Xiaomi's vehicle manufacturing business has been established for more than a year now, and related rumors have emerged one after another from within the industry.
Recent years have laid bare the advantages of electrification, intelligent technology and user targets for the automotive industry, and Chinese brands are increasingly launching vehicles from 300,000 yuan ($42,624) and upward in a bid to join the high-end market.
On November 11, documents on the Hong Kong Stock Exchange (HKEx) showed that Berkshire Hathaway, founded by Warren Buffett, reduced its holdings of more than 5.78 million BYD shares at HK $196.99 on November 8, and its shareholding ratio dropped to 16.62%.
On the evening of November 8, Chinese automaker BYD unveiled a new high-end vehicle brand called Yangwang. Three days later, several automobile patents applied for by BYD were made public, revealing the possible design of these future premium off-road vehicles.
On November 10, Chinese electric vehicle maker NIO released its financial report for the third quarter of 2022. The company achieved revenue of 13.002 billion yuan ($1.81 billion) in the period, up 32.6% year-on-year and achieving positive growth for 10 consecutive quarters.
Geely-owned new energy vehicle brand Farizon Auto sent a batch of E200S small trucks from Shenzhen Port to Chile on November 10. Followed by Farizon’s vehicle delivery to Costa Rica in June 2022, the shipment marks Farizon’s continuous market expansion in South America.
Internal adjustments to the organizational structure of Chinese electric vehicle maker XPeng are nearing an end, and some departments have implemented small-scale layoffs.
NIO's ET7 electric vehicle model was granted this year's Golden Steering Wheel award in the "Medium and Upper Class" category by German magazine Auto Bild on November 9, becoming the first car from a Chinese firm to win the award.
Radar, a pure electric pickup truck brand owned by Geely, launched its first mass-production model, the RD6, on November 9, and said that it will enter overseas markets next year while selecting the appropriate time for an IPO.
China's auto market experienced challenges in October. Tesla's late October price reduction in China raised questions regarding whether or not there will be price reductions by other new energy vehicle enterprises in the country.
On November 8, XPeng Aeroht, a flying car company owned by XPeng, reached a strategic partnership with four banks which will jointly provide credit lines totaling 6 billion yuan ($827 million) to the company to support its R&D and manufacturing of flying cars.
The fourth LTA-UITP Singapore International Transport Congress and Exhibition (SITCE 2022) was held from November 2 to 4. During the event, Chinese new energy vehicle manufacturer BYD unveiled Singapore’s first Blade Battery-powered bus, the B12A03.
RoboSense, an intelligent lidar company headquartered in Shenzhen, released its RS-LiDAR-E1, referred to simply as E1, a flash solid-state lidar based on self-developed chips and a brand-new technology platform.
BYD's high-end brand is tentatively scheduled to be officially launched in the first quarter of 2023, with the price of the first model exceeding one million yuan ($137,678).
Zhong Yilin, vice president of BYD's automotive engineering research institute, said that the sales volume and penetration rate of intelligent vehicles on L2 and above in China increased rapidly, which was 24.5 times higher than that in 2017.
Henry Xia, President and Co-founder of Chinese electric vehicle maker XPeng, denied rumors on November 6 that the company may be considering adopting an extended-range power system in the future.
As competition in the global electric vehicle industry consolidates, many automotive firms and a host of new startups are eyeing what they see as the next frontier for innovation: the sky.
With the arrival of the "Double 11 Shopping Festival", many Chinese automobile companies, such as Leapmotor, NETA Auto and AITO, have launched preferential policies with values as high as 13,000 yuan ($1,793) for vehicle purchases.
