Gasgoo Daily: Li Auto sets up IC chip design subsidiary

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.

Li Auto sets up IC chip design subsidiary

According to China’s corporate database Qichacha, Sichuan Lixiang Zhidong Technology Co., Ltd. was incorporated recently, with an RMB100 million registered capital. The company is authorized to conduct design and services for integrated circuit chips, auto part manufacturing, and selling new energy vehicle and accessory. The company is wholly-owned by Li Auto’s Hong Kong affiliated company, Leading Ideal HK Limited.

Photo credit: Li Auto

Dongfeng Citroën to celebrate 30th anniversary on May 18th

Dongfeng Citroën will be hosting its 30th anniversary event in Wuhan on May 18th. In the past three decades, Dongfeng Citroën has attracted roughly 3.2 million users in China.

Photo credit: DPCA

Henan’s provincial governor talks with BYD, FAW Jiefang’s chairmen

On May 16th, the provincial governor of Henan province, Wang Kai, attended the strategic cooperation signing ceremony of Zhengzhou’s Xinggang new energy industrial park phase II project and FAW Jiefang’s  Zhengzhou new energy vehicle base project. The governor has met and talked with the respective chairman of BYD and FAW Jiefang individually.

Geely establishes intelligent transportation technology subsidiary

On May 17th, Zhejiang Yuancheng Intelligent Transportation Technology Co., Ltd. was incorporated with a registered capital of RMB10 million. The company’s business scope includes new energy vehicle sales, auto part R&D and wholesale. The company is indirectly wholly-owned by Zhejiang Geely Holding Group.

GCL-ET, Tongsheng Industrial Investment team up on mobile digital energy projects

GCL Energy Technology Co., Ltd. (“GCL-ET”), a Chinese operator of clean energy projects, on May 16 signed an agreement with Sichuan Tongsheng Industrial Investment Co., Ltd. (“Tongsheng”) to jointly boost the digital economy and auto electrification development for Sichuan province, according to a post on the WeChat account of GCL (Group) Holdings Co., Ltd., the parent company of GCL-ET.

NEV industry in Shanghai’s Lin-gang Special Area restores capacity utilization rate to 46%

The new energy vehicle (NEV) industry in Shanghai’s Lin-gang Special Area, where Tesla’s Shanghai Gigafactory is located, has seen the overall production capacity utilization rate recover to nearly 46% as of May 16, Wu Xiaohua, a Lin-gang Special Area official, said on May 17 at a press conference.

SGMW says cumulative retail sales of Hongguang MINIEV surpass 700,000 units

SAIC-GM-Wuling (“SGMW”), General Motors' joint venture with Chinese partners SAIC Motor and Guangxi Automobile Group, announced on May 17 it has accumulated over 700,000-unit retail sales of the Hongguang MINI EV electric car.

UXIN likely to bag new capital from existing shareholders including NIO Capital

Uxin Limited (“UXIN”, or “the company”), a leading Chinese online used car dealer, on May 16 entered into a binding term sheet with affiliates of two existing shareholders, NIO Capital and Joy Capital (collectively, the “Investors”) for new financing business, according to a document it filed to the Nasdaq Stock Market.