Deals
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Rumors say BYD will buy SAIC's passenger car business, the latter denies
SAIC was questioned how BYD's market value is close to RMB 1 trillion ($154.38 billion) while SAIC's market value is only RMB 200 billion.
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Nio launches joint lab with one of China's top universities
USTC's scientific research strength in China is almost comparable to that of Tsinghua University and Peking University. It is located in Hefei, Anhui Province, which is also the headquarters of Nio China and is home to the JAC Nio factory.
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EV battery maker Svolt closes new round of $1.59 billion financing
Chinese power battery maker Svolt Energy recently announced the completion of a Series B financing round totaling RMB 10.28 billion ($1.59 billion).
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Nio signs deal to facilitate sales of vehicles to China's central govt agencies
It is not clear how many orders the agreement will bring to Nio, but its potential cannot be ignored.
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Xpeng gets qualified to draw high-precision maps with $39 million acquisition
Xpeng Motors has completed an RMB 250 million ($39 million) acquisition of a high-precision map provider, paving the way for it to support Navigation Guided Pilot (NGP) on urban roads.
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Volvo to acquire Geely Holdings' stake in China joint venture
Volvo announced on July 21 that it has reached an agreement with parent company Geely Holdings to acquire the latter's stakes in two joint ventures in China.
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Nio's affiliate takes stake in chip firm
The focus on chip companies for carmakers has never been stronger, and an affiliate of Nio has taken a stake in a Chinese chip company, further expanding its circle of friends in the field.
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CATL signs deal with Chinese city to establish another headquarters
In addition to the new headquarters, CATL will also work with Yibin to build a production base, an industrial ecosystem, an international training center, a new energy academy and a new energy industry fund.
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Leapmotor closes over $700 million Pre-IPO round of financing
Leapmotor will likely file for an IPO in the second half of this year and is expected to list on China's Nasdaq-style sci-tech innovation board, also known as the STAR market, in late 2021 or early 2022.
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Li Auto signs deal with Chinese LiDAR supplier
Li Auto recently signed an agreement with a Chinese LiDAR supplier to lay the groundwork for its new model to be released in 2022 with the component which is seen as key for autonomous driving.
