing, in-vehicle computing, and metaverse infrastructure.

NIO Capital's press release today does not mention the amount or valuation of CIX Technology's Series A funding.

According to CIX Technology's press release, the financing was co-led by Tongge Venture Capital, 37Games, and followed by NIO Capital as an existing shareholder.

On July 18, 2022, LatePost reported that CIX Technology closed a new round of funding of about $50 million at that time, co-led by NIO Capital and Qiming Venture Partners.

It was also CIX Technology's fourth funding round in its nine months of existence, giving it a post-round valuation of about $300 million, according to the report.

While most startups want to enter the chip manufacturing market from server CPUs, CIX Technology's first product is a computer CPU, similar to Apple's M1 chip.

CIX Technology's founder, Sun Wenjian, was the former head of AMD's customer customization division in China. He saw the time as ripe to start a business in the field of CPUs based on the ARM architecture after Apple released the M1 chip in November 2020, according to LatePost.

CIX Technology joined Linaro's Windows on Arm Group in July last year.

CIX Technology will be responsible for native Arm development, native application support and localization to help build the global Windows on Arm ecosystem, NIO Capital said in a press release at the time.

NIO Capital reportedly leads investment in local computer CPU maker CIX Technology

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Voyah secures $2.1 billion in credit lines from 6 local banks

Voyah will raise a Series B round next and has plans for an initial public offering, its CFO said.

(A Voyah Zhuiguang on display at the Shanghai auto show. Image credit: CnEVPost)

Voyah, Dongfeng Motor's new energy vehicle (NEV) brand, has received RMB 15 billion yuan ($2.1 billion) in credit lines from six local banks, setting it up for future expansion.

Voyah held a signing ceremony for the partnerships with the Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Bank of Communications, China CITIC Bank and China Merchants Bank.

Voyah will invest more in product development and marketing and launch more quality products, its CEO Lu Fang said, according to a press release.

The NEV maker has completed its Series A financing and will next raise Series B, Local media Shanghai Securities News quoted Voyah CFO Shen Jun as saying.

Voyah has plans for an initial public offering, and it will have more than 300 core employees holding shares, Shen said.

Voyah is the brand Dongfeng Motor announced in late 2020, when the first model, Voyah FREE, was also unveiled.

The Voyah FREE went on sale in China in June 2021 and is available in an extended-range electric vehicle (EREV) version as well as an all-electric version, with current starting prices of RMB 333,600 to 393,600 respectively.

On May 7, 2022, Voyah's second model, the Dreamer MPV, was launched with a starting price of RMB 369,900.

In November 2022, Voyah announced the completion of RMB nearly 5 billion Series A financing, valuing it at nearly RMB 30 billion.

On April 18 of this year, Voyah launched the Zhuiguang sedan on the first day of the Shanghai auto show, offering three versions with a starting price of RMB 322,900.

Voyah has had a lukewarm sales performance over the past two years, selling 3,003 vehicles in May, bringing combined January-May sales to 12,024 units.

For comparison, (NASDAQ: LI), which currently only offers EREVs, delivered 28,277 vehicles in May for a combined January-May total of 106,542 vehicles.

($1 = RMB 7.1631)

Voyah deliveries in May: 3,003

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CATL to supply CTP battery pack production line to Thailand’s Arun Plus

and Arun Plus have entered into a CTP partnership agreement to provide the Thai company with a CTP production line and share CTP production technology.

(Image credit: CATL)

Chinese power battery giant CATL has entered into a new agreement with Thailand's Arun Plus, following the signing of a CTP (cell to pack) technology licensing agreement between the two a year ago.

CATL recently entered into a CTP partnership agreement with Arun Plus to provide the Thai company with a CTP production line and share CTP production technology, according to a press release yesterday.

The two parties will work to meet local demand for electric vehicle (EV) production in Thailand and help Thailand become a battery production hub in Southeast Asia, according to the release.

Arun Plus, the EV subsidiary of Thai state energy group PTT, has well-established energy infrastructure in Thailand.

In November 2022, Arun Plus established an EV manufacturing subsidiary to capitalize on the growing demand for electric vehicles in Thailand and Southeast Asia.

The latest partnership will help enhance Arun Plus' EV production capacity and drive the building of a power battery ecosystem in Thailand and Southeast Asia, CATL said.

It is also an important step in CATL's efforts to improve its global footprint and will help the company explore diverse partnership models in markets including Southeast Asia to accelerate the global electrification and clean energy transition, the power battery giant said.

On May 13, 2022, CATL announced that it had signed a strategic partnership memorandum with Arun Plus, licensing the latter to use CTP technology.

Arun Plus and CATL will supply battery products to Horizon Plus, a joint venture between Arun Plus and Foxconn that plans to produce EVs in Thailand in 2024, and other EV brands, according to last year's press release.

CTP is a technology that integrates cells into battery packs without modules, increasing the system energy density of packs, simplifying manufacturing processes and saving costs, CATL previously said.

On October 27, 2021, CATL announced an agreement with Hyundai Mobis, the parts division of Hyundai Motor, to license its CTP technology.

CATL will support Hyundai Mobis in the supply of CTP-related battery products in South Korea and globally, it said at the time.

Thailand in talks with CATL over potential battery plant

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French auto parts maker Valeo to invest in Didi’s autonomous driving unit

Valeo and Didi Autonomous Driving will set up a joint R&D team to work on safety systems for L4 robotaxis.

French auto parts maker Valeo to invest in Didi's autonomous driving unit-CnEVPost

(Image credit: Didi)

French auto parts maker Valeo will invest in Didi Global's autonomous driving division to bet on the fast-growing segment in China.

On May 29, Valeo and Didi Autonomous Driving entered into a strategic partnership and investment agreement in which Valeo intends to invest in the latter and will jointly develop safety solutions for L4 robotaxis.

Valeo and Didi revealed the development in their respective press releases but did not mention the amount of the planned investment.

"Today, we are proud to sign this agreement to invest in DiDi Autonomous Driving and join our R&D efforts to develop safety solutions," Geoffrey BOUQUOT, Valeo Executive Vice President Strategy and CTO, said.

Valeo and Didi Autonomous Driving will form a joint R&D team to work on safety systems for L4 robotaxis.

To provide additional safety to users, Valeo and Didi Autonomous Driving will complement the main system of L4 standard technology with another set of hardware and software that will enable robotaxi to navigate autonomously and safely, according to their press releases.

This Automated Safety Pilot will provide redundancy for the primary system in the event of a sudden failure, as well as customized safety features designed for specific operating scenarios.

The customized intelligent safety solution will be able to take over and control the robotaxi to perform actions that ensure the safety of passengers and other road users.

This intelligent safety solution will initially be deployed on Didi Autonomous Driving's L4 robotaxis, according to their press releases.

Didi's autonomous driving team was founded in 2016, and the ride-hailing giant opened its first overseas AI lab in California in March 2017.

In 2019, Didi began ramping up its bet on autonomous driving, upgrading its autonomous driving division to a standalone company on August 5, 2019.

On April 13, Didi unveiled its driverless concept vehicle Didi Neuron at its autonomous driving open day event, eliminating the driver's seat and expanding the passenger space compared to Didi's first custom car, the D1, which was released in 2020.

Didi's autonomous driving team reached nearly 1,000 people, which is a threefold increase from 2020, Didi Autonomous Driving COO Meng Xing said at the time.

French auto parts maker Valeo to invest in Didi's autonomous driving unit-CnEVPost

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NIO invests in nuclear fusion startup Neo Fusion

has acquired a 19.9 percent stake in Neo Fusion and NIO Capital has acquired a 10.1 percent stake.

(Image credit: CnEVPost)

NIO (NYSE: NIO) has invested in a new nuclear fusion startup, its second such investment in the past year or so.

The Chinese electric vehicle (EV) maker has invested in nuclear fusion startup Neo Fusion and told CnEVPost that the project will be funded by multiple parties, including NIO and NIO Capital, in phases, and that it plans to attract additional strategic and financial investors to support the project's long-term development.

The investment was first reported by Reuters earlier today. NIO invested RMB 995 million ($142 million) for a 19.9 percent stake, while NIO Capital, an investment firm founded by its founder, chairman and CEO William Li, invested RMB 505 million for a 10.1 percent stake, according to the report.

The newly formed Neo Fusion will research and develop technologies aimed at making controlled fusion available for global commercial use within 20 years, the report noted.

Neo Fusion has a registered capital of 5 billion yuan and is 50 percent controlled by China's eastern province of Anhui government-owned energy companies and investment arms, according to the report.

"Fusion power is a clean and efficient energy source, and also potentially one of the ultimate clean energy solutions to sustainability, making fusion power strategically significant to carbon peaking and carbon neutrality, as well as solving the global energy crisis," NIO said in a statement sent to CnEVPost.

Staying true to the original aspiration of Blue Sky Coming, NIO aims to facilitate the R&D and commercialization of nuclear fusion technology by making financial investment into this project, so that it can play a bigger part in realizing long-term suitability and enhance its influence industry-wide, the statement said.

Notably, NIO Capital had invested in a company engaged in a similar business a year earlier.

On February 25, 2022, Energy Singularity, a startup researching nuclear fusion technology, announced the closing of a nearly RMB 400 million round of funding, its first since founding in 2021.

NIO Capital and local gaming giant miHoYo were co-leaders in the funding, with Sequoia China Seed Fund and Bluerun Ventures participating in the financing.

The funds will be used primarily to develop and build the world's first small-scale tokamak experimental device based on high-temperature superconducting materials, and to develop advanced magnet systems that can be used in the next generation of high-performance fusion devices.

($1 = RMB 7.0217)

NIO Capital invests in nuclear fusion technology startup

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NIO signs deal with Autoliv, world’s largest maker of airbags and seat belts

and Autoliv are working together to develop a new airbag concept that provides comprehensive protection for different seating positions.

(Image credit: CnEVPost)

NIO (NYSE: NIO) has entered into a partnership agreement with Autoliv Inc, the world's largest manufacturer of airbags and seat belts, as the Chinese electric vehicle (EV) maker continues to expand its partnerships.

Autoliv China, a subsidiary of Autoliv, signed a strategic cooperation framework agreement with NIO that includes several new safety technologies for EVs, according to a press release from the Swedish company.

NIO and Autoliv will develop safety products for EVs and sustainable technologies, which will include a passenger airbag that deploys from the headliner using an environmentally friendly inflator.

The two are also co-developing a new airbag concept that provides full protection for different seating positions, according to the press release.

This could provide better protection and offer more freedom in the design of vehicle interiors, Autoliv said, adding that it also includes biology-based materials for both airbag cushions and seatbelt webbing.

"We have a shared commitment to innovation and sustainability, and we expect the cooperation will be extended to more areas, as we strive to enhance the driving experience and provide pleasant journeys for all global users", said Yu Pan, vice president of supply chain development at NIO.

This is the latest collaboration between NIO and auto parts suppliers.

On May 2, Dutch-headquartered computer chip maker NXP Semiconductors announced that NIO will use its 4D imaging radar solution, which offers benefits far beyond those of conventional radar.

4D imaging radar will significantly improve the performance of front-facing radar in today's vehicles, and NXP's imaging radar technology extends the functionality of radar from measuring range and speed to include direction, angle of arrival and altitude measurements, the chipmaker said.

NIO delivered 6,658 vehicles in April, up 31.22 percent from 5,074 a year ago, but down 35.85 percent from 10,378 in March, as its product switch continues.

The EV maker is now marketing the new ES6 with unprecedented intensity, with the model set to be officially launched on May 24 and deliveries to begin on May 25.

NIO pins high hopes on new ES6 with unprecedented delivery efficiency and marketing campaign

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BYD secures new land in Guangdong for NEV projects

Since October 2021, BYD has acquired five mega industrial sites in the Shenzhen-Shanwei Special Cooperation Zone, with a combined area of more than 4.1 million square meters.

BYD secures new land in Guangdong for NEV projects-CnEVPost

(Image credit: CnEVPost)

BYD (OTCMKTS: BYDDY) has secured a new land parcel in Guangdong to prepare for its construction of new projects.

On May 15, a plot of land of more than 520,000 square meters in Shenzhen's Shenzhen-Shanwei Special Cooperation Zone was acquired by BYD for RMB 376 million ($5.4 million), according to an announcement by the local government yesterday.

This is the fifth mega industrial site BYD has acquired in the special cooperation zone, which will be used to build BYD's automotive industrial park projects, according to the announcement.

Shenzhen-Shanwei Special Cooperation Zone is an enclave of Shenzhen, located in Shanwei city, Guangdong province, but managed by Shenzhen, the first special cooperation zone in China.

BYD has been granted a land area of 522,400 square meters, with a building area of 1.12 million square meters and a land use term of 30 years.

BYD secures new land in Guangdong for NEV projects-CnEVPost

(The 5th plot of land acquired by BYD in Shenzhen-Shanwei Special Cooperation Zone.)

Since October 2021, BYD has been granted five mega industrial sites in the Shenzhen-Shanwei Special Cooperation Zone, with a combined area of over 4.1 million square meters.

These sites will all be used for BYD's automotive industrial park projects, which are important for the zone to create an industrial pattern with a new energy vehicle (NEV) industry as the main focus, complemented by new energy storage, new materials and intelligent manufacturing robots, the local government's announcement said.

The first and second phases of BYD's project here have a total investment of RMB 25 billion, and the annual output value is expected to exceed RMB 110 billion when all production is reached, according to the announcement.

In June last year, BYD acquired a plot of land with an area of over 554,500 square meters in the special cooperation zone for RMB 403 million, which will be used for the first phase of the local BYD industrial park.

The first phase of the project, with a planned total investment of RMB 5 billion, will mainly produce auto parts and is expected to have an annual output value of about RMB 10 billion and 18,000 employees after it goes into operation, according to a report by Shenzhen Economic Daily at the time.

($1= RMB 6.9525)

BYD posts Apr NEV sales of 210,295 units, up 1.55% from Mar

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BYD secures new land in Guangdong for NEV projects

Since October 2021, BYD has acquired five mega industrial sites in the Shenzhen-Shanwei Special Cooperation Zone, with a combined area of more than 4.1 million square meters.

BYD secures new land in Guangdong for NEV projects-CnEVPost

(Image credit: CnEVPost)

BYD (OTCMKTS: BYDDY) has secured a new land parcel in Guangdong to prepare for its construction of new projects.

On May 15, a plot of land of more than 520,000 square meters in Shenzhen's Shenzhen-Shanwei Special Cooperation Zone was acquired by BYD for RMB 376 million ($5.4 million), according to an announcement by the local government yesterday.

This is the fifth mega industrial site BYD has acquired in the special cooperation zone, which will be used to build BYD's automotive industrial park projects, according to the announcement.

Shenzhen-Shanwei Special Cooperation Zone is an enclave of Shenzhen, located in Shanwei city, Guangdong province, but managed by Shenzhen, the first special cooperation zone in China.

BYD has been granted a land area of 522,400 square meters, with a building area of 1.12 million square meters and a land use term of 30 years.

BYD secures new land in Guangdong for NEV projects-CnEVPost

(The 5th plot of land acquired by BYD in Shenzhen-Shanwei Special Cooperation Zone.)

Since October 2021, BYD has been granted five mega industrial sites in the Shenzhen-Shanwei Special Cooperation Zone, with a combined area of over 4.1 million square meters.

These sites will all be used for BYD's automotive industrial park projects, which are important for the zone to create an industrial pattern with a new energy vehicle (NEV) industry as the main focus, complemented by new energy storage, new materials and intelligent manufacturing robots, the local government's announcement said.

The first and second phases of BYD's project here have a total investment of RMB 25 billion, and the annual output value is expected to exceed RMB 110 billion when all production is reached, according to the announcement.

In June last year, BYD acquired a plot of land with an area of over 554,500 square meters in the special cooperation zone for RMB 403 million, which will be used for the first phase of the local BYD industrial park.

The first phase of the project, with a planned total investment of RMB 5 billion, will mainly produce auto parts and is expected to have an annual output value of about RMB 10 billion and 18,000 employees after it goes into operation, according to a report by Shenzhen Economic Daily at the time.

($1= RMB 6.9525)

BYD posts Apr NEV sales of 210,295 units, up 1.55% from Mar

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