Pandaily's Digest | Dec 8, 2023
Editor's note: XPeng Motors announced that Volkswagen's investment in XPeng has been completed.
XPeng Motors: Volkswagen Completes Over $700 Million Investment
On December 6th, XPeng Motors announced that Volkswagen's investment in XPeng has been completed, with a subscription amount of approximately $705.6 million. Link
Headlines from China
Tesla Plans to Resume the Shanghai Phase 3 Factory Project, Supplying Energy Storage Products Domestically
Tesla is planning to resume the construction of its third phase automobile factory in Shanghai and will begin selling energy storage battery products produced in Shanghai next year. Link
Horizon Robotics and Volkswagen Group’s Software Company CARIAD Announce Establishment of Joint Venture
On December 8th, Horizon Robotics and CARIAD announced the official establishment of the companies' joint venture CARIZON. Link
NIO Executive Reveales that Li Auto Has Invested 90 Million Yuan on Douyin
NIO executive Ma Lin retweeted Li Xiang's Weibo post, indicating that the advertising expenditure for three models of Li Auto's vehicles on Douyin platform this year should be around 90 million yuan. Link
Kuaishou Set for Its Largest Organizational Restructuring of the Year
Kuaishou, the popular Chinese short-video platform, announced extensive restructuring across its main site, e-commerce, and commercialization operations. Link
News You Shouldn’t Miss
Zeekr to Unveil New Self-Developed Battery on Dec 14
Geely's high-end EV brand, Zeekr, is set to host its "Zeekr Energy Day 2023 and Battery New Product Launch Event" on December 14th. Link
ByteDance Launches Another Share Buyback, Valuation Declined by 10%Â
ByteDance is allegedly proposing to repurchase approximately $5 billion in shares from investors, a move that would value the company at around $268 billion, according to two sources familiar with the matter, per Reuters. Link
NIO to Spin Off Battery Production Unit by Year-End
NIO is planning to separate its battery production unit as part of its strategy to become more profitable, according to anonymous sources cited by Reuters. Link
Ximalaya Denies Laying Off 30%, Profitability and Innovation Remain Two Major Challenges
On December 6th, Ximalaya denies recent plans to carry out a company-wide layoff of approximately 30%. Link
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