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Daniel Ren
Daniel Ren
Shanghai
Shanghai Bureau Chief
Daniel Ren is the SCMP's Shanghai bureau chief. A Shanghai native, Daniel joined the SCMP in 2007 as a Business reporter.

The global automotive industry is making a “strategic transformation” towards electrification, said Gou Ping, vice-chairman of the State-owned Assets Supervision and Administration Commission.

Fosun Tourism Group, the leisure and tourism unit of Chinese conglomerate Fosun International, is courting both domestic and international investors in a move that is in line with its asset-light strategy.

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The two companies aim to churn out EV batteries that can last for as long as 15 years, nearly double the current average lifespan, which could help EV users save tens of thousands of yuan, they say.

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The world’s largest EV maker is taking the offensive in a market-share battle, with rivals including Xpeng, Zeekr and SAIC-GM-Wuling also slashing prices.

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The Chinese smartphone maker, which has started taking orders for its maiden EV model, will start deliveries on March 28. The market estimates the car to be priced from 200,000 yuan (US$27,865) to 370,000 yuan.

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Chinese electric vehicle (EV) maker Xpeng plans to launch its first right-hand drive model in the second half of this year as it accelerates its push to go global, targeting markets such as Hong Kong and Southeast Asia.

Shanghai’s housing market looks set to continue its downward slide due to a lack of buying interest, as would-be buyers wary of a gloomy economic outlook continue to feel uneasy about the current high property prices.

The US carmaker’s Gigafactory in Shanghai handed over 30,141 Model 3s and Model Ys to mainland customers last month, a year-on-year decline of 24.4 per cent, according to China Passenger Car Association data.

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The Shanghai-based carmaker expects to hand over 31,000 to 33,000 EVs to mainland Chinese customers between January and March, down 34.1 to 38.1 per cent from the fourth quarter of 2023.

Chinese electric-vehicle (EV) maker Leapmotor has joined the widening discount war on the mainland, pricing its new SUV as much as 17 per cent lower than originally planned.

The decline ‘bodes ill’ for the market as a bruising price war may be imminent, sales executive says. EV makers are grappling with fiercer competition amid a drop in demand and signs of overcapacity.

The US$77,764 Li Mega, Beijing-based Li Auto’s first pure-electric model, has a range of 710 kilometres. It costs nearly twice as much as market leader General Motors’ petrol-powered competitor.

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Volkswagen has signed an agreement with Chinese EV maker Xpeng to jointly develop two mid-sized battery-powered vehicles for the highly competitive mainland market in 2026.

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Some 76 per cent of the funds were invested in ETFs tracking the underlying CSI 300 Index, while the rest went into ETFs linked to CSI’s small-cap indices, UBS said after analysing daily data in 54 ETFs.

Geely’s premium electric-vehicle unit Zeekr has cut prices by 10 per cent, joining the fray against mainland Chinese rivals after BYD fired the first salvo this month.

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Operator of Hong Kong’s largest power utility was buoyed by turnaround in fair value related to forward energy contracts, but still missed estimates for profit, revenue.

The Warren Buffett-backed carmaker is accepting bookings for the 1.68 million yuan (US$233,400) supercar with a deposit of 300,000 yuan. Deliveries are expected to start in the summer.

The company, a division of British sports car company Lotus Group in which Chinese carmaker Zhejiang Geely Holding owns a majority stake, will focus on the premium segment despite cheap models dominating the mainland EV market.

The Hong Kong Association of Banks, which represents all 160 banks in the city, also pledged to ensure personal data privacy as it steps up the mitigation of fraud risks.

Haomo.AI, an autonomous driving technology start-up backed by Great Wall Motor, has raised 100 million yuan (US$13.9 million) in a new round of financing buoyed by Chinese drivers’ growing appetite for intelligent vehicles.

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Analysts says lower battery costs are enabling EV makers to discount prices amid tougher competition and efforts to take more share from petrol car manufacturers.

Chinese electric vehicle (EV) maker Xpeng will spend a record 3.5 billion yuan (US$486 million) in 2024 and hire 4,000 new workers, as it unveils plans to churn out 30 new models over the next three years.

Shanghai-based Human Horizons told its employees on Sunday that it was implementing a six-month suspension of its luxury HiPhi brand, effective immediately, according to local financial media outlet Jiemian.

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Owners of commercial properties in Shanghai are under pressure to cut rents to support restaurants and retailers facing the daunting task of sustaining their businesses amid lacklustre consumer demand.