Tagged: China

Eve Energy to buy land for battery plant in Malaysia

The battery plant will support electric two-wheeler and power tool manufacturers in Malaysia and Southeast Asia, Eve Energy said.

(Image credit: Eve Energy)

Chinese lithium battery maker Eve Energy will build a new battery factory in Malaysia, just days after announcing it would build a plant in Hungary.

Eve Energy Malaysia, the Malaysian arm of Eve Energy, signed a memorandum of understanding with Pemaju Kelang Lama Sdn Bhd (PKL) on May 12 to buy land from the latter to set up a lithium battery manufacturing plant in Malaysia, according to a stock exchange announcement.

The land is 66.58083 acres (26.9 hectares) and the price is 164 million ringgit ($36.6 million), according to the May 12 announcement.

The signing of the MOU marks the effective advancement of Eve Energy's cylindrical lithium battery manufacturing project, which will further meet the company's need to scale up its cylindrical battery capacity, the announcement said.

The battery plant will support electric two-wheeler and power tool manufacturers in Malaysia and Southeast Asia, and continue to consolidate and enhance the company's presence in these areas, Eve Energy said.

Eve Energy, one of the world's largest power battery manufacturers, installed 2.4 GWh of batteries worldwide in the first quarter, up 75.5 percent year-on-year, according to data released by South Korean market research firm SNE Research on May 3.

This puts Eve Energy in 9th place globally with a 1.8 percent share, while and BYD are the top two with 35.0 percent and 16.2 percent shares, respectively.

The announcement comes two days after Eve Energy announced on May 10 that its subsidiary EVE Power Hungary had signed an agreement with Debreceni, a subsidiary of the Hungarian government of Debrecen, to purchase land owned by the latter in the city's northwest industrial zone for the production of cylindrical power cells.

The land in Hungary covers 45 hectares and the purchase price is 22.5 euros per square meter plus VAT, for a total price of about 12.86 million euros ($14.1 million).

The deal will meet the company's need for production land for future growth and further expand its capacity for power and energy storage batteries, Eve Energy said at the time.

Eve Energy's announcement provided no further information, though the move appears to be in preparation for supplying BMW.

($1 = 4.4755 ringgit)

Chinese battery maker Eve Energy to build plant in Hungary

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BYD to supply batteries to China’s largest diesel engine maker

BYD and Weichai Power will build a power battery development and manufacturing base in Shandong province, where the latter is headquartered.

(Image credit: CnEVPost)

BYD (OTCMKTS: BYDDY), one of the world's largest manufacturers of power batteries, is expanding its customer base.

BYD and Weichai Power, China's largest diesel engine maker, signed a strategic cooperation agreement in Shenzhen on May 12 to collaborate on the joint production of power batteries, according to a post by the latter on Weibo.

Tan Xuguang, chairman and CEO of Weichai, and Wang Chuanfu, chairman and president of BYD, attended the signing ceremony, according to the article.

(Image credit: Weicai Power)

The two sides will produce power batteries in a joint venture in Shandong to build a power battery R&D and manufacturing base to promote the development of new energy commercial vehicles in China, the article said, without providing further details.

Weichai, based in Weifang, Shandong province, posted revenue of RMB 53.4 billion ($7.67 billion) and net profit of RMB 1.86 billion in the first quarter, according to its financial report.

Weichai began its involvement in the new energy business in 2010, especially in the fuel cell sector.

The company has a new energy engine base in Weifang, and its chairman, Tan, is also chairman of Sinotruk, which has a new energy heavy truck manufacturing base in Jinan.

BYD is the world's largest maker of new energy vehicles (NEVs) and the world's second-largest maker of power batteries.

BYD installed 21.5 GWh of power batteries in the first quarter, ranking second globally with a 16.2 percent share, behind 's 35.0 percent, according to data released earlier this month by South Korean market research firm SNE Research.

In China, BYD installed 7.32 GWh of power batteries in April, ranking second with a 29.11 percent share, according to the China Automotive Battery Innovation Alliance (CABIA). CATL ranked first in China with a 40.83 percent share in April.

In Shandong, where Weichai is headquartered, BYD has a car assembly plant, a power battery factory and a chip factory.

($1 = RMB 6.9637)

China EV battery installations in Apr: BYD regains top spot over CATL in LFP market

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Neta begins deliveries of electric sports car Neta GT, less than 1 month after launch

In the increasingly competitive Chinese EV market, EV makers are hoping to capture initial consumer enthusiasm and avoid losing potential orders.

Neta begins deliveries of electric sports car Neta GT, less than 1 month after launch-CnEVPost

(Image credit: Neta)

Neta Auto, the electric vehicle (EV) brand of Hozon Auto, has begun deliveries of its electric sports car Neta GT, less than a month after the model's official launch, to capitalize on the initial hype.

Neta held a delivery ceremony in Shanghai on May 13 to deliver the first Neta GT EVs to owners, it announced on May 14.

Notably, the two-door, four-seat Neta GT electric sports car was only officially launched on the first day of the Shanghai auto show on April 18, with starting prices of RMB 178,800 ($25,700) to 227,800.

Neta's move to have the Neta GT begin deliveries within a month of its launch demonstrates the desire of EV makers to capture initial consumer enthusiasm and avoid losing potential orders in the increasingly competitive Chinese EV market.

The fact that Neta GT deliveries began shortly after launch validates the company's comprehensive strengths in vehicle development and design, manufacturing, and channel building, Neta said.

Neta begins deliveries of electric sports car Neta GT, less than 1 month after launch-CnEVPost

(Image credit: Neta)

Neta has been seen as a budget EV maker since its inception, as its vehicles are priced primarily at the lower end of the market, with previous mainstay models Neta V and Neta U priced at around RMB 100,000 to RMB 150,000 in China.

The Neta S is Neta's first effort in the high-end market, priced at around RMB 300,000, and the launch of the Neta GT is expected to further start changing the brand's low-end perception among consumers.

The Neta GT is Neta's second model based on the Shanhai platform after the flagship sedan Neta S. It measures 4,715 mm in length, 1,979 mm in width and 1,415 mm in height, and has a wheelbase of 2,770 mm.

Neta begins deliveries of electric sports car Neta GT, less than 1 month after launch-CnEVPost

(Image credit: CnEVPost)

The Neta GT is available in single-motor and dual-motor versions, with the single-motor version having a maximum motor power of 170 kW and the dual-motor version having a maximum total power of 340 kW.

The car's battery pack is available in three options -- 64.24 kWh, 74.48 kWh and 77.9 kWh -- and the CLTC range includes three versions -- 560 km, 580 km and 660 km.

In addition to the Neta GT, Neta also gave a debut to a model called Neta GT Speedster, a convertible based on the Neta GT, at the Shanghai auto show.

Neta begins deliveries of electric sports car Neta GT, less than 1 month after launch-CnEVPost

(Image credit: CnEVPost)

($1 = RMB 6.9582)

Neta GT sports car officially launched, priced from $26,000

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NIO ET5 touring spotted in real life in China uncamouflaged

The NIO ET5 touring with a green exterior is seen for the first time. Yellow and blue versions of the model have already been seen in Europe, while the black version appeared in a regulatory filing in China.

The NIO ET5 touring is on the streets of China without camouflage, after the model was seen in Europe in recent days.

A WeChat user shared three images of the NIO ET5 touring without camouflage in a group chat where CnEVPost is present, showing a green version of the model.

This is the first time the NIO ET5 touring with a green exterior has been seen. Yellow and blue versions of the model have already been seen in Europe, while the black version appeared in a regulatory filing in China.

It is not clear in which Chinese city the NIO ET5 touring was photographed, and the temporary number plate affixed to its rear window is illegible.

On March 9, China's Ministry of Industry and Information Technology announced the latest batch of models that will be allowed to be sold in China, and the NIO ET5 touring was included.

The model in the catalog was in black exterior and has a length, width and height of 4,790 mm, 1,960 mm and 1,499 mm, respectively, and a wheelbase of 2,888 mm, in line with the regular ET5 sedan.

The NIO ET5 touring is equipped with dual motors produced by NIO's electric drive systems division in Hefei, Anhui province, with a maximum power of 150 kW and 210 kW, respectively, and can support a top speed of 200 km/h.

On May 9, CnEVPost obtained two spy shots of the NIO ET5 touring, showing the model on the streets of Europe, with the yellow color exclusive to the ET5 sedan sold in China.

On May 12, auto blogger Delu shared multiple images of a blue NIO ET5 touring on the NIO App, saying that NIO was filming a promotional video for the model in Norway.

The NIO ET5 touring is expected to make its official debut in Europe in June, with the launch in China likely to come a little later.

NIO co-founder and president Qin Lihong said in January that this variant of the ET5 would debut in Europe, where the model was developed primarily for European consumers.

Derivatives of sedans have been a niche market in China, and few car companies have tried to tap into it before.

's electric vehicle (EV) brand unveiled its first model, the Zeekr 001, on April 15, 2021, the first such model released by a local brand, with deliveries starting in October 2021.

The Zeekr 001 was an unexpected success in China, with 71,941 units delivered in the full year 2022.

Zeekr positions the Zeekr 001 as a shooting brake sedan, while NIO emphasizes that this NIO ET5 variant is a touring model.

NIO filming ET5 touring promo in Norway, more images revealed

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Largest US pension cuts stake in NIO, liquidates Li Auto in Q1

CalPERS liquidated its position in in the third quarter of 2022.

The largest US public pension continued to trim its investment in Chinese electric vehicle (EV) stocks in the first quarter.

The California Public Employees' Retirement System (CalPERS) owned 2,210,446 shares of NIO's US-traded ADRs at the end of the first quarter, according to a 13F report dated May 12.

This is down 390,806 shares, or 15.02 percent, from 2,601,252 at the end of the fourth quarter of 2022.

The pension's holdings in NIO were worth $23.23 million at the end of the first quarter, down 8.4 percent from 25.36 million at the end of the fourth quarter.

CalPERS now has about $440 billion in assets under management and is the largest public pension in the US. It opened a position in NIO in the first quarter of 2019, when it bought 140,451 shares. NIO went public in the US on September 12, 2018.

CalPERS cut its position in NIO by 10.79 percent in the fourth quarter of last year. The value of the pension's holdings in NIO fell 44.85 percent during the fourth quarter due to a large drop in NIO's stock price during the period.

In the third quarter of 2022, CalPERS liquidated its position in XPeng (NYSE: XPEV) while increasing its stake in NIO by 18.20 percent. As of the end of the first quarter, it still did not own any XPeng shares.

The pension liquidated its position in , another Chinese EV company, in the first quarter.  CalPERS held 1,136,298 shares of Li Auto at the end of the fourth quarter last year.

NIO, XPeng and Li Auto all rose in the first quarter, up 7.79 percent, 9.14 percent and 22.3 percent, respectively.

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng-CnEVPost

Several prominent hedge funds reduced their positions in these three Chinese EV companies in the first quarter.

Bridgewater reduced its holdings in NIO by 40.53 percent, XPeng by 25.98 percent and Li Auto by 54.69 percent in the first quarter, according to Friday's Form 13F.

Renaissance cut its position in NIO by 0.16 percent, XPeng by 98.88 percent and Li Auto by 20.44 percent during the first quarter.

Bridgewater cuts positions in NIO, XPeng, Li Auto in Q1

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China became the world’s largest vehicle exporter in Q1 2023, surpassing Japan

By continents, Chinese vehicles are mainly exported to:
- Africa: Egypt and South Africa
- Asia: Saudi Arabia, India, Thailand, and Vietnam
- Europe: Russia and the UK
- North America: USA, Mexico, and the Caribbean
- South America: Brazil, Chile, Peru, and Ecuador

The post China became the world’s largest vehicle exporter in Q1 2023, surpassing Japan appeared first on CarNewsChina.com.

Bridgewater cuts positions in NIO, XPeng, Li Auto in Q1

Bridgewater reduced its holdings in NIO by 40.53 percent, by 25.98 percent and by 54.69 percent in the first quarter.

Bridgewater Associates, the world's largest hedge fund founded by renowned investor Ray Dalio, reduced its position in the Chinese electric vehicle (EV) trio in the first quarter, the second consecutive quarter it did so.

Bridgewater held 2,526,156 US-traded ADRs of NIO (NYSE: NIO) at the end of the first quarter, down 1,721,751 shares, or 40.53 percent, from 4,247,907 at the end of the fourth quarter, according to a Form 13F it filed with the SEC on Friday.

The value of Bridgewater's holdings in NIO was $26.55 million at the end of the first quarter, down $14.87 million, or 35.90 percent, from $41.42 million at the end of the fourth quarter.

Bridgewater's holdings in NIO decreased by 27.91 percent in the fourth quarter of last year. Prior to that, the fund's position in NIO had grown for five consecutive quarters.

At the end of the first quarter, Bridgewater's holdings in XPeng (NYSE: XPEV) stood at 1,501,493, a decrease of 527,119, or 25.98 percent, from the end of the fourth quarter.

The fund's holdings in XPeng were last valued at $16.68 million, a decrease of 17.27 percent from the end of the fourth quarter.

Bridgewater's holdings in XPeng decreased by 6.15 percent during the fourth quarter of last year. This followed three quarters of increased or unchanged holdings.

Bridgewater's holdings in Li Auto's US-traded ADRs were 792,442 shares at the end of the first quarter, a decrease of 956,375 shares or 54.69 percent from the end of the fourth quarter.

Bridgewater's Li Auto position had a value of $19.77 million at the end of the first quarter, a decrease of 44.58 percent from the end of the fourth quarter.

NIO, XPeng, and Li Auto all gained in the first quarter, up 7.79 percent, 9.14 percent, and 22.3 percent, respectively.

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng-CnEVPost

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng

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Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng

Renaissance reduced its position in NIO by 0.16 percent, by 98.88 percent and by 20.44 percent during the first quarter.

Renaissance Technologies LLC, one of the world's most prominent hedge funds, held its position in NIO (NYSE: NIO) steady during the first quarter, but reduced its holdings in XPeng (NYSE: XPEV) and Li Auto (NASDAQ: LI).

Renaissance held 10,791,394 US-traded ADRs of NIO at the end of the first quarter, down 17,200 shares or 0.16 percent from 10,808,594 at the end of the fourth quarter, according to a Form 13F filing on Friday.

Renaissance's holdings in NIO were worth about $113 million, up $8.03 million, or 7.62 percent, from $105 million at the end of the second quarter, as NIO shares rose in the first quarter.

The fund began its holdings in NIO in the second quarter of 2021, when it bought 5,293,900 shares. It reduced its holdings in NIO by 28.63 percent and 14.77 percent in the third and fourth quarters of last year, respectively.

While maintaining a flat position in NIO, the fund reduced its holdings in XPeng and Li Auto, particularly in XPeng, in the first quarter.

At the end of the first quarter, Renaissance held 81,929 shares of XPeng's US-traded ADRs, down 7,236,771, or 98.88 percent, from 7,318,700 shares at the end of the fourth quarter last year.

The fund's holdings in XPeng were valued at $910,000, down 98.75 percent from $72.75 million at the end of the fourth quarter.

Renaissance first bought XPeng in the third quarter of 2021.

The fund owned 8,111,300 shares of Li Auto at the end of the first quarter, down 2,083,700 shares or 20.44 percent from 10,195,000 at the end of the fourth quarter.

Its holdings in Li Auto were worth $202 million, down 2.69 percent from $208 million at the end of the fourth quarter.

Renaissance first bought Li Auto in the second quarter of 2021 and increased its position in the company in each subsequent quarter until the fourth quarter of last year, when it reduced its stake in the automaker by 17.91 percent.

During the first quarter, NIO gained 7.79 percent, XPeng gained 9.14 percent and Li Auto gained 22.3 percent.

Baillie Gifford trims holdings in NIO, Tesla slightly in Q1

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Toyota’s first electric sedan, the bZ3, sold 2,342 units in the first month after launching in China

Toyota bZ3 is the first EV jointly developed by Toyota and BYD, produced by FAW-Toyota's Tianjin factory and supplied to the Chinese market.

The post Toyota’s first electric sedan, the bZ3, sold 2,342 units in the first month after launching in China appeared first on CarNewsChina.com.

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