Yingke Hengtong, a shareholder of its holding subsidiary Shaowu Yongtai High-Tech Materials Co., Ltd, planned to transfer its 25% stake in the subsidiary to CATL for 500 million yuan ($78.3 million).
Xpeng Motors, one of China’s leading EV makers, made headlines recently when it released details about a flying car it had produced, capable of driving both on roads and in the air, scheduled to enter mass production in 2024.
The firm's latest production and sales report shows that in October it sold 81,000 new energy vehicles (NEVs) during the month, up 249% from a year ago and accounting for 90% of all passenger car sales.
A recent report said that "a brokerage firm finds that a leading company in the lithium battery industry is massively promoting natural graphite." CATL denies it.
A letter regarding BYD's battery price increase circulated in the market on Tuesday morning. As to the rumors, BYD insiders said that they are now verifying the information.
SK Innovation has recently signed a battery supply contract with Xpeng Motors and will supply Xpeng with high grade nickel-based Lithium Ion batteries according to Chinese media outlet Autohome.