Gasgoo Daily: Evergrande Auto starts delivering Hengchi 5

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.

Evergrande Auto starts delivering Hengchi 5

Evergrande Auto, the electric vehicle (EV) unit of Chinese property giant Evergrande Group, officially began delivering the first 100 Hengchi 5s on Oct. 29.

Photo credit: Hengchi

BYD sets up semiconductor technology subsidiary

According to the corporate information platform Tianyancha, Jinan BYD Semiconductor Technology Co., Ltd. was incorporated on Oct. 27, 2022 with a registered capital of 50 million yuan ($6.859 million). It has a line of businesses including design of integrated circuit chips, information system integration service, and sales of security & protection equipment and semiconductor lighting devices, etc. It is wholly-owned by BYD Semiconductor Co., Ltd.

IM L7's Snake Performance to hit market on Nov. 1

IM Motors, the premium electric vehicle joint venture among SAIC Motor, Alibaba Group, and Zhangjiang Hi-Tech, will put the IM L7 Snake Performance onto the market on Nov. 1. The all-wheel-drive new model can zip from 0-100km/h within 3.8 seconds.

Ford Motor lowers prices of Mustang Mach-E

Ford Motor's electric vehicle arm in China said it has lowered prices of the Mustang Mach-E by 20,000-28,000 yuan ($2,750-3,850) since Oct. 31, 2022.

BAIC BluePark faces net loss of 1.318 billion yuan in Q3 2022

BAIC BluePark New Energy Technology Co.,Ltd. announced today its revenue reached 2.228 billion yuan ($306.549 million) in the third quarter of 2022, sliding 39.15% year over year. During the same period, the company faced a net loss attributable to shareholders of around 1.318 billion yuan ($181.429 million).

CATL teams up with Vietnamese automaker VinFast on CIIC skateboard chassis project

On Oct. 30, CATL and VinFast Trading & Manufacturing Joint Stock Company ("VinFast") signed a memorandum of understanding (MoU) to carry out global strategic cooperation in areas like the CIIC (CATL integrated intelligent chassis) skateboard chassis, according to a press release from CATL.

BYD sees Q3 2022 revenue, net profit surge at 3-digit YoY growth

BYD Company Limited ("BYD") said last Saturday its revenue in the third quarter of 2022 (Q3 2022) surged 115.59% from a year earlier to 117.081 billion yuan ($16.111 billion), while its net profit attributable to shareholders also soared at a three-digit year-on-year growth of 350.26% to 5.716 billion yuan ($786.585 million).

Geely Automobile proposes spin-off of EV subsidiary ZEEKR

Geely Automobile Holdings Limited ("Geely Automobile" or "the company") announced on Oct. 31 that it has submitted a proposal to the Stock Exchange of Hong Kong Limited ("HKEX") in relation to the proposed spin-off and separate listing of ZEEKR Intelligent Technology Holding Limited ("ZEEKR").

Sunwoda scores 504.79% YoY surge in Q3 2022 net profit

Sunwoda Electronic Co., Ltd. ("Sunwoda") saw its revenue reach 14.866 billion yuan ($2.046 billion) in the third quarter of 2022 (Q3 2022 or reporting period), leaping 50.14% from the previous year, the Chinese battery maker announced last Friday.