Denza, a joint venture between Chinese automaker BYD and German high-end automaker Daimler AG, announced on Wednesday that it will unveil its first luxury MPV, the Denza D9, on May 16.
Leading South Korean carmaker Hyundai Motor Co. and China's Beijing BAIC Motor will inject 1 trillion Korean won ($823 million) into their joint venture to reverse the decline in the Chinese market through electric vehicles.
Chinese automobile manufacturer BYD has recently increased its foreign investment. The new invested enterprise is named Denza Automobile Sales and Service Co., Ltd., with an investment ratio of 100%.
According to Chinese enterprise data platform Qichacha, FAW Fudi New Energy Technology Co., Ltd. was established on January 15th with a registered capital of 1 billion yuan ($157 million).
Lifan Technology announced at the Shanghai Stock Exchange on Monday night that it plans to set up a joint venture with Geely Auto Group in the Liangjiang New Area in Chongqing.
SMIC announced at the Hong Kong Stock Exchange on Friday that SMIC Holdings, National Integrated Circuit Industry Investment Fund Phase II and an investment institution have agreed to set up a joint venture (JV) in Shanghai.
In last week’s China VC news: online grocery platform Dingdong Maicai bags a new tranche in its Series D round, bringing total financing amassed in the round to $1 billion; California-based biopharma firm Kinnate starts a joint venture to expand in China; luxury resale platform GoShare2 rakes in “tens of millions of US dollars” in Series C financing; and plant-based ground pork brand Zrou owner raised $7.3 million in a Series A round of financing.
Since the start of the China-U.S. trade war, the United States has repeatedly attacked China’s weaknesses, letting more and more Chinese realize the importance of China-made chips. On May 1, Arm Holdings, a British multinational semiconductor and software design company owned by the Japanese SoftBank Group, announced an Arm joint venture in China.