NDRC permits CAPSA 50/50 capital increase of RMB 3.6 billion

Shanghai (Gasgoo)- The National Development and Reform Commission (NDRC) released a letter of rely saying that both Chinese and foreign shareholders of Changan PSA Automobiles Co., Ltd. (CAPSA) are permitted to increase a total of RMB 3.6 billion investment at the ratio of 50 to 50.
The CAPSA should actively develop the new energy vehicle (NEV) business and manufacture the products of its self-owned PV brands in accordance with the program it had submitted before.
As early as January 12 this year, Chongqing Changan Automobile Co., Ltd (Changan Auto) announced that the company and its French partner PSA Groupe would add a total of RMB 3.6 billion investment in CAPSA, among which the Chinese investor will devote RMB 1.8 billion to the capital increase.
The capital increase is mainly to reduce CAPSA's debt-to-assets ratio and replenish new projects with capitals. Meanwhile, both shareholders intend to improve CAPSA's operation and financing by virtue of this capital increase, particularly the operational capability of DS brand.
Founded in November 2011, CAPSA had been a 50/50 joint venture between China Chang'an Automobile Group Co., Ltd. (CCAG) and PSA Groupe. In December, 2013, Changan Auto acquired 50% equities in CCAG which is equivalent to PSA Group.
According to the planning from both parties, CAPSA will launch at least one new model under DS brand in China, including D-class model. In addition, both companies chose Shenzhen as DS headquarters of China and the Asia Pacific (including Southeast Asia and India). CAPSA is responsible for the businesses in China's market and PSA Group takes charge of the operation in Asia Pacific.
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• Data Center

 

• 1Sales Analysis of 2018 Jan. PV Market (including NEV)
• 2Sales Analysis of 2017 PV market
• 3Sales Analysis of 2017 Sep. PV Market
• 4Research on China New Energy Vehicle Market

【Sales Analysis】Sales Analysis of 2018 Feb. China PV Market

Sales Analysis of 2018 Feb.China PV Market gives a detailed illustration on the sales, top players and models, and market shares of domestic passenger vehicle market in Feb,2018.

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Lynk & Co plans to roll out PHEVs

Shanghai (Gasgoo)- An Conghui, president of Zhejiang Geely Holding Group (Geely), revealed in an interview on March 27 that its new energy vehicle's (NEV) sales will account for 90% of the company's total sales in 2020. He also added that the company will launch PHEVs starting with Lynk & Co 03 and plans to roll out at least two new models under Lynk & Co each year. Besides, the PHEV versions of Lynk & Co will be put into production in Belgium in 2019.

The supplies of Lynk & Co 01 have been heretofore fallen short of its demands. According to relevant reports, the non-delivery orders have so far exceeded 30,000 units, while 20,000 vehicles have been handed over to customers.

Currently, Geely's plant in Luqiao District of Taizhou, Zhejiang Province mainly manufactures Lynk & Co 01 and Volvo XC40. Lynk & Co 02 and 03 will be produced in the Zhangjiakou plant which owns an annual capacity of 200,000 vehicles. In addition, the automaker has been selecting locations for another two vehicle plants. Once its third and fourth engine factories are put into operation, the sales of Lynk & Co will increase year by year.

At present, the development of the models under Lynk & Co based on the CMA (compact modular architecture) and SPA (scalable product architecture) platform are getting under way. Lynk & Co 02 was officially unveiled on March 26 and is planned to go on sale in May this year. Additionally, the Lynk & Co 03 as well as the PHEV versions of Lynk 01, 02 and 03 will hit the market in the second half of this year, according to An Conghui.

In the meantime, relevant reports showed that the Lynk & Co 04 to 09 are on the way of development among which the Lynk & Co 04 and 05 are expected to go on sale in 2019.

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·         1

Lynk & Co plans to roll out PHEVs

·         2

Ford, Alibaba roll out test-drive services via "auto vending machine"

·         3

Geely releases Lynk & Co’s European strategy

·         4

BYTON welcomes two former chief auto engineers from Honda, Renault

·         5

Geely Auto president: Lynk & Co's production to be expanded

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2018 Geely Emgrand GS expected to hit market in April

Shanghai (Gasgoo)- Geely is likely to launch an upgrade of the Emgrand GS in April. As a crossover SUV, the new model will retain Geely's family design style in its interior, featuring simple and stylish overall layout with several details optimized and upgraded, according to the official interior photos of the new model from Geely. The new model will offer a 1.4T turbocharged engine or a 1.8L naturally aspirated engine.

Inheriting Geely's iconic interior design, the new model features a neat-designed and premium cabin with a wrap-around center console decorated by chrome trims and leather, a high-tech embedded screen, a three-spoke multi-functional flat-bottomed steering wheel and an instrument panel with two round disks.

The cabin offers a wide variety of cutting-edge amenities, such as automated gearshift indicating lights, an anti-dazzling rear-view mirror and LED backlighting reading lamps. In addition, it also offers an upgraded air purification system and an optional electric sunroof with anti-clamping device.

In terms of the exterior, the new model adopts Geely's iconic design style with a red-colored body, a ripple-designed intake grille and eagle-eye head lights, delivering a sportier sense. With a redesigned front bumper, the black horizontal-spoke intake grille was widened visually. What's more, the Emgrand GS looks sporty thanks to a slim side body, upward waistlines, large double-color wheel rims, an aggressive rear end and one exhaust pipe on both sides.

The 2018 Emgrand GS with a 1.4T turbocharged engine can deliver a maximum power output of 98kW and a peak torque of 215Nm. Powered by a 1.8L naturally aspirated engine, the model will have a maximum power output of 98kW and a peak torque of 170Nm. Besides, the model is expected to be paired with a six-speed manual transmission or a six-speed dual-clutch transmission.
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• 12018 Geely Emgrand GS expected to hit market in April
• 2Great Wall Motor Yongchuan production base starts construction
• 3BYD reports YoY net profit slump of 19.51% to RMB 4.066 billion in 2017
• 4Leap Motor forms strategic partnership with 38 auto parts companies
• 5GAC Trumpchi to set up sales company in North America

Great Wall Motor Yongchuan production base starts construction

Shanghai (Gasgoo)- According to local media, Great Wall Motor's production base in Yongchuan District, Chongqing (hereinafter, the Yongchuan base) officially started construction on March 28.
The Yongchuan base, covering an area of 1200mu (around 800,000 square meters), is the automaker's fourth production base in China. Involving an investment of RMB 8 billion, it mainly manufactures the company's luxury pickups and the SUV Haval H9, etc. Besides, the base is expected to own an annual production capacity of 250,000 vehicles with an annual vehicle production value up to around RMB 25 billion once it is put into operation by the end of 2019. Meanwhile, the base may drive the development of relevant supporting facilities involving an output value of around RMB 25 billion per year.
By the end of 2017, Chongqing had already owned 40 automakers that manufactured a total of 3 million vehicles throughout 2017, ranking first among China's cities.
Reportedly, over 20 areas across China joined the competition to attract Great Wall Motor's project. The automaker finally chose Yongchuan DistricDistrict who occupies merits in geographical location, transportation, supporting facilities as well as vocational education resources. Besides, since the local government signed an agreement with the automaker on December 25 last year, the local authorities has successfully transferred the land use rights of 1200 mu and completed construction of various infrastructures which laid a solid foundation for the production base construction.
As the China's largest SUV and pickup maker, Great Wall Motor delivered a total of around 1.07 million vehicles last year, decreasing 0.4% year on year. In addition, the automaker suffered a year-on-year plunge in net profit of 52.35% in 2017, according to the financial report released a few days ago.
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• 1Lynk & Co plans to roll out PHEVs
• 2Ford, Alibaba roll out test-drive services via "auto vending machine"
• 3Geely releases Lynk & Co’s European strategy
• 4BYTON welcomes two former chief auto engineers from Honda, Renault
• 5Geely Auto president: Lynk & Co's production to be expanded

Meituan launches ride-hailing service in Shanghai to challenge Didi

Shanghai (Gasgoo)- Chinese e-commerce giant Meituan officially launched its long-rumored ride-hailing service on March 21 in Shanghai. Reportedly, Meituan has raised a minimum capital of $ 1 billion to meet the challenge from Didi, the currently China's largest ride-hailing platform.
While Meituan is diving into the area that is heretofore dominated by Didi, the ride-hailing giant is reportedly working on launching its food delivery service that is one of Meituan's core businesses. According to local media, Didi has started a RMB 10 billion ABS financing round which seems to challenge with Meituan's aggression.
As a latecomer in the industry full of fierce competitions, Meituan joins this area with a huge subsidiary plan. In Najing, the first city where Meituan launched its ride-hailing service, the registered drivers only need offer an 8% commission fee to the platform which is much lower than that of Didi (20%).What's more, the drivers registered in Shanghai are exempted from being charged commissions during the first three months.
According to Wang Huiwen, Meituan Dianping's senior vice president, among around 250 million active users on its platform, 30% consumers have the travelling needs that usually happen after they finish their group-buying on the platform. Thus, it creates a huge potential for the company to promote its ride-hailing service.
Besides, Meituan is very popular among third and fourth tier cities in China where people tend to choose taxi as the preferential option. Besides, the subsidiaries offered by Meituan will be pretty attractive to people living there who much treasure their money.
According to the list of global tech startup “unicorn” released by the CB Insights, both Meituan and Didi ranked among the top 10 companies with their valuation exceeding $10 billion in 2017. It may shows that Meituan has the strength to challenge Didi in ride-hailing field.
Nevertheless, the good service and reasonable price are crucial things consumers concern. Since Didi became the winner in the former subsidiary battles, it has gradually taken back the preferential subsidiaries from consumers and drivers. In fact, summoning a vehicle on Didi's platform will cost nearly same as that of using a taxi. In addition, more and more drivers are giving up using Didi, while Meituan's ride-hailing service are providing consumers with another available option. 
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• 1Meituan launches ride-hailing service in Shanghai to challenge Didi
• 2FAW signs agreement with Hanergy to adopt solar power roofs
• 3BYTON welcomes two former chief auto engineers from Honda, Renault
• 4Geely Auto president: Lynk & Co's production to be expanded
• 5SAIC Motor, CATL sign MoU on power battery recycling

BAIC Changhe to launch new brand, new logo

Shanghai (Gasgoo)- BAIC finished the merger of Changhe and Weiwang and combined the two into an all-new Big Changhe (hereinafter also referred to as Changhe) recently. During the strategy-releasing conference on Mar. 21, Changhe Automobile announced that it will unveil a new brand and a new logo. At the same time, it also released its development strategy, dubbed Mobile Co-Innovation Space.

Changhe Automobile will be positioned as the southern production base of BAIC Group, the strategic base of energy-saving and environment-friendly models as well as the developing base of NEVs. According to the plan released by BAIC Changhe, Changhe Automobile will integrate with the original vehicle department and BAIC's Weiwang department into a new second-tier platform, big Changhe. Currently, BAIC Changhe owns two vehicle brands, Changhe and Weiwang, covering such areas as sedans, SUVs, MPVs and NEVs. Besides, it boasts three manufacturing bases, three manufacturing plants for vehicles and engines.
During the press conference, Changhe announced that it will transfer from a traditional automaker into a service provider who targets to meet the personalized mobility demand of IoT and customers.

In terms of products, BAIC Changhe will attach importance to the development of two-type products. One will focus on the working scenario products, which are represented by mobility+office, mobility+medical, mobility+education. The other will focus on life scenarios, such as mobility+music and mobility+game.
BAIC Changhe also showcased a concept product about working scenario, the M60 at the press conference. Based on the existing M60, the new model offers a mobility office at the rear seats. In addition, BAIC Changhe signed a strategic cooperation agreement with DHL. Both parties jointly develop the BAIC Weiwang 407EV model for logistics area. It is said that the new model will make a breakthrough in reliability, safety, transportation efficiency and cruise range.

In the future, BAIC Changhe will give its priority on both traditional vehicles and NEVs. After the merger of Changhe and Weiwang, their dealership channels will also be combined into one later. In the future, the number of first-tier dealers will be up to around 600. According to the plan, BAIC Changhe is expected to complete an output and sales target between 1,000,000 units and 1,500,000 units.
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• 1SF Motors to be unveiled on Mar. 28
• 2Faraday Future Hanford plant starts construction
• 3China self-owned brands well match with JV brands by February sales in China
• 4State Council: Parties and governments should give favor to NEVs as official vehicles
• 5Byton pure electric SUV expected to be priced at around RMB 300,000

SF Motors to be unveiled on Mar. 28

Shanghai (Gasgoo)- SF Motors, an EV startup wholly owned by Chongqing Sokon Industry Group Stock Co., Ltd. (Sokon), will hold its global brand-releasing conference on Mar. 28 in Silicon Valley. Besides, SF Motors will also debut its three intelligent electric SUV models at the conference.
In the meantime, the "customer-oriented" developing idea and designing language will also be presented at the conference. It is noteworthy that SF Motors will also showcase its achievements in electrically-driven technologies and intelligent driving technologies, including high-efficient and reliable battery technologies as well as technologies of high-performance serial electric motor and electronic control.

Founded in Silicon Valley in January, 2016, SF Motors now is engaging in designing, R&D, manufacturing and marketing of intelligent EVs. Currently, SF Motors has integrated both Chinese and American resources in EV's core electrically-driven  technology, intelligent vehicle-manufacturing technology and intelligent driving technology. What's more, the Silicon Valley-based Chinese EV maker also established an international technology team which consists of various industry talents who had worked for Tesla, BMW and Volkswagen for a long time. The company is also on track to carry out the preparations for mass production.

In terms of R&D and innovation, SF Motors signed a long-term strategic cooperation agreement with University of Michigan and set up a joint R&D center. Both parties give the top priority to intelligent driving technologies, and also build a virtual scenario which is exclusive to test connected and intelligent driving system. At the beginning of January, 2018, SF Motors secured a permit from the California Department of Motor Vehicles to test autonomous driving vehicles on roads. Having finished the tests on stimulating and closed roads, the Chinese-funded company has started testing on the highways of California and Michigan.
SF Motors has completed the overall deployment of manufacturing bases in both China and America. In November, 2017, SF Motors closed the acquisition of AM General's commercial assembly plant ("CAP"), planning to manufacture intelligent EVs to meet the market demand in the U.S. and Europe. In China, SF Motors will capitalize on the intelligent vehicle plant and electrically-driven factory funded by its parent company Sokon to meet the Chinese customers' demands.
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• 1Geely An Conghui: Lynk & Co to roll out two new models in 2018
• 2SAIC Motor, CATL sign MoU on power battery recycling
• 3BAIC Changhe to launch new brand, new logo
• 4CHJ raises RMB 3 billion in Series B round, to build JV with Didi
• 5Faraday Future has no desire to build plant in Guangzhou temporarily