China’s new energy car sales have topped the world for the third consecutive year, with 777,000 such cars sold in 2017, representing 54.7% of the world’s total sales, according to a report by state-owned media People.cn .
Alibaba Accelerates Autonomous Driving Research, Following In Footsteps Of Baidu And Tencent
Alibaba Group Holding Ltd. is accelerating its research and development of autonomous driving technology, and is looking to recruit more than 50 people to build up its team, people familiar with the matters told China Money Network.
Hellobike Raises $700M Round From Ant Financial And Fosun
Chinese bike sharing firm Hellobike has raised a new financing round of US$700 million from existing investors including Ant Financial and Fosun Group, as well as seven new investors, according to Chinese local media.
China Issues National Autonomous Vehicle Rules In Bid To Catch US
China has released its first national guidelines on road tests for autonomous vehicles, a key step in a wider effort to promote development of the technology. The U.S., which is currently well ahead of China in terms of AV testing, currently depends on regulations at the state level.
Tencent, Changan Automobile Launch Connected Vehicle Platform Joint Venture
Chinese Internet giant Tencent Holdings Ltd. has set up a joint venture with Chinese automobile manufacturer Changan Automobile Co., Ltd. to co-develop autonomous driving technologies and connected vehicle platforms.
Former Alibaba Executive Kangming Deng Joins Auto Retail Services Platform Chehaoduo
Chehaoduo, a Chinese auto retail services platform formerly known as Guazi, announced today that Alibaba Group senior vice president Kangming Deng has joined the company as executive president and deputy chairman of the board of directors.
Alibaba-backed Electric Vehicle Maker Xiaopeng Plans $2.7B Funding For Expansion
Alibaba-backed Chinese electric vehicle maker Xiaopeng Motors plans to raise RMB17 billion (US$2.7 billion) this year to expand its business, its CEO He Xiaopeng said in an interview at the Boao Forum in China.
Chinese Car Rental Firm eHi Car To Be Taken Private By CEO-Led Consortium For $938M
Chinese car rental company eHi Car Services Limited (NYSE: EHIC) announced that it has entered into a definitive agreement to be taken private by a consortium led by eHi Car’s CEO, Ray Ruiping Zhang, for US$937.5 million.
Meituan Confirms $3.7B Mobike Acquisition To Strengthen Its Mobility Offerings
Wang Xing, CEO of Chinese group-buying and location-based services firm Meituan Dianping, has confirmed Meituan’s acquisition of bike sharing firm Mobike in an internal letter reported by local media.
Chinese IoT Firm G7, Logistics Firm GLP Teams Up With NIO Capital To Form Autonomous Trucks JV
Chinese Internet-of-Things (IoT) firm G7 and logistics firm GLP have teamed up with NIO Capital, a private equity fund backed by Chinese electric vehicle maker NIO focused on investment in the new energy vehicle industry chain, to form a technology joint venture developing smart trucks.
Ctrip Expands To Ride Hailing As Latest New Entrant To Crowded Sector
Chinese online travel service provider Ctrip.com International, Ltd. (NASDAQ: CTRP) has obtained a ride hailing license from Tianjin Municipal Transportation Commission to operate ride hailing business nationwide, the company said in an official statement.
Another Chinese EV Maker Raises Massive Funding Round At Unicorn Valuation
Another Chinese electric vehicle maker has raised a massive funding round at unicorn valuation, making China the top country by far in producing electric vehicle (EV) unicorns. China is now the only country with EV manufacturing start-ups with valuations of US$1 billion or more. Moreover, China has six EV unicorns with combined valuation of nearly US$20 billion, compared to zero such firms in the U.S. or anywhere else.
First Tencent Autonomous Vehicle Spotted As Chinese AV War Intensifies
Tencent Holding Ltd. appears to be making good on its promise to compete against rival Baidu in the field of autonomous vehicles.
China-backed EV Maker SF Motors Unveils Two Models For US Production
The list of China-backed electric vehicle (EV) manufacturers operating in Silicon Valley has a new member, as SF Motors unveiled two new EV models at a launch event in California last week.
Alibaba’s Mapping Unit AutoNavi Declares War On Didi Via Launch Of Carpooling Business
Alibaba’s mapping unit, AutoNavi Holdings Ltd. also known as Gaode Map, has launched its own carpooling business, starting in Chengdu and Wuhan initially with plans to roll out nationally.
SF Express To Use Drones for Delivery In China’s Remote Regions
SF Express, one of China’s biggest express delivery companies, announced its subsidiary Jiangxi Fengyu Shuntu Technology Co. Ltd. has secured China’s first experimental drone operating license from the East China Regional Administration of the Civil Aviation Administration of China (CAAC).
Uber Sells Southeast Asia Business In Exchange For 27.5% Stake Of Grab
U.S. ride hailing leader Uber announced that it will be withdrawing from the Southeast Asia market. Singapore-based Grab Taxi, Southeast Asia’s largest ride hailing company, is acquiring Uber’s ride share and food delivery businesses in the region, the company announced.
Failing To Pay Deposits, Chinese Bike-sharing Start-up Xiaoming Bike Plans Bankruptcy
Chinese consumers have another way to lose money, by paying deposits to bike sharing startups that go belly up. The latest example is Chinese bike-sharing firm Xiaoming Bike, which plans to file for bankruptcy after failing to pay back customer deposits.
Beijing Issues First License to Test Autonomous Cars Despite Fatality In US
Beijing has issued its first licence for testing autonomous vehicles on city roads, just days after the first known fatal accident involving an AV and a pedestrian in the U.S.
Chinese EV Firm CHJ Automotive Secures $473M, Teams Up With DiDi Chuxing
Chinese electric vehicle start-up CHJ Automotive announced the completion of a series B investment round worth RMB3 billion (US$473 million), led by Matrix Partners China and a new energy vehicle under Shougang Fund, an investment platform backed by state-held steel company Shougang Group.
Faraday Future Seen Expanding In China Despite Downsizing In US
Faraday Future, the U.S.-based electric car start-up founded by embattled Chinese entrepreneur Jia Yueting, appears to be expanding in China. This comes despite downsizing at its U.S. operations and the collapse of Jia’s China-based conglomerate LeEco.
China’s Didi Takes Risky Road By Issuing First Asset Backed Securities
Chinese car-hailing start-up Didi Chuxing announced that it has gained approval from the Shanghai Stock Exchange (SEE) to issue RMB10 billion (US$1.58 billion) in asset-backed security (ABS) products to fund its supply chain. The move, the first of its kind in China, marks a new and possibly risky way for Didi, and other companies, to expand their business.
Didi Chuxing, BAIC Group To Cooperate On Chinese Electric-car Fleets
China’s ride-hailing service provider Didi Chuxing has announced a strategy partnership with state-owned car maker Beijing Automotive Group Co., Ltd (BAIC Group) to strengthen cooperation on new-energy-vehicle sharing services. “Electric vehicles play a key role in the mobility industry,” said Cheng Wei, founder and CEO of Didi Chuxing. “Shared mobility, new energy vehicle networks, and new AI driving technologies are integrally linked to each other.” Didi and BAIC Group will cooperate in the areas of energy vehicle fleet operation, big …
Germany’s Continental and Chinese Auto Parts Maker CITC Team Up To Develop Hybrid Battery Systems
Continental AG (CON.XE), a German automotive supplier, said it plans to set up a joint venture with Chinese auto parts maker Sichuan Chengfei Integration Technology Co. to develop and manufacture 48-volt battery systems for cars.
Ofo Borrows $280M From Alibaba As Financial Troubles Escalate At Bike Sharing Firm
In a sign of financial distress derived from shareholder disagreements, bike sharing company Ofo has mortgaged its own bicycles in order to receive two loans worth RMB1.77 billion (US$280 million) from Alibaba’s affiliates, according to data from the National Enterprise Credit Information Publicity System.
Chinese Government Accelerates Road Tests For Autonomous Vehicles
The Chinese government is catching up with its automakers in the effort to produce road-tested autonomous vehicles. The city of Shanghai issued licenses to auto makers on Thursday that allow testing of self-driving vehicles on public roads for the first time. One licence went to Shanghai-based SAIC Motor Corp Ltd, and the other went to electric vehicle start-up NIO. Chinese companies have been among the most aggressive developers of autonomous vehicle technology, with companies like NIO, SAIC, Baidu and JingChi …
Chehaoduo, Formerly Guazi, Raises $818M Series C Round Led By Tencent
Chehaoduo, a Chinese auto retail services platform formerly known as Guazi, has raised US$818 million series C round of financing led by Tencent Holdings Ltd.
Wang Jin Resigns From Chinese Autonomous Driving Start-Up JingChi As Baidu Sues Founder
Wang Jin, founder and CEO of autonomous driving startup JingChi Inc. has reportedly stepped down from the company. The move is believed to be in response to a trade secrets lawsuit filed by Baidu Inc. against Wang and JingChi, according to Chinese media reports.
China Automaker Geely Becomes Biggest Shareholder Of Daimler, Seeks Tech Alliance
Chinese car maker Zhejiang Geely Holding Group Co. has built up a 9.7% stake in Daimler AG, the parent company of Mercedes-Benz, in a move that seeks to establish a technology alliance between the Chinese and German automakers.
Exclusive: Electric Vehicle Firm Byton To Raise New Round From Chinese State Investor At $1.2B Valuation
China officially has five electric vehicle companies valued at US$1 billion or more, as China Money Network has learned that Byton, an EV start-up rooted in China, is currently seeking a new financing round at a minimum valuation of US$1.2 billion.
Didi Chuxing Enters Crowded Car Sharing Service As It Furthers Expansion
Didi Chuxing launched its car sharing platform today, as it continues to expand from its core ride sharing business to new sectors including bus sharing, bike sharing, car rental, online car sales and after-sales services.