China Tech Digest: ByteDance’s Valuation Closes To $400bn; Volkswagen May Buy Carbon Credits

London, United Kingdom - October 05, 2018: Close-up shot of musical.ly Inc.'s popular app TikTok - including musical.ly.

ByteDance’s valuation is reported to be close to US$400 billion

Several people familiar with the matter said today that for private equity investors, the valuation of ByteDance, the parent company of Douyin, is approaching US$400 billion.

If the news is accurate, the new valuation is almost three times the valuation of Bytedance after its series C round financing in March 2020, which was US$140 billion.

NIO delivered 20,060 vehicles in the first quarter, a year-on-year increase of 423%

NIO announced that it had delivered 20,060 vehicles from January to March this year, an increase of 423% year-on-year; in March, it delivered 7,257 vehicles, an increase of 373% year-on-year. As of March 31, the cumulative delivery of ES8, ES6 and EC6 reached 95,701.

Xiaopeng Motors delivered 5,102 vehicles in March, an increase of 384% year-on-year

Xiaopeng Motors stated that it delivered 5,102 vehicles in March, and the delivery volume in March increased by 384% year-on-year and 130% month-on-year; it delivered 13,340 cars in Q1 of 2021, an increase of 487% year-on-year. The company plans to launch its third model in the second quarter.

Alibaba Group: The core mission of the MMC business group is to digitally upgrade 6 million mom-and-pop stores

Dai Shan, a partner of Alibaba Group, published an open letter on Alibaba’s intranet that Alibaba established the MMC business group on March 1, opening up a new battlefield. The core mission of the business group is to digitally upgrade 6 million mom-and-pop stores, so that stores have stronger digital capabilities to serve surrounding consumers.

Volkswagen may buy carbon credits from Tesla in China

According to reports, Volkswagen will purchase carbon credits from Tesla in China to comply with environmental regulations.

TSMC will invest US$100 billion in three years to increase production capacity

TSMC said in a statement in response to local media reports: “TSMC expects to invest US$100 billion in the next three years to increase production capacity and support the manufacturing and R&D of advanced semiconductor technologies. TSMC is working closely with customers in a sustainable manner so as to satisfy their needs."

(China Money Network’s articles are curated and translated from credible Chinese media organizations with established brands, experienced editorial teams, and trustworthy journalism practices. However, we are not responsible for the accuracy of the information. For any questions, please reach out to our editorial department.)

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