Sequoia Capital China has led a RMB120 million (US$17.7 million) series A+ round in Beijing-based marketing firm Tikin Media.
China will launch a pilot electric vehicle battery recycling scheme in 17 cities and regions including the Beijing-Tianjin-Hebei region, Shanxi Province and Shanghai to help clean up the country’s environment.
Beijing Electric Vehicle Co., an electric vehicle subsidiary of the BAIC Group also known as BJEV, and Canadian automotive supplier Magna International Inc. has signed term sheets to set up two joint ventures for EV manufacturing and engineering.
Finally, one Chinese electric vehicle company has reached the critical moment of delivering its vehicles to face the real-life tests and inspections by consumers. NIO, a Shanghai-based EV unicorn with a reported valuation of between US$3 billion to US$5 billion, delivered its first batch of NIO ES8, a seven-seater electric SUV, today in Shanghai, NIO announced today.
Chinese new energy vehicle (NEV) start-up Singulato Motors has raised RMB3 billion (US$474 million) in a Series C round fundraising, the company announced.
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-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.
South Korea’s Mirae Asset Financial Group plans to raise a 280 billion won (US$264.8 million) fund to invest in Chinese ride-hailing platform Didi Chuxing Technology Co., according to Korean media reports.
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 largest car-hailing firm Didi Chuxing has invested in Shenzhen-based Yestock Car Rental Company Limited to become an "important shareholder," according to Yestock’s announcement.
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 …
Beijing has launched its first autonomous driving testing site for vehicle makers to conduct research and development.
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 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.
China’s tech giant Baidu Inc. is again losing artificial intelligence talent. Wu Xuebin, Baidu’s vice president in charge of autonomous driving has resigned, just as the company is accelerating its push into autonomous vehicles.
Chinese state-backed car maker Beijing Automotive Group’s (BAIC Group) will list its electric vehicle business unit, BAIC BJEV on the Shanghai Stock Exchange at a valuation of RMB28.8 billion (US$4.5 billion).
China continued to be a breeding ground for tech unicorns in 2017, with 22 private companies receiving a valuation of US$1 billion or more for the first time. The 2017 vintage unicorns boast a total valuation of US$37.3 billion, accounting for more than a third of the total newborn unicorns worldwide, and 38% in terms of valuation, China Money Network‘s data shows.
For China venture capitalists, 2017 was a big deal year. While overall VC activity kept the robust pace of a record 2016, the year of 2017 witnessed a large number of record-setting mega deals that defined the growth trajectory of China’s tech sector and made headlines worldwide.
Chinese Internet company Baidu Inc. is reportedly leading a new funding round of roughly RMB1 billion (US$140 million) in WM Motor, an electric vehicle start-up founded by Freeman Shen, the former chairman of Volvo Car Group China.
Chinese investors continue pouring money into autonomous driving technology in the hope of discovering the next Mobileye. In the latest example, Hangzhou-based venture capital firm Lanting Capital has led a series A round in Chinese autonomous driving technology firm Motovis.
Mainland China recorded robust venture capital activity in the third quarter, with the country taking half of the world’s ten largest venture capital deals during the period. Artificial intelligence (AI) was a leading sector for deal making, according to KPMG’s quarterly global report on venture capital trends.
"I’ve never seen two Chinese guys comparing (car) engines (like people do in Europe)," says Freeman Shen, founder of Chinese electric vehicle start-up WM Motor Technology Co., Ltd. "China doesn’t have a long driving culture…the car is more a tool for people to get from point A to B."
China has been working on a timetable to end the productions and sales of traditional gasoline-fueled cars, in a move to promote green vehicles and tackle the country’s grave pollution problems, the vice minister of Industry and Information Technology Xin Guobin said in an auto industry event in Tianjin over the weekend.
Chinese car maker Beijing Automotive Group’s (BAIC Group) electric vehicle business unit, BAIC BJEV, has raised a RMB11.1 billion (US$1.6 billion) series B round from 14 investors, including state-owned enterprises China Cinda Asset Management Co., Ltd. and Zhongji Investment, a firm co-founded by the Hebei provincial government.
Northern Light Venture Capital, Legend Star, and Longjitaihe Group’s Harmony Fund have led an angel round worth tens of million of RMB in Qingzhi Technology, a Tianjin-based start-up developing autonomous driving technology for commercial vehicles.
The number of new energy cars sold in China dropped 61% year-on-year to 5,423 in January, due to a 20% cut to purchase subsidies and negative impact from a week-long national holiday.
A new energy subsidiary of Beijing Automotive Group (BAIC Group) has delivered the first few battery-switch stations for EV taxi in Beijing, as China continues to fight against severe pollution in the country.
A unit of Chinese state-owned car maker BAIC Group is to reportedly lead a RMB300 million (US$45 million) new financing round in Beijing-based second-hand car trading platform Cheyipai, Chinese media reported.
Didi Kuaidi, a company that combines two leading Chinese taxi-hailing app makers Didi Dache and Kuaidi Dache, has established a strategic partnership with Beijing Automotive Industry Group Co., Ltd. (BAIC) to cooperate on areas including self-driving cars and new energy vehicles, the two companies announced during a press conference in Beijing yesterday. The companies will also work together on new technologies including Internet of Vehicles (IoV), a concept derived from Internet Of Things (IOT), and enterprise vehicle mobile apps. Didi …