Gasgoo Daily: XPeng's fifth model exposed, code name F30

With Gasgoo Daily, we will offer daily important automotive news in China. For those we have reported, the title of the piece will include a hyperlink, which will provide detailed information. 

XPeng's fifth model exposed, code name F30

According to China’s automotive supplier Bomin Electronics, the company has struck a deal with EV startup, XPeng for auto parts procurement. Bomin Electronics will supply corresponding auto parts for XPeng’s F30 and E38 models for a five-year period, with a trade sum of RMB250 million to RMB300 million. The E38 model is also known as the G9 to consumers, while the F30 is a new model that remains under wraps so far.

Photo credit: XPeng

New Ford Explorer said to hit Chinese market in May

The newest Ford Explorer model will officially make debut on March 23rd. Presale of the vehicle is likely to start during the Auto China 2022 in Beijing. The model will be available on the China market in May.

Photo credit: Ford

BYD sets up insurance company

On March 21st, Chongqing Denza Auto Sales Co., Ltd. was established with an RMB2 million registered capital. The company is authorized to operate in car rental, auto inspection, and insurance agent service. The new company is indirectly wholly-owned by BYD Auto Industry Co., Ltd., according to the corporate database, Qichacha.

Wanda’s auto subsidiaries now cover 11 Chinese cities

According to China’s corporate database Qichacha, local real-estate conglomerate, Wanda Group, has registered another auto-related company, namely Hangzhou Wanda Auto Technology Service Co., Ltd, on March 22nd. After the new company, the conglomerate now has auto subsidiaries in 11 cities domestically.  

Century Huatong Automotive secures growing orders from Tesla, NIO, BYD

Century Huatong disclosed that the company’s auto parts business unit had landed growing orders from Tesla, NIO, XPeng, BYD, WM Motor for new energy vehicle parts.

China to push domestic NEV sales to 20% by 2025

According to a government-issued 14th five-year plan on the modern energy system, China aims to actively push the application of new energy vehicles in city transportation. The authorities set a goal to have new energy vehicle sales account for 20% of the total market by 2025. Moreover, charging infrastructure and pilot demonstrations are also encouraged by the government.

GAC Group plans to build energy subsidiary for power, battery recycling ecosystem

China's state-run auto group GAC Group announced on Mar. 22 its board of directors has approved the plan to build an energy subsidiary, as part of efforts to strengthen the building of EV power network and ultimately achieve carbon neutrality.

Ambarella partners with Shenzhen-based ADAS developer Autocruis

China’s autonomous driving developer Autocruis has formed a profound partnership with world-leading AI chip enterprise Ambarella for intelligent cockpit development, Ambarella announced on March 21st.

NIO Capital closes Eve ONE Fund II at about $400 million

NIO Capital, a Chinese investment firm sponsored by NIO, announced on Mar. 20 the final closing of its flagship fund, Eve ONE Fund II L.P. (“the Fund II”), at around $400 million.