EV Industry

Bloomberg reported that Apple is canceling its decade-long EV-making effort. CEOs of EV makers including Xpeng, Li Auto, Xiaomi, and Jiyue have expressed their views.

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.

China's auto market saw seasonal weakness in February as the 2024 Lunar New Year holiday fell in mid-February, the CPCA noted.

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 sales declined significantly in the first three weeks of February, mainly due to the Chinese New Year holiday.

Lotus Technology's business combination with a SPAC is expected to close on February 22 and will trade under the ticker symbol "LOT".

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.

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.

Employees will be paid as usual until February 18, and after March 15 only HiPhi employees in Shanghai will receive basic pay, according to local media.

China's NEV penetration at retail was 32.8 percent in January, down 7.5 percentage points from 40.3 percent in December.