China new energy passenger vehicle sales reach 64,931 units in October

Shanghai (Gasgoo)-According to the data released by China Passenger Car Association, China new energy passenger vehicle sales reached 64,931 units in October, up 102% year on year. Compared with last month, the sales volume increased 7,000 units in October, making China new energy passenger vehicle sales to increase month on month for nine  consecutive months from the beginning of 2017.

Starting with a sales volume of 5,423 units in January, sales of China new energy passenger vehicles increased month by month. During the ten months, February and March boasted fastest sales growth of 11,000 units. By the end of October, the YTD sales volume of China new energy passenger vehicles increased to 377,260 units.
An insider attributes the continuing sales growth of China new energy passenger vehicles to the fast-growing demand for NEVs in some vehicle purchase restricted cities, punctual release of the NEV subsidy notice and tax exemption notice for vehicle purchase tax as well as carmakers' frequent release of new NEV models.
Taking Changan Automobile as an example, thanks to its Project Shangri-La new energy strategy, October sales of Changan's new energy passenger vehicle soared 1950% to 3,710 units over the previous year, enabling Changan to be the automaker with the fastest sales growth in October.
Previously, Zotye, Geely and BYD enjoyed a strong market performance on NEVs, while BAIC BJEV and JAC maintained a stable sales growth. But things had changed since October, 2017. BAIC BJEV took the sales crown in October to 12,995 units, which are 500 units more than those of BYD. At the meantime, the EC series model under BAIC BJEV was the best-selling model with a total delivery of 11,315 units. BYD followed BAIC with October sales of 82,859 units. But BYD took the lead in the cumulative sales during the previous ten months with a delivery of 82,859 units. SAIC Motor Passenger Vehicle ranked third in October sales with a surge of 1051% to 6,112 units.
It should be noted that Geely's sales was divided into three parts, namely Geely Automobile, Geely-Kandi and Geely Zhidou, which are respectively 2,220 units, 3,103 units and 4,502 units.
Here are TOP 10 NEV makers by October sales.

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Baidu, Tencent compete to be lead investor of WM Motor

Shanghai (Gasgoo)- WM Motor is plannning a financing round for 1billion yuan. This round of financing is led by Baidu and Tencent is striving to be another leading investor.
WM Motor was established in December 2015, with its orientation of new energy automobile company and a travelling service provider. Unlike other founding team of new energy automobile, Shen Hui, the founder of WM Motor has a profound experience in car industry. Before he started his own business, he was the vice president of Geely Holding Group and dominated the merger and acquisition of Volvo, which so far, is the biggest transnational mergers & acquisitions among Chinese Car Company.
The reason why he left Volvo was also widely circulated on the Internet, he once declared that it is impossible for traditional car manufacturers to make intelligent cars and he wants to make WM Motor to be another famous car company like Tesla.
WM Motor is so low-pitched that it has never made its financing information to the public. In August 2016, Shen Hui said that WM Motor has obtain 1 billion dollars from A round financing , however, the names of these investors were “not at liberty” to disclose.
“From the view of investors, the founder of this company plays a crucial role. Since Shen Hui has experience in supply chain management, an core part in new energy vehicle segment, it is also the advantage of WM Motor. He has absolute advantages over other entrepreneurs in both the accumulation of car industry and the interpersonal connections.” the partner of Martec, Guo Kai said to the journalist.
“The speed and condition of WM Motor is on a good pace and it enjoys good reputation as well. The industry supposes that it will launch its new product next year, which is one of the factors valued by its investors.” Said Guo Kai.
On December 23, 2016, WM New Energy Vehicle Intelligent Industrial Park was founded in Wenzhou Oujiangkou. In 2016, the auto parts pilot plant and the autonomous driving pilot zone have  started first. After reaching full capacity, it will have an annual production capacity of 200,000 new energy intelligent cars. Shen Hui said in an interview that the fixed asset investment on Wenzhou factory was 6.7 billion yuan.
During the Shanghai Auto Show 2017, WM Motor’s first concept car "AG2020" made its debut, and Shen Hui said that the first mass-produced car will roll off the production line in 2018. On November 7, it is reported that WM Motor is in preparation for a financing round for about 1 billion yuan.people familiar with the fact said r that the financing is still under way and financial details cannot be announced and the final amount of financing and investors has not yet finalized.
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BYD October sales declines 29 percent to 35,757 units

Shanghai (Gasgoo)- According to the information of China Passenger Car Association (CPCA), the total sales of BYD in October are 35,757 units, a decrease of 29.1%. Although the sales of new energy vehicles increase, the number is too small to drive the overall sales. The decline directly affects the performance of BYD and the net profit fell 23.82% in the first three quarters of this year.
By the end of October, the cumulative sales of BYD are 310,805 units, an decrease of 19.5%. As to the sales of certain models, In specific performance, F3 is the most popular model, with a total sales of 8,908 units last month, followed by the Song. The sales of Tang, F0, G5 and G6 are all less than 1,000 units.
Compared with conventional fuel-powered vehicles, new energy vehicles perform well. In October, the sales of BYD new energy vehicles are 12,466 units, an increase of 20%.
This year BYD does not have greater action in the product launch with only Song DM, Song MAX and few key models. The weak competitiveness of a series of old models and the overall outdated design are the major reasons for poor performance. Due to the sales decline in the first three quarters, the net profit attributable to shareholders of listed companies also declines to RMB 1.069 billion, a decrease of 23.92%. According to BYD official, the sales of new energy cars are expected to keep growth trend in the fourth quarter.
At the end of September, BYD launched a new MPV model Song MAX. In the first month, the sales volume reached 4,045 unitss. Next year BYD will also launch the next generation Qin, Tang and other models. E5, E6 also will be upgraded in vehicle range.
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China first NEV transmission test rack finishes in Chongqing

Shanghai (Gasgoo)- Chongqing Scientific Research Institute releases bulletin today that its automobile and motorcycle center team has developed the first domestic NEV transmission high-speed test rack with maximum revolution speed, successfully breaking global monopoly.
The test rack is mainly developed to test the life span and quality of automatic gearboxes including AT, AMT/EMT, CVT, DCT and NEV redactors. The test rack would carry out matching calibration tests and durability tests for automatic gearboxes, simulate working conditions for vehicle engines and driving motors, thus providing strong testing measures for the fast development, tests and evaluations of automatic gearboxes.
The high-speed auto gearbox test rack has leading qualities in domestic market and its price only accounts for 60% of similar foreign equipment.
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TOP 10 PV Automakers of October

Shanghai (Gasgoo)- According to data from the China Passenger Car Association (CPCA), the wholesales of China passenger vehicles reached 2,316,035 units in October, with a year-on-year growth of 0.2 percent and a month-on-month increase of 0.6 percent. Here, we use passenger vehicles in its narrow sense, which include locally-produced sedans, SUVs and MPVs. The wholesale here also covers the export volume.
Relatively speaking, the passenger vehicle market remained stable last month. Among three segments, the sedan wholesales were 1,105,097 units, decreasing over 5 percent both year on year and month on month. MPV dropped to 181,029 compared with the same period of last year. SUV remained to be the sales driver with 1,029,909 vehicles sold.

Among top 10 passenger vehicle producers, SAIC-GM ranked first again after 5 months while SAIC-VW, the champion of September, fell to the third in October. What’s more, it should be noted that the first seven makers’ wholesale all exceeded 100,000 units.
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FAW Group clarifies transfer plan of FAW Xiali

Shanghai (Gasgoo)- FAW Group, the controlling shareholders of FAW Xiali, has been discussing the equity transferring plan since the stock trade suspension in September. With the approval from SASAC (State-owned Assets Supervision and Administration Commission of State Council), FAW Group makes clear the transferring plan and trading threshold today that it plans to transfer 394.5m shares of FAW Xiali to receiving party in way of public solicitation, which accounts for 24.73% of the total shares. The controlling shareholder for FAW Xiali will change after the transfer is completed.
Financial data shows that FAW Xiali has a total asset of RMB 4.71b and net asset of RMB 1.73b till the end of 2016. It has operating revenue of RMB 2.03b and a net profit of RMB 163m in 2016. Influenced by the decreasing vehicle sales, FAW Xiali faces deficit of RMB 1.12b in the previous three quarters this year and burdens great pressure in its strategic transformation. Therefore, FAW Group sets a relatively high threshold for the receiving party, with the following qualifications:
Firstly, the receiving party should have clear operating development strategy and related supporting commercial resources to provide practical plans for FAW Xiali’s strategic transformation. Besides, the receiving party should promise to inject assets to FAW Xiali within certain periods.
Secondly, the receiving party or its actual controller should have a history of over three years and achieve profits for the past two consecutive years.
FAW Group also emphasizes that the receiving party should maintain the staff stability and raise welfare benefits for employees after it obtains the controlling right. Receiving party should also consent that FAW Xiali will transfer its 15% shares of Tianjin FAW Toyota to FAW Group.
The public solicitation period spans from November 7th to November 20th. But FAW Xiali also points out that there is risk that the share transfer may fail.
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Geely invests RMB 1.833 billion to acquire 3 companies

Shanghai (Gasgoo)-Geely Auto announced on Nov. 7 that its subsidiary Zhejiang Geely Luoyou Engine Co., Ltd. purchased the whole registered capital of three target companies with total investment of RMB 1.833 billion.
It is stated that one of the target companies, Baoji Geely Engine Co., Ltd. is located at Baoji Industrial Park, Shaanxi Province with the R&D, manufacturing and sales of auto engines and some after-sale parts as its core business. It covers an area of 217,600 square meters and is expected to produce 360,000 engines and the related after-sale parts annually.
Another target company is Zhejiang Yili Auto Parts Co., Ltd. Located at Yiwu Industrial Park, Zhejiang Province, Zhejiang Yili Auto Parts Co. covers a total area of 268,300 square meters with the R&D, manufacturing and sales of auto engines and some after-sale parts as its core business. It is expected to produce almost 400,000 engines and the related after-sale parts annually.
The last target company is Ningbo SZX Automatic Transmission Co., Ltd. It focuses on the R&D, production and sale of transmission and related after-sale parts. It occupies an area of around 142,400 square meters and is expected to have an annual production capacity of 600,000 transmissions and related after-sale parts.
Additionally, on Nov. 7, Zhejiang Geely Luoyou Engine Co., Ltd. signed an agreement with LYNK&CO and Zhejiang Geely Holding Group on powertrain sales. After finishing the acquisition, it will sell the engines, transmissions and related after-sale parts produced by the target companies to LYNK&CO and Zhejiang Geely Holding Group from Jan. 1, 2018 to Dec. 31, 2020. The planned upper limits for powertrain sales of the three target companies are respectively RMB 9.179 billion, RMB 14.556 billion and RMB 15.661 billion.
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                           Zotye’s net profit of first three quarters soars over tenfold year over year