Despite the downward spiral that has lingered for almost a year in China's automotive market, executives from traditional carmakers and startups at a forum on Friday expressed their confidence in the industry's long-term future.
JAC Motors is entangled in an emissions fraud scandal in China, with a hearing scheduled to be held on Thursday. If convicted, the Anhui-based carmaker may face a heavy fine that will deal an equally heavy blow to add to its lackluster financial performance.
SAN FRANCISCO - In 2015, Uber Technologies Inc went on a fundraising spree in China, tapping venture capitalists and State-backed corporations for cash and connections in an effort to navigate the Chinese regulatory environment.
Major carmakers in China from SAIC to Changan saw their profits slump in the first quarter of this year, mainly as a continuation of the poor sales from the second half of 2018, and analysts said the bleak prospects may continue for several months to come.
China's new energy vehicle startups are upping their fundraising efforts in preparation for kick-starting production of their models.
GAC New Energy Automobile Co launched its Aion S sedan, the first model built based on its GEP platform, in late April. The post-subsidy prices of its four variants range from 139,800 to 205,800 yuan ($20,758 to $30,565). The sedan, thanks to its high-density batteries and efficient electric drive system, has a range of up to 510 kilometers on one charge. The Aion S also has Level 2 autonomous driving features and a roof that utilizes solar energy for cabin ventilation and battery charging. The model allows for up to 16,800 different customization choices, covering the range, the exterior and smart functions. Since presales started on March 1, the carmaker has received more than 30,000 orders.
With 2018 being the first year in almost three decades that negative growth has been recorded in China's auto industry, the country's car dealers are facing increased pressure to adjust their current business models, according to a top industry association.
Foton Motor Group's strategy of focusing more on commercial vehicles is producing promising results, with its business revenue in the first quarter of this year growing 50 percent year-on-year to over 14 billion yuan ($2.07 billion).
PARIS - France and Germany agreed on Thursday to jointly invest in the European production of electric vehicle batteries, taking on the United States and China in what is emerging as one of the world's most competitive industries.
Over 60 enthusiastic students from the Sino-German College of Technology of East China University of Science and Technology attended the recently held 22nd Sino-German Job Fair in Shanghai.
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Raymond Zhou
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