GO Scale Capital, an investment fund sponsored by China-focused GSR Ventures and U.S. venture capital firm Oak Investment Partners, plans to partner with Chinese solar firm SPI Energy Co., Ltd. to back electric vehicle battery projects, says a company announcement. The two parties have signed a non-binding framework agreement, in which SPI Energy will issue… Continue reading GO Scale Capital Teams Up With SPI Energy To Invest In EV Battery Projects
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Galaxy Capital Leads $18M Series B Round In YouChe
Beijing-based online used car trading platform YouChe has completed US$18 million series B financing led by Galaxy Capital, according to Chinese media reports. Existing investors IDG Capital Partners and Zhen Fund also participated in the round. Founded in December 2013, YouChe previously received several million RMB angel investment from Zhen Fund in December 2014. In… Continue reading Galaxy Capital Leads $18M Series B Round In YouChe
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
China Eyes Two Million New Energy Vehicles In Annual Production By 2020
China aims to achieve annual production and sales of two million new energy vehicles by 2020, as the country ramps up efforts to expand its green energy sector and reduce dangerous levels of air pollution in its major cities. New energy cars are defined as vehicles powered by alternative sources of energy. They include hybrid,… Continue reading China Eyes Two Million New Energy Vehicles In Annual Production By 2020
Chinese Bike Rental Firm Mobike Launches Services In The UK
Shanghai-based smart bike rental firm Mobike today announced it will launch its service in the British cities of Manchester and Salford later this month, marking the multi-billion dollar start-up’s first operation outside of Asia and the beginning of further expansion in Europe. Starting June 29, people in Manchester and Salford will be able to download… Continue reading Chinese Bike Rental Firm Mobike Launches Services In The UK
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
China’s Geely To Acquire US Flying Car Company Terrafugia
Chinese automotive manufacturer Zhejiang Geely Holding Group, the parent company of Volvo Cars, has agreed to acquire the operations and assets of Terrafugia Inc., a U.S.-based firm developing flying cars. No financial details were disclosed in an announcement released by Terrafugia yesterday. The company said the deal has received approval from all relevant regulators including… Continue reading China’s Geely To Acquire US Flying Car Company Terrafugia
Hillhouse Leads $50M Series B In India’s CarDekho.Com
Asia-focused alternative investment management firm Hillhouse Capital Management has led US$50 million series B financing round in Indian automobile classified ads web platform CarDekho.com, according to a company announcement. Tybourne Capital and Sequoia Capital also participated in the round, which increased the valuation of CarDekho’s parent company, Girnar Software, to approximately US$300 million. “We see… Continue reading Hillhouse Leads $50M Series B In India’s CarDekho.Com
Chinese Car Maker Geely To Acquire 30% Of Danish Financial Firm Saxo Bank
Saxo Bank Group, a Danish multi-asset trading and financial-technology firm, has received an offer from Geely International Hong Kong, a subsidiary of Chinese car maker Zhejiang Geely Holding Group Co., Ltd, to become a major shareholder in Saxo, enabling the bank to capitalize on global growth opportunities, especially in China. Lars Seier Christensen, co-founder of… Continue reading Chinese Car Maker Geely To Acquire 30% Of Danish Financial Firm Saxo Bank
Venture-Backed Yidao Yongche Partners With Haier On Financial Leasing Services
Beijing-based car rental service provider Yidao Yongche has established a strategic partnership with Haier Financial Services China Co., Ltd. to provide financial leasing services to Chinese small and medium sized car rental firms, according to Chinese media reports. Haier Financial Services China, a financial leasing arm established by Chinese consumer electronics maker Haier Group in… Continue reading Venture-Backed Yidao Yongche Partners With Haier On Financial Leasing Services