Industry News
Lotus Tech debuts on Nasdaq with slightly lower market cap than Nio
Lotus Technology has a market capitalization of $9.3 billion, higher than Xpeng's $8.1 billion and slightly lower than Nio's $11.2 billion.
CPCA expects China's Feb NEV retail sales at 380,000, down 43% from Jan
China's auto market saw seasonal weakness in February as the 2024 Lunar New Year holiday fell in mid-February, the CPCA noted.
HiPhi founder apologizes to employees, says firm has only 3-month window left
Ding Lei said that he was using old-fashioned business strategies and was no match for his counterparts from Internet companies. He also said that there have been companies expressing interest in HiPhi, including acquisitions and investments.
China's NEV retail at 165,000 in Feb 1-17, down 44% from same period last month
China's NEV sales declined significantly in the first three weeks of February, mainly due to the Chinese New Year holiday.
Lotus Tech to begin trading on Nasdaq on Feb 23
Lotus Technology's business combination with a SPAC is expected to close on February 22 and will trade under the ticker symbol "LOT".
Buick launches updated Electra E4 in China with $4,180 lower starting price
Buick has become the latest to join the price war, with significant price cuts for all four trims of the Electra E4.
Changan's NEV arm Deepal launches updated SL03 BEV with lower starting price
Deepal has lowered the starting price of the SL03 BEV by RMB 7,000 and is offering customers an additional RMB 10,000 cash discount.
Price war in China's passenger car market to remain fierce in 2024, says CPCA secretary-general
The process of new manufacturers replacing old ones in the process of establishing a new market order will likely continue for several years until a new landscape is formed, said Cui Dongshu of the CPCA.
Wuling follows BYD by cutting hybrid sedan price by $830
BYD is looking to accelerate the replacement of traditional fuel vehicles with NEVs at lower prices, and more automakers following suit is expected to speed up the process.
Lotus Tech files with Chinese securities regulator for US listing
Lotus Technology plans to merge with L Catterton Asia Acquisition Corp in order to list on the Nasdaq, issuing up to 181,315,064 ordinary shares.
