Aug 13, 2024 12:47 PM
BUSINESS
China Auto Roundup: New Rules to Give State-Owned Carmakers an EV Boost, Smart Driving Startup Cleared for Hong Kong IPO
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A Dongfeng electric vehicle at the 2023 Shanghai Auto Show on April 19, 2023. Photo: VCG
Welcome to the Auto Roundup — a weekly briefing on the biggest headlines in China’s automotive industry covering electric vehicles, gas-powered cars, battery and autonomous technology, and more.
New rules set to give state-owned carmakers an EV boost
While China’s three major state-owned carmakers may be latecomers to electric vehicles (EVs), Beijing is pushing for the trio to catch up.
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- China’s state-owned carmakers, including FAW, Changan, and Dongfeng, may get an EV boost from new evaluation criteria focusing on NEV tech and market potential.
- Horizon Robotics received clearance for a Hong Kong IPO to issue up to 1.15 billion shares.
- SAIC Motor reshuffled its management following declining sales, lagging behind BYD, and CATL opened its first experience store in Chengdu.
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Who’s Who
- China FAW Group Co. Ltd.
- China FAW Group Co. Ltd. is one of China's three major state-owned carmakers currently lagging in the electric vehicle (EV) market. To support its development, the Chinese government will shift evaluation criteria to focus on NEV technology, market share, and development potential. The new criteria aim to encourage increased adoption of EV technology.
- Chongqing Changan Automobile Co. Ltd.
- Chongqing Changan Automobile Co. Ltd. is one of China's three major state-owned carmakers. NEV sales make up a relatively small proportion of its total vehicle sales. Observers attribute this to the company's aversion to risk and short-term mindset. The Chinese government is setting new evaluation criteria focusing on NEV technology and market share to support its EV development.
- Dongfeng Motor Corp. Ltd.
- Dongfeng Motor Corp. Ltd. is one of China's three major state-owned carmakers, lagging in electric vehicle (EV) sales. The state-assets czar announced new evaluation criteria to support their EV development, focusing on technology, market share, and development potential. These changes may lead Dongfeng to cut prices and pursue acquisitions, raising concerns about crowding out privately owned competitors.
- Horizon Robotics
- Horizon Robotics, backed by BYD Co. Ltd., has been authorized by China’s top securities regulator to proceed with an IPO in Hong Kong. The China Securities Regulatory Commission has cleared Horizon to complete the offering within 12 months. Horizon plans to issue up to 1.15 billion shares.
- SAIC Motor Corp. Ltd.
- SAIC Motor Corp. Ltd., a state-owned automaker, has reshuffled its leadership as monthly sales declined, falling behind BYD Co. Ltd. for the first time. In early July, Jia Jianxu was appointed as president, replacing Wang Xiaoqiu, who became chairman after Chen Hong retired. Additionally, SAIC changed management at its joint venture with General Motors, including new roles for general manager, party secretary, and deputy general manager.
- BYD Co. Ltd.
- BYD Co. Ltd. is China’s largest EV-maker, having surpassed state-owned SAIC Motor Corp. in monthly sales. Additionally, BYD backs Horizon Robotics, a Chinese autonomous driving solution provider, which has received clearance from China’s top securities regulator for a Hong Kong IPO.
- Contemporary Amperex Technology Co. Ltd. (CATL)
- Contemporary Amperex Technology Co. Ltd. (CATL) opened its first experience store in Chengdu, aimed at raising its profile among automakers. The store features nearly 100 EVs from about 50 brands and has staff on hand to inform visitors about vehicles powered by CATL batteries and direct them to dealerships.
- Huawei Technologies Co. Ltd.
- Huawei Technologies Co. Ltd. launched its first premium all-electric sedan, the Stelato S9, on Tuesday. This new model, co-developed with state-owned automaker BAIC Group, targets the luxury executive sedan market. There are two versions, priced at 449,800 yuan ($63,000) and 399,800 yuan. Deliveries start on Wednesday.
- BAIC Group
- BAIC Group is a state-owned automaker in China that has co-developed the premium all-electric sedan Stelato S9 with Huawei. The Stelato S9 marks Huawei's venture into China’s competitive EV and smart driving markets, with deliveries starting soon.
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What Happened When
- March 2024：
- The country's state-assets czar announced new evaluation criteria for state-owned carmakers' EV businesses.
- Early July 2024：
- SAIC appointed Vice President Jia Jianxu as its president, replacing Wang Xiaoqiu, who became chairman.
- August 2024：
- The China Securities Regulatory Commission issued listing clearance for Horizon Robotics' Hong Kong IPO.
- Friday, August 10, 2024：
- SAIC Motor reshuffled management at its joint venture with General Motors Co.
- Saturday, August 10, 2024：
- CATL opened its first experience store in Chengdu.
- Tuesday, August 13, 2024：
- Huawei launched its first premium all-electric sedan, the Stelato S9.
AI generated, for reference only
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