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 . China sold 777,000 new energy cars in 2017, representing a 53.3% growth compared with 2016. More than 80%… Continue reading China Tops World Electric Car Sales For Third Straight Year
Author: China Money Network Online News
Alibaba Accelerates Autonomous Driving Research, Following In Footsteps Of Baidu And Tencent
Alibaba Group Holding Ltd. is accelerating its research and development of autonomous driving technology, and is looking to recruit more than 50 people to build up its team, people familiar with the matters told China Money Network. The news comes a week after Alibaba’s rival Tencent Holdings Ltd. set up a joint venture with Chinese automobile manufacturer… Continue reading Alibaba Accelerates Autonomous Driving Research, Following In Footsteps Of Baidu And Tencent
Hellobike Raises $700M Round From Ant Financial And Fosun
Chinese bike sharing firm Hellobike has raised a new financing round of US$700 million from existing investors including Ant Financial and Fosun Group, as well as seven new investors, according to Chinese local media.Hellobike, Ant Financial and Fosun did not immediately respond to China Money Network’s emails seeking for comments. The deal further complicates the… Continue reading Hellobike Raises $700M Round From Ant Financial And Fosun
Tencent, Changan Automobile Launch Connected Vehicle Platform Joint Venture
Chinese Internet giant Tencent Holdings Ltd. has set up a joint venture with Chinese automobile manufacturer Changan Automobile Co., Ltd. to co-develop autonomous driving technologies and connected vehicle platforms. It marks Tencent’s latest move in the automotive sector to rival Alibaba and Baidu. Last November, Tencent partnered with five automakers including Changan, GAC Group, Geely, BYD… Continue reading Tencent, Changan Automobile Launch Connected Vehicle Platform Joint Venture
China Issues National Autonomous Vehicle Rules In Bid To Catch US
China has released its first national guidelines on road tests for autonomous vehicles, a key step in a wider effort to promote development of the technology. The U.S., which is currently well ahead of China in terms of AV testing, currently depends on regulations at the state level. Until today, only Chinese cities such as… Continue reading China Issues National Autonomous Vehicle Rules In Bid To Catch US
Alibaba-backed Electric Vehicle Maker Xiaopeng Plans $2.7B Funding For Expansion
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. The news came two months after the firm raised RMB2.2 billion (US$348 million) in a series B round led by Alibaba… Continue reading Alibaba-backed Electric Vehicle Maker Xiaopeng Plans $2.7B Funding For Expansion
Meituan Confirms $3.7B Mobike Acquisition To Strengthen Its Mobility Offerings
Wang Xing, CEO of Chinese group-buying and location-based services firm Meituan Dianping, has confirmed Meituan’s acquisition of bike sharing firm Mobike in an internal letter reported by local media. China Money Network yesterday reported Meituan was in talks to buy Mobike for US$3.7 billion, including the assumption of debt of US$1 billion. Meituan did not… Continue reading Meituan Confirms $3.7B Mobike Acquisition To Strengthen Its Mobility Offerings
Ant Financial Joins $350M Round In Chinese Bike Sharing Firm Hellobike
Chinese bike sharing firm Hellobike has raised a US$350 million series D round from Alibaba Group Holding Ltd’s financial services affiliate Ant Financial, electric vehicle developer WM Motor, Chengwei Capital and bike manufacturer Fujita. It marks the first funding round after the company merged with Shanghai Stock Exchange-listed bike rental firm Youon Bike two months… Continue reading Ant Financial Joins $350M Round In Chinese Bike Sharing Firm Hellobike
Another Chinese EV Maker Raises Massive Funding Round At Unicorn Valuation
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… Continue reading Another Chinese EV Maker Raises Massive Funding Round At Unicorn Valuation
China-backed EV Maker SF Motors Unveils Two Models For US Production
The list of China-backed electric vehicle (EV) manufacturers operating in Silicon Valley has a new member, as SF Motors unveiled two new EV models at a launch event in California last week. This newcomer is a subsidiary of Shanghai Stock Exchange-listed China Chongqing Sokon Industry Group Co., Ltd., which produces mini trucks, mini buses, multi-purpose… Continue reading China-backed EV Maker SF Motors Unveils Two Models For US Production