Premium or Mid-Range? Struggling Xpeng Stuck in Identity Crisis

The electric vehicle maker’s November sales plunged 63% as its latest model, the G9, has posted weak sales since its September launch Key Takeaways •      Xpeng’s sales rose just 19% in the third quarter to 6.82 billion yuan, but its loss ballooned by a much larger 49% to 2.38 billion yuan •      The company’s vehicles suffer from poor positioning between the premium market and more mainstream models, analysts say By Jose Qian The year may be nearly over, but you would never know by looking at electric car maker Xpeng…

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Nio Enters Race for Lithium with Australian Investment

The electric vehicle maker will pay $7.7 million up front and up to $80 million more for a stake in an Argentine mining project in its tie-up with Greenwing Resources Key Takeaways: Nio Inc. will pay $7.7 million for 12% of Australian miner Greenwing Resources, which holds the rights for the San Jorge Lithium Project in Argentina Nio is the latest electric vehicle maker to purchase lithium assets, following similar moves by domestic rival BYD and global names like Tesla and General Motors By Doug Young New energy investment patterns…

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Autohome Weathers Covid Storm, Revs Up for Speedier Second Half

The Internet auto-sales platform’s revenue grew 17.7% sequentially in the second quarter, showing resilience in the face of China’s pandemic disruptions Key Takeaways: Autohome’s revenue rose strongly on a sequential basis in the second quarter despite a year-on-year decline, sparking a rally for its stock Company should benefit in the second half from new vehicle launches and government measures to stimulate vehicle consumption By Lau Ming What is it about an internet auto platform whose profits declined in the second quarter that has still managed to win over investors? For…

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‘World Champion’ WM Motor Joins China EV Race to Market With Hong Kong Listing Plan

Money-losing Shanghai-based electric vehicle maker seeks $1 billion in new funding as it faces growing competition from crowded field of local rivals Key Takeaways: •      WM Motor has filed for a Hong Kong IPO to reportedly raise up to $1 billion, competing with a handful of similar listed Chinese EV startups •      The company’s sales have surged in the past few years, but so have costs and competition as China aggressively promotes clean technologies By Rajiv Sekhri Chinese electric vehicle (EV) maker WM Motor Holdings Ltd. is charging ahead into…

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China-Led Phoenix Motor Sputters With Watered Down U.S. Listing Plan

Electric vehicle maker aims to raise $20 million from its Nasdaq IPO, down from a previous $150 million target, which is only enough to fund its operations for a year Key takeaways: China-linked American EV startup Phoenix Motor has slashed the fundraising target for its U.S. IPO to $20 million from a previous $150 million The money-losing company has only sold 104 EVs since its inception, and says the latest fundraising target can finance its operations for just a year By Rajiv Sekhri A former American electric vehicle (EV) highflyer…

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CH-Auto Challenges Li Auto, Nio, Xpeng with U.S. SPAC Listing

Former car designer has jumped on China’s electric vehicle bandwagon, aiming to tap a market that accounts for more than half of global EV sales Key takeaways: CH-Auto has announced plans for a U.S. SPAC listing, joining Chinese electric vehicle makers Nio, XPeng and Li Auto with New York-traded shares The company said the last two years have been “quite challenging,” following disappointing sales for its high-end Qiantu K-50 electric sports car By Rajiv Sekhri Make way, Nio (NIO.US; 9866.HK), XPeng (XPEV.US; 9868.HK) and Li Auto (LI.US; 2015.HK). That trio…

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Zhihu in Quest to Be First Internet Firm with U.S., Hong Kong Primary Listings

The Q&A platform has applied for a second primary listing in Hong Kong, though reception for the deal has been tepid Key takeaways: Zhihu will make a second primary listing in Hong Kong alongside its current U.S. listing, aiming to ease U.S. regulatory pressure and reach more Chinese investors Lukewarm interest in the new Hong Kong offering suggests investors are concerned about the company’s growing losses By Jony Ho Another Chinese company is jumping on the dual-listing bandwagon to Hong Kong, this time by online Q&A platform Zhihu Inc. (ZH.US;…

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FAST NEWS: Nio Halts EV Manufacturing Due to Covid Disruptions

The latest: Nio Inc. (NIO.US; 9866.HK) said on Saturday it has halted production of its electric vehicles (EV) due to supply chain disruptions, according to a Reuters report citing the company’s mobile app. Looking Up: Nio isn’t the only major EV maker to halt its car manufacturing operations due to widespread restrictions as China deals with its worst outbreak of Covid-19 to date. The company’s larger rival Tesla (TSLA.US) halted manufacturing at its China plant in Shanghai for similar reasons in late March. Take Note: The closure is likely to…

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Leapmotor Enters EV Race to Capital Markets With Hong Kong IPO Plan

The company reportedly plans to raise up to $1 billion through its listing, becoming China’s fourth EV startup to float shares in Hong Kong Key takeaways: Leapmotor plans to go public in Hong Kong, becoming the fourth Chinese electric vehicle startup to list on the exchange The money-losing company is trying to shift gears from making mini EVs to more traditional sedans at the mid- to high-end of the market By Ken Lo Move over, XPeng (XPEV.US; 9868.HK), Li Auto (LI.US; 2015.HK) and Nio (NIO.US; 9866.HK). China’s “little three” publicly…

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Transforming Used Car Seller Uxin Gets Charge from Big-Name New Investors

Electric car startup Nio and private equity firm Joy Capital provide $100 million in much-needed new funding Key points: Uxin’s $100 million in new funds comes at a big discount in exchange for much-needed new capital and well-connected partners Investors are betting on big revenue growth as company transforms to a direct seller of used cars from previous middleman business model By Doug Young When it comes to doing business, having the right people on your board can be a huge asset by providing valuable connections to funding and other…

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