Industry

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.

Some of the vehicles may have rear seat belt latch harnesses that are not properly wired, resulting in child seats not being properly installed in the rear right seat.

Shanghai's next Covid prevention and control will be divided into three phases, with the goal of a full return to normal life and company production order in June.

Shopping centers, department stores, supermarkets, convenience stores and other commercial outlets will be gradually resuming offline operations in an orderly manner.

A new round of policies to boost auto consumption in rural areas will be released soon, possibly as soon as this month, Cailian reported.

China's NEV supply is expected to improve significantly in May compared to April, with retail sales of NEVs expected to show high growth compared to April, the CPCA said.

HiPhi X has accumulated nearly 6,000 deliveries and sold at an average price of nearly RMB 700,000 ($103,950), it said.

Compared to the NEV market, China's overall auto market performed worse in April, with sales down 47.1 percent from March.

The penetration of NEVs in wholesale sales in April was 29.6 percent, up from 25.1 percent in March.

JAC sold 27,387 units of all models in April, down 48.4 percent from 53,034 units in the same month last year.