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.

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 …

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 …