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
Category: Automotive
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
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
Faraday Future Reportedly Seeks $1B To Protect Itself From LeEco Cash Crunch
Faraday Future, a Los Angeles based smart electric car company backed by Jia Yueting, founder of Chinese technology conglomerate LeEco, is reportedly seeking a new funding round of US$1 billion from large-scale investors including sovereign wealth funds, according to media reports citing insiders. Jia Yueting, who previously injected roughly US$500 million of his own money… Continue reading Faraday Future Reportedly Seeks $1B To Protect Itself From LeEco Cash Crunch
SAIC Capital Leads New Funding Round In SDC Materials
Tempe, Arizona-based automotive material maker SDC Materials, Inc. has completed an undisclosed round of new financing led by SAIC Capital, the venture capital investment arm of Chinese car maker SAIC Motor Corporation, according to a company announcement. Existing investors, including General Motors Ventures, BASF Venture Capital, Volvo Group Venture Capital, Invus Financial Advisors and Emerald… Continue reading SAIC Capital Leads New Funding Round In SDC Materials
Five Chinese Electric Vehicle Start-Ups That Could Rival Tesla
Across China’s 9.6 million square kilometers of land, there was never a shortage of ambition. So too with the electric vehicle revolution. Despite being a late comer to the EV craze, the country’s start-ups are not shy about aiming high. At least half-a-dozen Chinese EV start-ups – not including traditional car makers going green –… Continue reading Five Chinese Electric Vehicle Start-Ups That Could Rival Tesla
eBaoyang Completes $20M Series B Round Led By Beijing Kunlun
Beijing-based O2O (online-to-offline) automobile maintenance service provider eBaoyang has received US$20 million series B financing led by Shenzhen-listed online gaming firm Beijing Kunlun Technology Co., Ltd., according to Chinese media reports. Beijing Kunlun invested US$11 million, while existing investor Source Code Capital also participated. Founded in January 2014, eBaoyang launched its services in May 2014.… Continue reading eBaoyang Completes $20M Series B Round Led By Beijing Kunlun