EV Industry

The global auto production cut is expected to be more than 2 million vehicles in 2021.

The company's initial investment will be 10 billion yuan ($1.5 billion), with an expected investment of $10 billion over the next 10 years.

An electric car may become an energy storage device for the power system, and if thousands of electric cars are used in this way, then it will be very beneficial to the power system, he said.

Xiaomi will invest about 60 percent of the amount envisioned and plans to finance the rest, the person familiar with the matter said.

The first batch of WM W6 will be shipped as show cars to stores in cities including Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Wuhan, Chongqing, Hangzhou, and Chengdu. Customers will be able to experience the model's smart technology in-store.

Baidu's autonomous driving platform Apollo has partnered with Chinese LiDAR company Hesai Photonics Technology to develop a LiDAR for use in Baidu's fifth-generation self-driving Robotaxi.

The proportion of potential consumers who tend to buy new energy vehicles rose from 3% in 2018 to 16% this year, the report showed.

US-based electric car company Faraday Future (FF) announced Friday that it has raised nearly $100 million in debt financing led by Ares with participation from existing lenders including Birch Lake.

Sales of all new energy vehicles are expected to reach 2.2 million units this year, up 900,000 units from last year.

Evergrande Auto, the car-making business of China's largest real estate company, has invested RMB 47.4 billion ($7.25 billion) to build new energy vehicles, the company said in its annual financial report released March 25.