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.
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 vehicles. We established 'fast charging, long-life, and non-flammable' as our battery research & development goal back in 2008," said Yang Wu, CEO of Microvast, Inc. "Our products are now widely used in the public transport sector, will gradually be implemented in electric taxis, and eventually in electric cars." The company has supplied more than 15,000 hybrid and fully electric buses with battery systems, operating in more than 100 cities across six countries with over one billion kilometers traveled. MPS plans to launch its next generation products with higher energy density this year, and began construction on its Phase III production facility in Huzhou city in Zhejiang province in China. The plant's targeted production capacity is 11 gigawatt hour in phase …
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Shanghai-based Chinese electric vehicle maker NextEV has reportedly raised US$500 million from Sequoia Capital, Joy Capital and unnamed investors.
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 that entered the Chinese market earlier this year.
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 investment vehicle, Integrated Asset Management Asia Limited (IAMAL).
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.