Gasgoo Daily: Apollo Future Mobility forgoes acquisition of WM Motor

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.

Apollo Future Mobility forgoes acquisition of WM Motor

On the evening of September 8, Hong Kong-listed company Apollo Future Mobility Group Limited released a statement announcing the termination of its acquisition of Chinese new energy vehicle maker WM Motor. The announcement cited several factors for the decision, including global market turbulence, geopolitical conflicts, ongoing financial market uncertainties, and the short-term economic recovery post-pandemic.

WM Motor's W6; photo credit: WM Motor

HYCAN V09 commences pre-sales, with deliveries set for October 13

On September 10th, HYCAN, a Chinese new energy vehicle maker, officially initiated pre-sales for its first-ever all-electric premium MPV, the HYCAN V09. Alongside the pre-sales launch, the company revealed the price range for the model’s five different trim levels: 320,000 yuan to 460,000 yuan. The new model is scheduled to hit the market on October 13, 2023, with deliveries commencing simultaneously.

HYCAN V09; photo credit: HYCAN

Guangdong province optimizes car purchase policies in Guangzhou, Shenzhen cities

The Office of the People's Government of Guangdong Province recently issued a notice outlining the implementation plan for expanding domestic demand in Guangdong Province. The notice emphasizes the exploration of potential in automobile consumption and the promotion of new energy vehicle adoption. This includes streamlining and enhancing car purchase policies in Guangzhou and Shenzhen cities, refining qualification requirements, and shifting the focus from car acquisition management to car usage management.

China's domestic auto sales, export volume both jump YoY in August 2023

In August 2023, driven by factors such as national consumption promotion policies and promotional efforts by automakers, the demand for automobiles continued to grow. The Chinese automotive market defied the traditional off-season trend, achieving both month-on-month and year-on-year increases in sales.

Geely Galaxy L6's first mass-produced unit rolls off line

On September 10, Geely saw the first mass-produced unit of the inaugural plug-in hybrid electric sedan under its Galaxy new energy vehicle (NEV) product range, the Galaxy L6, roll off the production line at Geely's manufacturing base in Linhai city, Zhejiang province.

China's power battery installed capacity in August rise 25.7% YoY, 8.2% MoM

In August, the installation volume of power batteries in complete vehicles in China reached 34.9GWh, showing a year-on-year increase of 25.7% and a month-on-month rise of 8.2%. Ternary-lithium batteries accounted for 10.8GWh of the total installation volume, representing a year-on-year increase of 2.7% and a month-on-month growth of 2.3%. Meanwhile, the installation volume of LFP batteries reached 24.1GWh, indicating a year-on-year jump of 39.7% and a month-on-month growth of 11%.

FAW Toyota celebrates 20th anniversary with new energy vehicle-dedicated future plans

On September 9, FAW Toyota held an event to celebrate its 20th anniversary in Tianjin. The Sino-Japanese collaboration between Toyota Motor and FAW Group, reaffirmed its commitment to enduring passion and customer-centricity.

Great Wall Motor announces entry into Mexican market

In a declaration of its commitment to innovation and global expansion, Great Wall Motor showcased its GWM brand and introduced the Haval H6 HEV model in Mexico City on September 7th.

Lynk & Co 08 hits market, starting at 208,800 yuan

On September 8, Lynk & Co, the premium automotive brand jointly owned by Geely and Volvo Cars, officially put the Lynk & Co 08 plug-in hybrid electric SUV onto the market. The new model comes with five trim levels, which are priced between 208,800 yuan and 288,000 yuan.

JAC Group posts 19.55% YoY surge in August sales

In August 2023, JAC Group posted a remarkable sales figure of 53,870 vehicles, marking a 19.55% increase compared to the same period last year. Impressively, this marks the seventh consecutive month for the company to achieve a year-on-year growth in sales.

GAC Group faces YoY dip in Aug. auto sales, but scores YoY surge in both NEV sales, export volume

GAC Group sold a total of 196,761 new vehicles in August 2023, representing a 4% month-on-month rise, but still marking a 9.68% year-on-year decrease, according to the monthly sales results it issued last Friday.