Jishi 01's first mass-produced vehicle set for mid-November delivery
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The first mass-produced Jishi Auto (Polarstones) the 01 recently came off the assembly line at its Qingdao factory. Positioned as a mid-to-large SUV, the vehicle offers 6 and 7-seat configurations and features an extended-range plug-in hybrid system. Officials announced that the Jishi 01 is slated for official delivery to customers in mid-November.
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Hyundai to build first Middle East factory in Saudi Arabia
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According to Reuters, South Korean President Yun Seok-yeol announced that Hyundai Motor Group is set to partner with Saudi Arabia's Public Investment Fund (PIF) to establish an automotive plant in the kingdom.
The new facility, marking Hyundai's first venture in the Middle East, will manufacture electric and gasoline vehicles with an annual capacity of 50,000 units, underscoring an ambitious expansion in global markets. |
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European new car registrations soar with EVs making up 16%
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Recent data from the European Automobile Manufacturers Association revealed about 1.2 million new car registrations in September, an 11% year-on-year increase, with electric vehicles (EVs) comprising 16% of total registrations. Marking the 14th consecutive month of growth for new car sales in Europe, the easing of supply chain issues is anticipated to lead to a surplus in the European car market in the fourth quarter, reflecting robust industry recovery and an accelerating shift towards electrification.
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Xiaomi car factory nears completion with launch set for 2024
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Xiaomi's car manufacturing plant, situated in the Beijing Economic-Technological Development Area, is poised for its phase one completion in June 2023, covering an impressive 720,000 square meters. With phase two slated to commence in 2024 and complete by 2025, the facility is currently in a trial production stage, rolling out approximately 50 prototype vehicles weekly. This pioneering venture sets the stage for Xiaomi cars' market debut in 2024, marking a significant milestone in the tech giant's diversification.
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JAC announces asset divestiture; NIO eyed as potential acquirer
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JAC recently announced its intention to divest part of its assets, with the book value of these assets listed at over $442 million. The divestiture will take place through public listing, although the recipient of these assets remains undisclosed. Industry insiders speculate that NIO may be the prospective buyer, potentially seeking to acquire manufacturing qualifications. This move could signify a strategic shift for JAC Motors, pivoting its collaborative focus towards Huawei, particularly following its separation from NIO. This development hints at realignments within the automotive industry, underscoring the strategic maneuvers companies are making in this dynamic market landscape
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Stellantis to Acquire 20% stake in Leapmotor, launches joint venture
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Today, Stellantis N.V. and Zhejiang Leapmotor Technology Co., Ltd. announced a significant new partnership. Stellantis plans to invest approximately 1.5 billion euros to acquire an estimated 20% stake in Leapmotor. In addition to this strategic investment, Stellantis and Leapmotor are establishing a joint venture called "Leapmotor International," with ownership split 51% to 49%, respectively. This collaboration marks a significant step in both companies' expansion and integration in the global automotive industry.
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SAIC Volkswagen's New ID.3 images leaked
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Recently, factory snapshots of SAIC Volkswagen's new ID.3 surfaced online. General Manager Jia Jianxu had previously hinted at pivotal updates for the model, including a switch to iron phosphate batteries in the first quarter of next year, expected to cut costs by RMB 19,000. This substantial saving suggests an impending official price reduction for the new ID.3, potentially bringing the starting price below RMB 150,000. The strategic move, aimed at enhancing the model's market competitiveness, underscores the brand's adaptive strategies in the evolving automotive landscape.
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Zeekr 001 FR launches: high-performance model sells out in seconds
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The much-anticipated Zeekr 001 FR is set to hit the market tonight, with a delivery cap of just 99 units per month. This high-performance variant makes history as the first mass-produced car with the 8295 intelligent cockpit computing platform, achieving a 0-100 km/h acceleration time of 2.07 seconds, and offering a maximum power of 1265 horsepower. In a remarkable show of demand, the initial batch of 99 vehicles sold out within a mere 15 seconds following its blind pre-order release.
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Chinese automakers capture over 70% of ASEAN market share
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In recent developments, Neta marked its ambitious expansion within ASEAN through strategic moves in Indonesia and Malaysia, including the launch of new models and achieving mass deliveries. Furthermore, Neta is cementing its presence through deep collaboration with local Indonesian partner PT Handal Indonesia Motor. These consecutive initiatives in two key ASEAN countries signify a significant stride in Neta's globalization strategy, emphasizing deep cultivation in the ASEAN region while eyeing an entry into the European market.
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Chinese automakers expand globally
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In recent years, ASEAN countries have been vigorously advancing vehicle electrification, with consumer demand for new energy vehicles surging and market potential expanding significantly. This trend has positioned ASEAN as a pivotal market for Chinese automakers expanding globally. Currently, the majority of ASEAN's electric vehicle sales originate from Chinese manufacturers, anticipated to constitute over 70% of total electric vehicle sales this year, showcasing China's dominant presence in the burgeoning sector.
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SAIC Group's Q3 2023 report shows steady performance
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Recently, SAIC Group publicized its 2023 third-quarter report, revealing robust economic health. The automotive giant sold 3.377 million vehicles in the first three quarters, maintaining a revenue of RMB 523.34 billion, consistent with last year's figures through optimized sales structures. Notably, net profit attributable to shareholders reached RMB 11.41 billion, indicating a quarterly upward trend in key economic indicators, underscoring the company's resilient market strategy amidst global industrial challenges.
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