EV Industry

Evergrande Group, mired in a heavy debt burden, has chosen to save itself by selling off its assets, and its car-making business is one of them.

"Watch out, J Capital Research. It's not the first time you have made a fool of yourself," Faraday Future founder Jia Yueting wrote in both Chinese and English.

"We don't think Faraday Future (FFIE), an EV SPAC, will ever sell a car. "

This includes $300 million in Series D1 financing and $200 million in Series D2 financing, which is expected to accelerate the company's overseas IPO.

As one of the most talked about new car makers in China, WM Motor has been questioned for lagging behind its peers as it previously stopped releasing sales figures.

The company will be headquartered in Wuhan and aims to make high-end smartphones to serve the global market.

Unlike Nio, which offers battery swap technology to the general consumer, Geely's battery swap stations are aimed at the cab market.

Earlier this month, three auto chip dealers were fined a total of RMB 2.5 million for inflating the price of auto chips.

Geely is reportedly planning to enter phone making sector and has already started a talent hunt, with offices to be set up in Wuhan, Shanghai, and even overseas.

Jidu is front-loading the development of smart cockpit features, smart driving to improve R&D efficiency, and has been working with Baidu's Apollo team on these features.