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The minister of MIIT said on Monday that new energy automobile enterprises should be encouraged to merge and reorganize to become stronger and improve industrial concentration.
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%.
Li Changqing, an official of China's State Administration for Market Regulation (SAMR), said that the authority is establishing a new energy vehicle accident reporting system and has set up an accident investigation cooperation network.
The recent series of new energy policies in China has promoted more customers to the stores. Tesla China now provides gifts for replacing fossil fuel-based vehicles with electric models.
Tesla, the world’s largest electric vehicle manufacturer, announced on September 1 that it would sell up to $5 billion in new stocks to ease future debt pressures, Reuters reported.
Chinese carmaker BYD unveiled its 2020 financial results on Monday with net profit jumping 162% year-on-year to 4.23 billion yuan ($643.72 million) thanks to a recovery of demand in the world’s largest automotive market.
On August 4, Kaixin Auto announced that it had obtained targeted investment intentions totaling $700 million from several investment institutions.