Volkswagen To Invest $12B To Launch 40 EV Models In China By 2025

Automotive manufacturer Volkswagen AG has said it will invest over US$12 billion by 2020 with its Chinese partners to launch as many as 40 new electric and hybrid vehicle models in China by 2025. The first of the new models could enter the Chinese market as early as next year, Jochem Heizmann, the head of… Continue reading Volkswagen To Invest $12B To Launch 40 EV Models In China By 2025

China’s Baidu Rumored To Lead $140M Round In Electric Vehicle Start-up WM Motor

Chinese Internet company Baidu Inc. is reportedly leading a new funding round of roughly RMB1 billion (US$140 million) in WM Motor, an electric vehicle start-up founded by Freeman Shen, the former chairman of Volvo Car Group China. Tencent Holdings Ltd., which also backs WM Motor’s rival NIO, is reportedly aiming to co-lead the round, according… Continue reading China’s Baidu Rumored To Lead $140M Round In Electric Vehicle Start-up WM Motor

China’s Tencent Reported To Lead $1B Round In Chinese EV Firm NIO

Chinese Internet giant Tencent Holdings Ltd. has led a new funding round worth over US$1 billion in NIO, a Shanghai-based electric vehicle company founded by a top Chinese automobile executive. A number of investors including U.K.-based Baillie Gifford, American Lone Pine Capital, China’s CITIC Capital and China Asset Management Ltd. also participated in the round,… Continue reading China’s Tencent Reported To Lead $1B Round In Chinese EV Firm NIO

Ford, Zotye Automobile To Establish China Electric Vehicle Joint Venture

Ford Motor Co has signed a memorandum of understanding with China’s Anhui Zotye Automobile Co., Ltd. to jointly manufacturing all-electric vehicles in China. Under the agreement, a 50-50 joint venture will develop, produce, market and service a new line of all-electric passenger vehicles. The vehicles will be marketed under an indigenous brand name owned by… Continue reading Ford, Zotye Automobile To Establish China Electric Vehicle Joint Venture

BAIC’s Electric Vehicle Unit Raises $1.6B In Series B Round

Chinese car maker Beijing Automotive Group’s (BAIC Group) electric vehicle business unit, BAIC BJEV, has raised a RMB11.1 billion (US$1.6 billion) series B round from 14 investors, including state-owned enterprises China Cinda Asset Management Co., Ltd. and Zhongji Investment, a firm co-founded by the Hebei provincial government. The round values BJEV at RMB28 billion (US$4.2… Continue reading BAIC’s Electric Vehicle Unit Raises $1.6B In Series B Round

China’s BAIC Group Launches EV Battery-Swap Station Network In Beijing

A new energy subsidiary of Beijing Automotive Group (BAIC Group) has delivered the first few battery-switch stations for EV taxi in Beijing, as China continues to fight against severe pollution in the country. The stations form the largest network in the world for electric taxi battery charging and swapping, BAIC BJEV said in a statement.… Continue reading China’s BAIC Group Launches EV Battery-Swap Station Network In Beijing

Tencent Partners With Guangzhou Automobile Group To Break Into Automotive Industry

Tencent Holdings Ltd. has signed a strategic partnership agreement with Guangzhou Automobile Group Co., Ltd. to discuss possible cooperation in automobile e-commerce, automobile insurance and new energy vehicles, according to a statement issued by Guangzhou Automobile Group. The agreement with Guangzhou Automobile Group, whose shares traded on Hong Kong and Shanghai stock exchanges soared on… Continue reading Tencent Partners With Guangzhou Automobile Group To Break Into Automotive Industry

Go Scale Capital Joins $70M New Funding Round In Protean Electric

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. Existing investors Oak Investment Partners and GSR Ventures also participated in the round. The new funding will be used to ramp… Continue reading Go Scale Capital Joins $70M New Funding Round In Protean Electric

China Harmony New Energy Auto’s After-Sales Unit Raises $41M

Hong Kong-listed China Harmony New Energy Auto Holding Ltd. has completed a spin-off of an after-sales unit, which has reached agreements to received RMB280 million (US$41 million) from a few strategic investors, according to a disclosure filing. Automobile industry-focused investment firm Leaguer Auto and Aotuo Investment have agreed to invest in Independent Aftersales Company, an… Continue reading China Harmony New Energy Auto’s After-Sales Unit Raises $41M

China’s Online Food Ordering Market Matures With 75% Penetration Rate

Over 75% of China’s netizens have ordered food online or via mobile apps, up from 35% two years ago, says a new research report by Tencent Holdings Ltd. In comparison, the penetration rate for online food delivery in the U.S. is at around 5%, according to a recent Morgan Stanley research report. The convenience of… Continue reading China’s Online Food Ordering Market Matures With 75% Penetration Rate