The company believes a technology-heavy owner experience, supported by the phone’s more than 30 car-specific features, will give it an edge in a sizzling but crowded market.
Nio plans to raise US$1 billion via convertible senior notes, as it seeks to reduce debt and strengthen its balance sheet amid escalating competition and rising losses.
The vast European market and its surging EV adoption rate will be a catalyst for Chinese EV makers’ go-global push, the bank says.
Volkswagen-backed Gotion’s factory in Gottingen is expected to reach a production capacity of 5GWh by mid-2024 and 20GWh when fully complete. It is also building plants in the US states of Illinois and Michigan.
Chinese electric vehicle builders hit a roadblock after the European Commission launched an anti-subsidy investigation last week, which is likely to affect annual exports of more than 2 million battery-powered vehicles projected to be sold in the continent by 2030.
Beijing has mobilised 39 business delegations to ensure the purchase of goods and services at the China International Import Expo, in its latest effort to maintain strong economic ties with foreign businesses and head off any chance of a decoupling with the West.
The ongoing transition to electric vehicles (EVs) will gather pace globally as battery costs – which make up as much as 40 per cent of the production cost of a typical EV – decline faster, dealing a further blow to sales of conventional petrol cars.
‘The revival of the MG brand shows China’s rising manufacturing might in the automotive sector,’ an analyst says, as SAIC leads the country’s push to overtake Japan in annual car exports this year.
Yangshan deep water port in Shanghai aims to expand handling capacity of its automated container terminal to reduce vessels’ waiting time and operating costs for ocean carriers amid a trade slowdown in China.
Trip.com Group, China’s largest online travel agency, does not expect a stalled national economy to halt its pursuit of annualised growth of up to 20 per cent over the next three to five years.
Amid frantic competition, makers have reduced prices again to lure buyers, but the cuts could be the last for a while as sales are already strong and margins are thin, according to analysts.
Chinese electric vehicle (EV) battery producer Eve Energy ties up with three foreign partners, including Daimler Truck, to build a factory in the US, a move that stamps China’s authority in manufacturing key components for EVs.
Tesla reached another milestone in China on Wednesday after its Gigafactory 3 in Shanghai rolled out its two-millionth vehicle, an achievement that the US carmaker views as a triumph for itself and its Chinese suppliers.
The Shanghai Stock Exchange has signed an agreement with the operator of the Saudi Arabian bourse to foster closer ties, in a sign that a recent flurry of cooperation between China and the Gulf nation has extended into the financial area.
China’s package of relief measures to support the property sector triggered a home-buying spree over the weekend as hundreds of families in Beijing and Shanghai took advantage of lower down payments and mortgage rates.
Swire Properties will shell out a total of 9.7 billion yuan (US$1.3 billion) to bid for stakes in two state-owned companies in Shanghai that own two prime sites in the city’s Pudong New Area.
The eight-day National Day holiday season promises to deliver a windfall for China’s tourism industry. Pent-up demand could overwhelm capacity, allowing hotel operators to raise prices by as much as 10 times, some of them said.
Li Auto and BYD, two of China’s top electric vehicle marques, broke monthly sales records in August as they benefited from a release of pent-up demand in the world’s largest EV market.
The expansion is the latest sign that China’s 5 trillion yuan (US$688.2 billion) tourism industry is on the mend after authorities scrapped all the Covid-19 travel and quarantine rules late last year.
The new basic edition of the Model 3 is priced at 259,900 yuan (US$35,783) and can go as far as 606km on a single charge. Tesla’s sales fell 58 per cent month on month in July.
The developer of an unfinished residential complex in downtown Shanghai facing a potential mortgage boycott has resumed construction amid pressure from local authorities.
The Shanghai-based start-up has raised 7 billion yuan (US$960 million) in pre-IPO financing as it gears up to tap the Southeast Asia market.
Chinese EV start-up Nio predicts its deliveries will soar by as much as 80 per cent as it reported a net loss for the second quarter that had widened by 27.8 per cent on the year to 6.1 billion yuan (US$836 million).
The Warren Buffett-backed carmaker’s second-quarter profit jumped 145 per cent to US$933 million, in line with market expectations. Deliveries rose 98 per cent to a record 703,561 units.
The US$744 million deal enables Xpeng to take advantage of Didi’s business platforms for promotion while helping Didi dodge the cutthroat EV market, an analyst says.
Shanghai is unlikely to take drastic action to revive the city’s stuttering property sector, even as Chinese policymakers announced several measures to prop up the vital economic pillar, sources said.
State-owned Changan Automobile said it plans to build an EV plant in Thailand, becoming the latest Chinese carmaker to invest in the Southeast Asian market amid cutthroat domestic competition.
Nammi EVs will aim to compete with, and essentially seek to replicate the success of the Hongguang Mini EV, an electric car developed by SAIC-GM-Wuling.
Kerry Properties has broken ground on a massive mixed-use project in Shanghai, just two months after it won a tender for a prime site in the city centre.
Geely Auto, China’s largest privately owned carmaker, is betting on a strategy of price reductions as it plays catch-up with EV market leaders such as Tesla.