Tagged: China

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

The new ES6 will be 's fastest model from official launch to delivery, and the company is marketing the model with unprecedented intensity.  |  NIO US | NIO HK | NIO SG

NIO's (NYSE: NIO) previous operational issues not only cost some models' potential orders from the initial hype, but also left many supporters disappointed.

Now, the upcoming new ES6 is key to turning its image around, and the company can't afford to face similar failures.

NIO made the new ES6 debut on April 18, but no pricing information was announced at that time.

On May 16, the company announced that the new ES6 will be officially launched on May 24, with test drives available on the same day and deliveries to begin on May 25.

This will be NIO's fastest model from official launch to delivery, as its local peers, including (NASDAQ: LI), have proven that efficient delivery is critical to success in the highly competitive Chinese EV market.

Although the new ES6 is still days away from its official launch, NIO appears to have already produced thousands of the model so that initial order holders can get their hands on the vehicle on the first day of delivery.

On Chinese social media, images of the new ES6 being shipped to various cities have started to appear in the past two days.

Here are images shared on Weibo today by longtime NIO follower @肉肉爸比ev, saying that these ES6s were photographed in a service area in Guangzhou.

(Image credit: @肉肉爸比ev)

Yesterday, another auto blogger Wu Ying shared several similar pictures, saying that NIO has been shipping the new ES6 out of its Hefei factory since May 17.

(Image credit: @吴颖碎碎念)

While improving delivery efficiency, NIO is also marketing the new ES6 with unprecedented intensity.

Since May 5, NIO has released four marketing videos about the ES6 with the theme "Life Is On" to introduce the model's performance, interior, space, and assisted driving package to potential consumers.

Here is the fourth episode of the series released by NIO today.

 

The new ES6 has taken up most of the space on the recommended section of the NIO App's home page, and NIO has also opened a special showcase page for the model.

In addition to NIO's own channels, other channels are also ready to market the new ES6.

The company invited local journalists and influencers to Beijing earlier this week to take test drives for the new ES6.

After these test drives are allowed to be published, mainstream Chinese social media platforms are expected to be filled with content about the new ES6.

The unprecedented preparation for the new ES6 underscores the model's strategic importance to NIO.

NIO launched the first generation ES6 in December 2018 and began deliveries of the model in China in June 2019.

In 2019, NIO delivered 20,565 vehicles, including 9,132 ES8s and 11,433 ES6s, with the ES6 contributing 55.59 percent, according to data monitored by CnEVPost.

In 2020, the company delivered 43,728 vehicles, including 10,861 ES8s, 27,945 ES6s and 4,922 EC6s, with a 63.9 percent contribution from the ES6.

In 2021, NIO delivered 91,429 vehicles, including 20,050 ES8s, 41,474 ES6s and 29,905 EC6s, with a 45.36 percent contribution from the ES6.

Available data for 2022 show that from January to August, 32,877 ES6 units were delivered, contributing 46 percent of NIO's total deliveries of 71,556 units during this period.

NIO to officially launch new ES6 on May 24, delivery to start next day

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NIO applies for trademarks related to Firefly in China

The Firefly is 's smaller model project that is expected to debut in Europe in the third quarter of 2024, company executives previously said.  |  NIO US | NIO HK | NIO SG

(Image credit: CnEVPost)

NIO (NYSE: NIO) appears to be continuing to move forward with work related to its third sub-brand, though it is currently focused on the launch of the new ES6.

The electric vehicle (EV) maker filed applications for six Firefly-related trademarks in China on May 12, information from data provider Tianyancha shows.

The six trademarks are included in two classifications, construction and scientific instruments, including different combinations of NIO and Firefly, and appear to be primarily aimed at trademark protection.

Two of these trademarks are identical but belong to different classifications.

NIO management has previously said on several occasions that the company is creating two sub-brands codenamed ALPS as well as Firefly to target a broader mass market.

It is worth noting that both ALPS and Firefly are project code names for NIO's sub-brands, and not necessarily the final brand names.

On January 26, NIO co-founder and president Qin Lihong said at a face-to-face communication event with owners that NIO is preparing a model for the sub-brand codenamed ALPS, which is expected to start delivery within 2024.

The Firefly project is also being planned and will be delivered first to European consumers, Qin said at the time.

The smaller model of NIO is in development and will debut in Europe and is expected to be available in the third quarter of 2024, according to Qin.

William Li, founder, chairman and CEO of NIO, was quoted in German magazine Der Spiegel on April 29 as saying the company aims to capture Volkswagen's market share by introducing a model to the European market priced below 30,000 euros ($32,310).

"Yes, in terms of price that means we are also attacking Volkswagen more strongly than before," Der Spiegel quoted Li as saying, without providing further details.

On February 21, local media Cailian reported that NIO's fourth vehicle assembly plant will be located in Chuzhou, Anhui province, and will produce Firefly models.

NIO's vehicles are currently produced in two assembly plants located in Hefei, Anhui.

The Firefly model will be sold first in Europe, targeting the Volkswagen POLO market, Cailian said, citing an insider, adding that, like NIO's other products, they will support battery swap and battery leasing.

Compared to the main NIO brand and the ALPS project, the Firefly models will have weaker smart driving features, but they will still have a clear smart advantage over the European carmaker's offerings, the insider said.

NIO is preparing for the launch of the new ES6 in China, which will go on sale on May 24 and deliveries will begin on May 25.

($1 = €0.9284)

NIO plans to launch EV priced below 30,000 euros in Europe, report says

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BYD says 2023 Han DM series gets 8,051 orders on day of launch

Of the 8,051 orders received on launch day, the average price exceeded RMB 240,000, with 35.9 percent of consumers ordering the model with a range of 200 km, said.

(Image credit: BYD)

Facelifts of the hybrid variants of BYD's flagship sedan Han garnered thousands of orders on launch day, underscoring that its strategy of making prices lower by releasing revamped versions of current models is working.

The 2023 Han DM-i and Han DM-p garnered 8,051 orders on launch day, the Chinese new energy vehicle (NEV) giant announced today.

Both models were officially launched in China yesterday afternoon, with the 2023 Han DM-i offered in six versions starting at RMB 189,800 ($27,000), RMB 199,800, RMB 209,800, RMB 219,800, RMB 239,800 and RMB 249,800, and the 2023 Han DM-p offered in just one version with a starting price of RMB 289,800.

Compared to the previous starting prices of these two models, the Han DM-i is RMB 28,000 lower and the Han DM-p is RMB 32,000 lower.

The 2023 Han DM-i is available in four versions with an NEDC pure electric range of 121 km and two other versions with 200 km. The new Han DM-p has an NEDC pure electric range of 200 km.

Of the 8,051 orders received on launch day, the average price exceeded RMB 240,000, with 35.9 percent of consumers ordering the model with a 200-km range, BYD said today.

The massive price war that erupted in China's auto industry in March is seen as having largely subsided, though BYD's strategy of making prices even lower by releasing new models is making things interesting.

Many BYD models are offered in both pure electric and plug-in hybrid versions, with the latter may also include a DM-i version that focuses more on fuel economy and a DM-p version that focuses more on performance.

On March 16, BYD made the 2023 Han EV available for a starting price of RMB 209,800, down from RMB 219,800 for the model's 2022 version.

On May 10, BYD made a revamped version of its all-electric Seal sedan available, with a starting price of RMB 23,000 lower than the previously available model.

BYD aims to sell at least 3 million vehicles this year and strives to reach 3.6 million, the company's chairman and president Wang Chuanfu said at a March 29 investor conference.

The company sold 210,295 NEVs in April, up 98.31 percent from 106,042 a year earlier and up 1.55 percent from 207,080 in March, data released earlier this month showed.

($1 = RMB 7.0566)

BYD launches facelifts of Han sedan's hybrid variants with lower prices

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Price competition in China auto industry poised to ease in May, analysts say

Discounts on passenger cars in China continued to expand in April, but the industry is seeing some positive changes heading into May.

Price competition in China auto industry poised to ease in May, analysts say-CnEVPost

(Image credit: CnEVPost)

The price wars that erupted in the Chinese auto industry in March carried over into April. However, analysts see fewer car discounts heading into May.

Discounts on passenger cars in China continued to expand in April, but the industry saw some positive changes heading into May, with price competition, especially for fuel vehicles, expected to ease, said CITIC Securities analyst Zhang Ruohai's team in a research note today.

These changes include the fact that some automakers are no longer offering increased discounts to dealers, and have even scaled back compared to the first quarter, according to the team.

With China allowing some fuel models based on existing emission standards to extend their sales period by six months until the end of this year, there is much less urgency for these models to clear inventory in the short term, the team noted.

In addition, inventory levels in the Chinese auto industry fell in April, with dealer inventory levels returning to a relatively balanced position, the team said.

From January to April, discounts offered by the Chinese auto industry were generally increasing, with actual selling price to manufacturer guide price ratios of 91.3 percent, 92.4 percent, 90.8 percent and 90.2 percent, respectively, according to an indicator compiled by the team.

This means that in addition to the price pickup in February, discounts expanded in March and April, the team said, adding that the indicator was 88.1 percent and 87.3 percent for fuel cars and 96.84 percent and 96.78 percent for new energy vehicles (NEVs) in the past two months, respectively.

Against the backdrop of overall weak consumer demand for cars, the price wars had a boost to sales of some models, but depressed total sales as consumer wait-and-see sentiment increased, according to the team.

In March, when the price war was at its most intense, Chinese passenger car retail sales were 1.587 million units, up 0.3 percent year-on-year and up 14.3 percent from February, according to the China Passenger Car Association (CPCA).

In April, China's passenger car retail sales were 1.63 million units, up 55.5 percent year-on-year and up 2.5 percent from March.

From May 1 to 14, China's passenger car retail sales were 706,000 units, up 55 percent year-on-year and up 24 percent from the same period last month, according to data released yesterday by the CPCA.

China NEV retail up 101% YoY in May 1-14, CPCA data show

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Geely Holding becomes 3rd largest shareholder of Aston Martin, increases stake to 17%

In September 2022, Holding spent about £66 million to acquire a 7.60 percent stake in Aston Martin.

(Image credit: Aston Martin)

Zhejiang Geely Holding Group (Geely Holding), China's largest private automaker, has increased its stake in Aston Martin, becoming the third largest shareholder in the ultra-luxury car brand.

Geely Holding has committed to contribute about £234 million to acquire about 42 million existing ordinary shares in Aston Martin from Yew Tree Consortium at a price of 335 pence per share and to subscribe for about 28 million new shares at the same price, according to an announcement made by the ultra-luxury British performance brand on the London Stock Exchange today.

The transaction price represents a 45 percent premium to Aston Martin's closing price per ordinary share on May 17.

Upon completion of the transaction, Geely Holding's stake in Aston Martin will increase to about 17 percent, making it the third largest shareholder behind Yew Tree Consortium's 21 percent and Saudi Arabia's Public Investment Fund's 18 percent.

Geely Holding has agreed to cease acquiring any ordinary shares that would result in its total holding in Aston Martin exceeding 22 percent by August 1, 2024, according to the announcement.

"Geely Holding, who initially became a shareholder last year, sees tremendous potential for Aston Martin's long-term growth and success. They offer us a deep understanding of the key strategic growth market that China represents, as well as the opportunity to access their range of technologies and components," said Lawrence Stroll, Aston Martin's executive chairman of the board.

In September 2022, Geely Holding spent about £66 million to acquire a 7.60 percent stake in Aston Martin.

Geely has completed a number of acquisitions of foreign automakers in recent years.

In 2006, Geely acquired a 19.97 percent stake in Manganese Bronze, the maker and owner of classic black cabs in London, and in 2013, Geely acquired the business and core assets of the company.

In 2010, Geely acquired Volvo, and in 2017, Geely acquired a 51 percent stake in Lotus Cars, a British luxury sports and racing car brand.

"Our decision to increase our shareholding in Aston Martin reflects our confidence in the company's growth prospects, its technologies and its management team," said Eric Li, Geely Holding Group chairman, according to Aston Martin's announcement.

Aston Martin sold 6,412 vehicles globally in 2022, up about 4 percent from a year earlier, with about 50 percent of those being the four-door crossover DBX line.

It currently has four models on sale in China, including the coupe Vantage, DB11 and DBS, as well as the DBX.

Chinese auto giants Geely and Changan sign strategic cooperation deal

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BYD launches facelifts of Han sedan’s hybrid variants with lower prices

This is 's latest move to further expand its market share by launching revamped models to make prices lower, following the launch of the 2023 Han EV, as well as the 2023 Seal.  |  BYDDY.US | BYD HK

(Image credit: BYD)

BYD (OTCMKTS: BYDDY) has released revamped models of the plug-in hybrid version of its flagship Han sedan to make it more affordable, similar to what it has done so far this year to expand its market share.

The new energy vehicle (NEV) giant today officially made the 2023 Han DM-i Champion and 2023 Han DM-p Warrior editions available in China, starting at lower prices while allowing for upgraded specifications.

The 2023 Han DM-i is available in six versions with starting prices of RMB 189,800 ($27,000), RMB 199,800, RMB 209,800, RMB 219,800, RMB 239,800 and RMB 249,800 respectively.

The previously available Han DM-i has 4 versions with starting prices of RMB 217,800, 227,800, 237,800 and 291,800 respectively.

This means that the starting price of the 2023 Han DM-i is reduced by RMB 28,000.

BYD's 2023 Han DM-p is only available in one version with a starting price of RMB 289,800.

The 2022 Han DM-p is also available in one version at a starting price of RMB 321,800. The price for the 2023 model was reduced by RMB 32,000.

Several BYD models are available in both pure electric and plug-in hybrid versions, with the latter sometimes include a DM-i version that focuses more on fuel economy and a DM-p version that focuses more on performance.

On March 16, BYD made the 2023 Han EV available for a starting price of RMB 209,800, down from RMB 219,800 for the model's 2022 version.

The BYD Han has a length, width and height of 4,975 mm, 1,910 mm and 1,495 mm, respectively, and a wheelbase of 2,920 mm.

The entry version of the 2023 Han DM-i can accelerate from 0 to 100 km/h in 7.9 seconds and the 2023 Han DM-p in 3.7 seconds.

The 2023 Han DM-i has two options for pure electric range, with an NEDC range of 121 km and 200 km. The model has a combined range of 1,260 km on full fuel and full charge.

The Han DM-p has an NEDC range of 200 km and a combined range of 1,120 km on a full fuel and charge.

Chinese NEV companies have generally faced weaker consumer demand so far this year, with the withdrawal of state purchase subsidies at the end of last year.

Many NEV makers have chosen to stimulate sales by cutting prices, and BYD has previously offered discounts for some of its models.

Unlike other peers, BYD's larger model matrix and vertical integration of its supply chain has allowed it to get prices lower by quickly rolling out facelifts.

On May 10, BYD made a revamped version of its all-electric Seal sedan available for sale, starting at RMB 23,000 less than the previously available model.

BYD sold 210,295 NEVs in April, up 98.31 percent from 106,042 units a year earlier and up 1.55 percent from 207,080 units in March, figures released by the company earlier this month showed.

The BYD Han family sold 14,329 units in April, up 6.77 percent year-on-year and 5.75 percent from March.

BYD Seal sold 6,212 units in April, up 3.53 percent from 6,000 units in March.

BYD aims to sell at least 3 million vehicles this year and strives to reach 3.6 million, the company's chairman and president Wang Chuanfu said at a March 29 investor conference.

($1 = RMB 7.0342)

BYD aims to sell at least 3 million vehicles this year

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