Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Alibaba and Tencent Develop Health Tracking App To Help Authorities Control Virus
Steel Mills Cool Down as Workers Stay Home for Virus Control
Central Bank Ramps Up Punishment for Money Laundering
LATEST
Tesla and CATL Enter Advanced Stages of Talks Over Cobalt-Free Battery Supply
Hong Kong unemployment surges to record high in wake of coronavirus outbreak
First Huawei Smartphone to Replace Google Mobile Services Hits Europe Next Week
Jaguar Land Rover Unsure It’ll Recoup China Sales Lost to Virus
U.S. Jury Orders Motorola’s Chinese Rival to Pay $765 Million for Infringement
Property Giant Offers Massive Discounts Due to Covid-19 Virus
Didi to Launch Ride-Hailing Services in Sydney Next Month
Alibaba and Tencent Develop Health Tracking App To Help Authorities Control Virus
Apple Will Miss Quarterly Revenue Target Due to Coronavirus
Beijing Auto Show Postponed Amid Epidemic
Steel Mills Cool Down as Workers Stay Home for Virus Control
ByteDance Eyes Tencent, NetEase With Key Gaming Appointment
Central Bank Ramps Up Punishment for Money Laundering
China NEV Sales Plummet in January Amid Coronavirus Outbreak
Toyota to Restart Three China Plants This Week Amid Virus Fight
Fiat Chrysler Plans to Halt Its Serbia Plant on Coronavirus
China’s 58 Home Delays U.S. IPO As Epidemic Weakens Customer Demand: Bloomberg
China’s BOE Takes Crown in Global Smartphone Panel Shipments in 2019: Research Firm
Huawei Hit With Racketeering Charge in Expanding U.S. Case
Chinese Truckmaker and Israeli Sensor Firm Team Up on Self-Driving Trucks
Tough Time Ahead for EV Startups, Executive Says

By Liu Yukun and Han Wei / Apr 11, 2019 03:00 AM / Business & Tech

Li Xiang. Photo: IC

Li Xiang. Photo: IC

China’s flourishing electric-vehicle startups are facing a tough time with greater challenges to obtain funding as investors have turned more cautious on the industry, said Li Xiang, CEO of EV startup CHJ Automotive.

A large number of players will be forced out of the market in the coming year, and 90% of investors will lose money, Li warned Tuesday at a conference in CHJ’s plant in Changshu, Jiangsu province.

CHJ is among a number of companies emerging in China over the past few years to tap opportunities in EV manufacturing. It is one of the few players that are expected to deliver models to the market by the end of 2019. CHJ unveiled its first EV model in October.

Li said he expected sales of the new model, a hybrid SUV, to reach 100,000 units by 2020 and said the number of orders received in the next three months will be crucial for the business.

While EV startups are struggling to turn profits, the Chinese government’s decision to greatly cut subsidies is posing more challenges, analysts said.

In March, CHJ’s rival Nio Inc. said its net losses widened by 92% for 2018 to $1.4 billion, while losses in the last quarter grew 102.1% to $509.5 million.

Related: China’s Cut to Electric-Car Subsidies Is the Biggest in Five Years


Share this article
Open WeChat and scan the QR code