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
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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
CITIC Securities Leads $400M Round In EV Battery Maker Microvast
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… Continue reading CITIC Securities Leads $400M Round In EV Battery Maker Microvast
Chinese Bike Rental Firm Ofo Increases Bike Deposits To RMB199 From RMB99
Beijing-based bike rental company ofo today increased the deposit new users must pay to borrow bikes to RMB199 (US$29) from RMB99 (US$14.5) previously. Despite the increase, ofo’s deposit price remains significantly less than the RMB299 deposits required by rival Mobike. ofo can charge a smaller deposits because its bright yellow bikes are relatively cheap to… Continue reading Chinese Bike Rental Firm Ofo Increases Bike Deposits To RMB199 From RMB99
Tencent Leads $85M Series C Round In Renrenche.Com
Beijing-based online used car marketplace RenRenChe.com has completed US$85 million series C financing led by Tencent Holdings Limited, according to an announcement posted on the company’s Weibi account. Existing investors Lei Jun, who is the founder of Chinese smartphone maker Xiaomi Inc, as well as Ceyuan Ventures, Shunwei Capital, and Redpoint Ventures also participated in… Continue reading Tencent Leads $85M Series C Round In Renrenche.Com
Tesla Said To Eye Guangdong Car Plant In China
U.S. electric car maker Tesla Motor Inc. may set up a production base in Guangdong province via a wholly owned enterprise in the Chinese manufacturing and assembly hub, Chinese media reported citing insiders. The plan still needs local government approval and may be subject to change. Tesla has been seeking ways to establish local production… Continue reading Tesla Said To Eye Guangdong Car Plant In China
Tencent Leads $600 Million Series E Financing Round In Mobike
Chinese bike rental firm Mobike has raised over US$600 million in a series E financing round led by Tencent Holdings Ltd., the largest financing round to date in the bike sharing space, the firm announced today. It brings the company’s total fundraising this year to nearly US$1 billion. The round was joined by existing investors… Continue reading Tencent Leads $600 Million Series E Financing Round In Mobike