In this episode of China Money Podcast, our host Nina Xiang talks to reporter Viola Zhou, about Tesla Motor’s China expansion and the challenges the innovative American company is likely to face in the world’s largest automobile market.
Croatian high-performance electric vehicle developer Rimac Automobili says it has completed €10 million (US$12.3 million) series A financing from three investors including Hong Kong-listed Chinese electric vehicle and battery maker China Dynamics (Holdings) Limited, according to a company announcement. The other two investors are the CEO and chairman of oil and gas company Petrotesting Colombia, S.A., Frank Kanayet Yepes, who acquired 6% of the company, and Hong Kong businessman Tak Cheung Yam, who took a 2% stake via his personal …
Beijing-based Chinese online video company LeTV Holdings Co., Ltd. plans to build electric cars in China to fight against the country’s worsening air pollution, according to the Weibo account of the company’s chairman Jia Yueting. The move will see the Shenzhen-listed online video firm compete directly with Chinese car makers including BYD Auto, SAIC Motor Corporation, Brilliance Auto Group and Beijing Automotive Group, which produces their own models of electric vehicles, as well as U.S. electric car maker Tesla Motors …
Shanghai-based Chinese electric vehicle maker NextEV has reportedly raised US$500 million from Sequoia Capital, Joy Capital and unnamed investors.
Shenzhen-listed mini-pumps and garden machines maker Leo Group Co., Ltd. has agreed to join seven other investors to inject RMB780 million (US$121 million) in a smart electric vehicle start-up established by Li Xiang, the founder of New York-listed Autohome Inc.
Go Scale Capital, Zhejiang VIE Science & Technology and Tianjin THSG Corporation have led a US$70 million new financing round in Protean Electric, an in-wheel electric drive system developer, according to a company announcement.
After opening its first showroom in Beijing in November 2013, Tesla has been expanding in the Chinese market for three years. Its Model S and Model X are regularly seen on the streets of Beijing and Shanghai, and Tesla Supercharger stations have dotted major cities in the country.
Asian institutional investors should lower their oil and other fossil fuel-related assets in their investment portfolios, as electric vehicles will become a cost-competitive alternative to internal combustion engine-powered vehicles by the mid-2020s, says a report released by the World Wide Fund for Nature Hong Kong.
The private equity investment unit of Chinese investment banking firm China Renaissance Holdings Ltd. has led a series A funding round in Kaiyun Auto, a start-up focused on developing electric pickup trucks for rural consumers in China.
Provinces across China are vying to attract electric vehicle companies and projects, positioning themselves to benefit most as China aspires to become a world leader in electric vehicle innovation.
NextEV has reportedly raised an undisclosed funding round led by Singapore’s Temasek Holdings, with participation from global private equity giant TPG, Chinese investment firm Hopu Investment Management and China’s Lenovo Group, according to Chinese media reports.
Across China’s 9.6 million square kilometers of land, there was never a shortage of ambition. So too with the electric vehicle revolution. Despite being a late comer to the EV craze, the country’s start-ups are not shy about aiming high. At least half-a-dozen Chinese EV start-ups – not including traditional car makers going green – have made Tesla their primary benchmark and chief competitor.
Menlo Park, California-based Lucid Motors, an electric car start-up backed by China’s LeEco, Tsing Capital and others, has priced its all-electric car Lucid Air at US$60,000 for a 400-horsepower rear-wheel drive version of the sedan with a 240 miles range.
Ding Lei, co-founder and chief executive officer of China of LeEco’s electric car affiliate Le Supercar, has left the company due to personal health issues, the executive disclosed on his Weibo account today.
CITIC Securities has led a US$400 million funding round in Microvast Power System (MPS), an electric vehicle power system solutions provider and a subsidiary of U.S. and China-based Microvast. China’s CDH Investment, National Venture Capital and other unnamed investors also participated in the round. MPS is a vertically integrated developer and manufacturer of advanced electric vehicle power system solutions, based on the company’s fast charging, long-life, and non-flammable lithium-ion battery systems. “MPS was founded to provide power solutions for electric …
Aston Martin Lagonda Ltd, a British luxury sports car manufacturer, has suspended a previously announced partnership with struggling Chinese tech company LeEco to jointly develop electric vehicles for the global markets.