The Denza N7 pure electric SUV may be officially released at the end of June and will be delivered in July.
The post The Denza N7 electric SUV’s first mass-produced car rolls off the production line appeared first on CarNewsChina.com.
Category: eMobility
The US-Spec VW ID. Buzz & The Future of the Nomad
A couple of weeks ago, Volkswagen finally revealed the version of the ID. Buzz van we’ll get to purchase here in the United States. In this article, I want to discuss what we got compared to what the concept showed, and then focus on how the vehicle is still a big milestone for the industry. […]
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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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Rivian To Implement Tesla Charging Port On R1S And R1T
The deal will give Rivian owners access to Tesla’s 12,000+ Superchargers from 2024.
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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