Apollo announces plans to acquire Chinese EV maker Weltmeister
On January 12, Apollo Travel announced that it plans to acquire Chinese EV maker WM Motor, a subsidiary of WM Holdings, for US$2.02 billion. According to insiders, going public through a reverse-merger transaction, also known as back-door listing, would effectively bail out financially troubled WM.
Leap motor B11/CTC 2.0 products to launch this year
On January 12, Zhu Jiangming, founder and chairman of Leapmotor, revealed that the first model of Leapmotor’s new B platform, the B11, is expected to debut in the third quarter of 2023. The Hangzhou based company plans to enter France, Spain and other European markets later this year. At the same time, the Leapmotor C01 extended range version will be released in Q3. The EV brand also announced ambitions to launch 7 new models from 2023 to 2025, including 2 sedans and 5 SUVs.
BYD Reveal stunning new brand
BYD, the leading Chinese Ev company tlaunched a new car brand called YangWang, set to rival high end rands such as Mercedes-Benz, BMW, and Audi.
To show what it can do, YangWang unveiled a pair of luxury EVs – a rugged off-roader called U8, and a supercar that bears the name U9.
The YangWang U8 4x4 is built on a ladder frame chassis and comes equipped with four electric motors, one for each wheel, for an estimated total power output of over 1,100 horsepower and more than 1,200 pound-feet of torque. With an estimated starting price of around one million RMB (around $145,000), the YangWang U8 is clearly aimed to rival top-tier SUVs like the Mercedes-Benz EQG.
The price for the YangWang U9 hasn’t been announced yet, but the mega sports EV was presented ias a ‘million-RMB’ supercar, so expect a starting price of around $145,000.
To show what it can do, YangWang unveiled a pair of luxury EVs – a rugged off-roader called U8, and a supercar that bears the name U9.
The YangWang U8 4x4 is built on a ladder frame chassis and comes equipped with four electric motors, one for each wheel, for an estimated total power output of over 1,100 horsepower and more than 1,200 pound-feet of torque. With an estimated starting price of around one million RMB (around $145,000), the YangWang U8 is clearly aimed to rival top-tier SUVs like the Mercedes-Benz EQG.
The price for the YangWang U9 hasn’t been announced yet, but the mega sports EV was presented ias a ‘million-RMB’ supercar, so expect a starting price of around $145,000.
Li Pengcheng, former XPeng Assistant to CEO Joins Avatr
On January 12, it was reported in the Chinese media that Li Pengcheng, the former assistant CEO of XPeng, will join Changan backed EV start-up Avatr after the Chinese Spring Festival. It is speculated that Li Pengcheng will take over as CMO. At present Avatr have not commented on the reports.
2022 China auto market summary
In 2022, the development of the auto industry was plagued by problems such as core shortages, rising raw material prices, and the corona pandemic. The launch of a series of intensive rescue policies such as preferential policies for vehicle purchase tax boosted confidence in the auto market, resulting in a “V-shaped” market recovery in 2022. In the short term, passenger car sales will decline again in 2023 without strong stimulus measures.
The U.S. auto market’s dismal end to 2022
In 2022, U.S. new car sales reached 13.7 million to 13.9 million, a year-on-year decrease of about 8% to 9%. According to Autodata, U.S. light vehicle sales in 2022 are expected to be approximately 13.866 million units, a year-on-year decrease of approximately 8%. Despite the worrisome performance of the U.S. auto market in 2022, auto industry executives remain cautiously optimistic about 2023.