Everybody wants to get into the EV racket—Chinese hopefuls include search engine provider Baidu, e-commerce giant Alibaba and ride-hailing app DiDi Chuxing. Even vacuum cleaner vendor Dyson set out to suck up some coins from the electric carpet before conceding that it couldn’t see a way to commercial viability. The latest entrant to the crowded… Read more »
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Chinese EV-maker Evergrande raises $3.35 billion
China Evergrande New Energy Vehicle Group, a Hong Kong-listed unit of the real-estate giant Evergrande Group, has raised HK$26 billion ($3.35 billion US) in an offering of 952 million new shares. The company will use the new funding for R&D, vehicle production, and to retire older debt. China Evergrande NEV is controlled by Hui Ka-yan,… Read more »
China will not cut EV subsidies this year
China will not make significant cuts to subsidies for new energy vehicles (NEVs) this year, Minister of Industry and Information Technology Miao Wei told a recent gathering of auto industry execs. The government-backed Beijing News confirmed that “this year’s NEV subsidy policy will remain relatively stable and there will not be significant cuts.” China implemented… Read more »
Elon Musk breaks ground at Tesla’s Shanghai Gigafactory
Elon Musk joined the mayor of Shanghai and other local government officials for a ground-breaking ceremony at the site of Tesla’s new Chinese plant. Tesla plans to invest around $2 billion in the facility, which is expected to have a capacity of about 500,000 vehicles per year. The company hopes to finish initial construction this… Read more »