What were the big moves in the auto industry at home and abroad this week?
Baidu plans to spin off Kunlun Chip and list it separately
On Jan. 2, Baidu said in an HKEX filing that, under Practice Note 15 of the Listing Rules, it has submitted a proposed spin-off plan for Kunlun Chip to the Stock Exchange of Hong Kong, which has confirmed the company may proceed with the spin-off.
Image source: Screenshot of Baidu filing
On Jan. 1, Kunlun Chip, through its joint sponsors, filed an A1 listing application with the Stock Exchange of Hong Kong on a confidential basis, seeking approval to list and trade its shares on the Main Board.
Information shows Kunlun Chip (Beijing) Technology Co., Ltd., formerly Baidu's Intelligent Chip & Architecture unit, completed an independent financing in April 2021 with a first-round valuation of about 13 billion yuan. The team was among China's earliest to invest in AI accelerators and has spent more than a decade in the field, building deep capabilities across architecture, chip implementation, software systems and real-world applications.
Gasgoo comment: A spin-off gives Kunlun Chip an independent financing platform and market identity, strengthens its bargaining power and business development with customers and suppliers, and lets Baidu continue to benefit through its stake.
Talent New Energy raises over 400 million yuan in Series B+
Chongqing-based Talent New Energy Co., Ltd. (hereinafter "Talent New Energy") recently announced it had raised more than 400 million yuan in a Series B+ round. Proceeds will accelerate industrialization of automotive-grade solid-state battery products, increase R&D in key solid-state technologies, advance construction of the company's first all-solid-state mass-production line, strengthen the talent system for the new phase, and further solidify its advantages in multi-scenario, multi-dimensional solid-state battery applications.
Image source: Talent New Energy
The success of this round reflects substantive breakthroughs in Talent New Energy's push to industrialize solid-state batteries. The company, following an oxide–polymer composite approach and leveraging core in-house technologies such as ISFD, has launched the Safe+ solid-state battery solution and a full product lineup for multiple scenarios, simultaneously lifting a range of performance metrics.
Its products have cleared testing and validation by leading downstream customers in scaled markets including new-energy vehicles, two-wheelers and energy storage, moving into batch deliveries. Talent New Energy is also targeting emerging areas such as the low-altitude economy and embodied AI, developing solid-state batteries built around safety that cover high-power and high specific-energy applications. The first robot-specific battery packs have been delivered to partners for real-world trials.
Gasgoo comment: With this round of funding, Talent New Energy is set to leverage industry synergies and speed up the rollout of its Safe+ solution and products in core tracks.
China solicits public opinion on first national standard for solid-state EV batteries
China has launched a public consultation on its first national standard dedicated to solid-state batteries for electric vehicles, marking a milestone in the country's battery standardization efforts. The draft standard, released on December 30, focuses on establishing unified terminology, classification frameworks, and coding rules for solid-state batteries used in EVs.
Image source: Screenshot of National Standards of the People's Republic of China
According to the draft, batteries are classified by the ion-transport mechanism inside the cell into liquid-electrolyte, hybrid solid–liquid and solid-state. That aligns with information previously disclosed by the China Automotive Technology and Research Center — namely, there is no longer a "semi-solid" category.
CITIC Securities' Battery & Energy Management team estimates global solid-state battery shipments will reach 642.6 GWh in 2030 (including semi-solid and all-solid). Penetration could hit 25% in new-energy vehicles, 50% in consumer electronics and 60% in eVTOL.
Gasgoo comment: The solid-state battery industry is hitting a critical milestone.
China Evergrande New Energy Vehicle Group Limited: trading remains halted, resumption date to be determined
China Evergrande New Energy Vehicle Group Limited recently issued an announcement via HKEX saying trading will remain suspended until further notice.
Image source: Screenshot of Evergrande Auto announcement
The board said it will continue to explore ways to manage cash resources, including disposing of non-core assets to support operations. Several subsidiaries are facing bankruptcy liquidation proceedings. Owing to liquidity challenges, the company has not allocated resources to engage an auditor and other professional advisers to conduct on-site audit work for the year ended Dec. 31, 2024, resulting in a delay in publishing interim results for the six months ended June 30, 2025.
The company will continue to identify suitable candidates to serve as independent non-executive directors to fill the temporary vacancy, and will work to meet the resumption guidance and restore trading on the Stock Exchange of Hong Kong as soon as possible.
Gasgoo comment: If China Evergrande New Energy Vehicle Group Limited fails to meet the SEHK's resumption guidance by Sept. 30, 2026, it risks losing its listing status.
He Xiaopeng: L4 full self-driving will truly arrive in 2026
After test-driving Tesla's FSD V14.2, XPENG's Chairman He Xiaopeng said bluntly: "Full self-driving will truly arrive in 2026." On Dec. 30, He posted a long note on his Weibo account sharing his impressions from a four-hour, in-depth experience with Tesla's FSD V14.2 in the U.S.
Image source: He Xiaopeng's Weibo
He argued that if in early 2024 Tesla's FSD was still "a decent L2 driver-assist," the current version clearly signals that "L4 driverless is close at hand."
XPENG's Ultra version will deliver fully next-generation autonomy and use the same model to power Robotaxi, he said. In his view, end-to-end small models top out at L2; city NOA will soon, like today's auto-park, become the entry-level spec for smart cars, while the high-end will be full self-driving. Over the next three years, only cars with full self-driving capability will count as next-generation smart vehicles.
Gasgoo comment: He Xiaopeng's remarks both recognize Tesla's progress and declare XPENG's own technical path and market call.
Another 2.56 billion yuan! CATL to take control of a leading LFP maker
Fulin Precision Machining Co.,Ltd. disclosed progress on a capital increase and a planned major asset restructuring at its subsidiary Jiangxi Shenghua New Materials Co., Ltd. (hereinafter "Jiangxi Shenghua").
Image source: CATL
According to the announcement, Fulin Precision Machining Co.,Ltd. and CATL plan to jointly carry out a capital increase for Jiangxi Shenghua. Fulin Precision Machining Co.,Ltd. intends to inject 1 billion yuan, subscribing for 813,008,130 yuan in new registered capital; CATL plans to inject 2.56338 billion yuan, subscribing for 2,084,048,870 yuan in new registered capital. After the transaction, CATL will hold 51.0000% of Jiangxi Shenghua, while Fulin Precision Machining Co.,Ltd. will own 47.4096%.
The capital increase aims to deepen strategic cooperation between Fulin Precision Machining Co.,Ltd. and CATL, accelerate Jiangxi Shenghua's progress in R&D and production of high-quality LFP products, international expansion, supply-chain upgrades and growth in the energy-storage market, and, through joint strategic investment, enhance its capital strength and overall competitiveness.
Gasgoo comment: In 2024, China's LFP materials shipments reached 2.427 million tons, up 48.2% year on year, while the overall market size was 97.08 billion yuan, down 30.3%.
