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 Dec.13, the Intelligent Electric Vehicle Summit Forum was held in Shanghai. Fu Bingfeng said during the conference that China will become the largest motor vehicle owner in the world by the end of 2020.
Chinese Electric Carmaker XPeng raised $2.16 billion in an upsized follow-on offering, the company announced in a statement on Wednesday.
China’s new energy vehicle (NEV) market is poised for a boom over the next five years. IDC predicts that sales of NEVs in 2020 will reach 1.16 million units, and will continue to grow rapidly in the next two years.
On Sept. 15, Evergrande Automobile (HK.0708) announced that it had raised HK$4 billion in investment through the placement of new shares to support its new energy vehicle development.
According to “Technology Roadmap of Energy-saving and New Energy Vehicles”, a publication by the Society of Automative Engineers of China, the market share of driver-assist/partially-autonomous vehicles will reach 50% by 2020.
On March 21, Chinese electric car startup Xiaopeng Motors, also known as XPENG, successfully passed its first batch of production model vehicle (1.0) reviews conducted by the Fangcun branch of Guangzhou Traffic Police Detachment’s vehicle management department, obtaining the first specialized license plate for new energy vehicles.