Smart and Sustainable Electric Mobility
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.
(Image credit: CnEVPost)
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.
(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.
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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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NIO 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 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, Li Auto (NASDAQ: LI), which currently only offers EREVs, delivered 28,277 vehicles in May for a combined January-May total of 106,542 vehicles.
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CATL 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.
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