Chinese ride sharing giant Didi Chuxing is rumored to be acquiring bike sharing firm Ofo for around US$2 billion, said a Chinese media report citing a leaked document. Embattled Ofo has been reportedly in deal talks with different parties for the past many months. Speculation of Ofo’s sale to a bigger company intensified after Meituan… Continue reading Didi Rumored To Acquire Bike Sharing Firm Ofo For $2 Billion
Tag: People
Geely Sets Up JV With German Air Taxis Start-Up After Leading Its $55M Series C1 Round
Chinese automotive company Zhejiang Geely Holding Group has led the first closing of a series C round of financing worth €50 million (US$55.16 million) in German aircraft manufacturer Volocopter, which will help the start-up realize commercial launch within the next three years. The investment took the total capital raised by Volocopter to €85 million (US$93.77… Continue reading Geely Sets Up JV With German Air Taxis Start-Up After Leading Its $55M Series C1 Round
Geely Files $293M Lawsuit Against Chinese EV Start-Up WM Motor
Chinese automotive company Geely has sued four companies affiliated with WM Motor, a Shanghai-based electric vehicle maker backed by Baidu, for “infringement of trade secrets,” and demanded as much as RMB2.1 billion (US$293.43 million) for compensation. The lawsuit, which was filed last year, is set to hold a hearing on September 17, 2019, according to… Continue reading Geely Files $293M Lawsuit Against Chinese EV Start-Up WM Motor
Xpeng Brings In Xiaomi As Strategic Investor In $400M Series C Round
Xpeng Motors showcased the P7, its first four-door coupe model with Level 3-ready autonomous driving capabilities at Alibaba Cloud’s APSARA Computing Conference in Hangzhou in September 2019. (Image credit: Xpeng Motors) This article by Chris Udemans originally appeared on TechNode, the leading English authority on technology in China. Xpeng Motors has brought onboard smartphone maker… Continue reading Xpeng Brings In Xiaomi As Strategic Investor In $400M Series C Round
Chinese EV Maker NIO Begins New Round of Layoffs Amid Struggling Sales
Chinese electric vehicle start-up NIO is starting another round of layoff as its car sales have plummeted. Due to challenges of car quality, recalls, and dwindling sales, NIO will lay off 1,200 staff by the end of September. After that, its total number of employees will be around 7,500, Li Bin, founder, chairman and CEO… Continue reading Chinese EV Maker NIO Begins New Round of Layoffs Amid Struggling Sales
Faraday Future Seeks To Scrap Stake Sale To Evergrande Health
Electric vehicle start-up Faraday Future, which was founded by disgraced Chinese entrepreneur Jia Yueting, is seeking to terminate a stake sale deal to Chinese healthcare firm Evergrande Health Industry Group Limited, accusing the largest shareholder of deliberately withholding promised payments and preventing it from seeking alternative financing. Evergrande Health, a subsidiary of Chinese property developer… Continue reading Faraday Future Seeks To Scrap Stake Sale To Evergrande Health
Chinese EV Start-Up Byton To Close $500M In Series C Round Against Headwinds
Chinese electric vehicle start-up Byton showed off the final production version of its SUV model, “M-Byte SUV,” at the 2019 Frankfurt Motor Show on September 10, 2019. Chinese all-electric vehicle brand Byton is raising a series C round of financing at US$500 million from Chinese state-owned automotive manufacturer FAW Group and government-led industry investment funds… Continue reading Chinese EV Start-Up Byton To Close $500M In Series C Round Against Headwinds
Chinese EV Start-Up Leap Motor Enters Unicorn Club After $51M Fresh Funds
Chinese electric vehicle (EV) start-up Leap Motor announced last week that it has raised RMB360 million (US$51.85 million) in a series A-2 round of financing from the country’s new energy-focused investment firm Jinhua Zhongche Fund. Jinhua Zhongche Fund picked up 5.06% shares in the electric vehicle firm upon the completion of the new round, which… Continue reading Chinese EV Start-Up Leap Motor Enters Unicorn Club After $51M Fresh Funds
SAIC Capital’s PE Unit Closes $145M New Fund For Automobile Investments
Shang Qi Capital, a private equity arm of Chinese investment company SAIC Capital, announced on Friday the final closing of a new fund at RMB1 billion (US$145.36 million) as the investment outfit doubles down on investments in the automobile industry. The new private equity fund will continue leveraging Shang Qi Capital’s specialty in backing companies… Continue reading SAIC Capital’s PE Unit Closes $145M New Fund For Automobile Investments
Chinese Electric Vehicle Start-Up Eyes To Net $600M Fresh Funds Amid Subsidy Cuts
Xpeng Motors, a Chinese electric vehicle (EV) start-up backed by Alibaba Group, is seeking to complete a new funding round at a “comparable amount” to the previous round that was about US$600 million, the company’s president Brain Gu Hongdi told American business news media CNBC. “Last year, we raised in a B plus round, raised… Continue reading Chinese Electric Vehicle Start-Up Eyes To Net $600M Fresh Funds Amid Subsidy Cuts