Li Auto will be the first automaker to use Nvidia’s newest processor to facilitate highly autonomous driving functions for its EVs.
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Speculation surrounding a Tesla-branded smart device began after Huami Technology CEO Huang Wang posted a message on his Weibo account.
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A TechNode reporter tries out an AI-powered grammar tool from search company Sogou. It think it can make some improvements on William Shakespeare.
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Six-year-old Xpeng Motors now has a market capitalization of nearly $15 billion, nearing the size of a number of giant Chinese automakers.
Other Chinese automakers including Nio and Li Auto have enjoyed strong rallies on US exchanges as investors boost bets on the future of electric cars.
It plans to sell 99,733,334 American depositary shares at US$15 apiece in its public debut today.
Xpeng Motors is priming for a public listing in New York where it could raise up to $1.1 billion from high-profile backers including Alibaba and Xiaomi.
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At a valuation of $2.4 billion, EV startup Canoo is going public an effort to raise enough money so that it could help to bring its first electric vehicle, a VW microbus-style van.It was first uncovered a year ago, to market.On Tuesday, the company declared that it was merging with Hennessy Capital Acquisition Corp IV, an alleged blank check unique reason for obtaining company.Thus, Canoo will turn into a trade on an open market company recorded on NASDAQ under the new ticker CNOO.It's a similar kind of reverse merger move that hydrogen trucking company Nikola pulled off recently to open up to the world and that EV startup Fisker is at present attempting to execute.As it intends to offer its EV on a membership just premise, Canoo is unique insofar when it goes into creation in 2021, and it needs to make other vehicle cabins which will use similar underlying “skateboard” platform.Canoo is additionally the most recent company to take advantage of abrupt financing free for all in the electric vehicle startup space, which has seen new cash go to China's Li Auto, Karma Automotive, and XPeng, and others.Krause, a previous CFO at both Deutsche Bank and BMW, in June stepped down as director of Canoo in after shifting away from the CEO job a year ago.Krause left his post as CEO only a couple of months before he and Canoo were sued by his significant other for harassment, discrimination, wrongful termination, and breach of contract.
EV startup Canoo is going public at a valuation of $2.4 billion in an effort to raise enough money to help bring its first vehicle, a VW microbus-style van that was first revealed last year, to market. The company announced Tuesday that it was merging with Hennessy Capital Acquisition Corp IV, a so-called “blank check” special purpose acquisition company. As a result, Canoo will become a publicly traded company listed on NASDAQ under the new ticker “CNOO.” Another SPAC It’s the same type of “reverse merger” move that hydrogen trucking company Nikola pulled off earlier this year to go public and that EV startup Fisker is currently trying to execute. Canoo is also the latest company to cash in on a sudden funding frenzy in the electric... Continue reading…
The change comes as Nio works to catch up with peers in the self-driving car race after securing $1 billion in funding from the Chinese government.
The incidents come just as Xpeng Motors and Li Auto debut on US stock markets, highlighting issues around EV quality control.
China is growing as a profit center for Tesla, and the country reported a rebound in car sales in July on Tuesday. It's good news for the world's largest auto market, and potentially even better news for Tesla.  However, electric vehicles are still under pressure following the cutting of a government subsidy for buyers.  Visit Business Insider's homepage for more stories. Car sales are booming in China as the coronavirus pandemic fades in the country, which could be good news for Tesla in an increasingly important market. The China Association of Automobile Manufacturers, an industry group that provides monthly production and sales statistics, said passenger-car sales jumped 8.5% in July compared to last year while overall sales rose 16.4%. The rebound follows a 18.4% slump that began in January as the virus swamped the industry worldwide. "The trend is good after recovering momentum in the second quarter of the year," the association said in a statement. It's good news for the world's largest auto market, and perhaps even better news for Tesla, which has invested heavily in expanding its presence in the country. The automaker reported another increase in revenues from China in July, even as US sales slumped. For the second quarter, China was responsible for 23% of the company's total revenue — its highest share ever. Electric vehicles have seen a slight slump in China since Beijing slashed a lucrative subsidy for potential buyers, which had helped Tesla's initial growth in the country as it completes its Shanghai Gigafactory. Sales of hybrid and pure-electric vehicles rebounded to 98,000 units in July after slumping 32.8% during the first seven months of the year, the Associated Press reports. At the same time, several domestic competitors are slowly beginning to encroach. Nio reported a surge in monthly deliveries in July — now up to over 3,500 — and Xpeng filed for a public offering on the New York Stock Exchange last week. "China remains the linchpin of growth going forward," Daniel Ives, an analyst at Wedbush, told clients following Tesla's second-quarter results. Ives said Wedbush continues to "believe EV demand in China is starting to accelerate" with Tesla competing against domestic and international competitors, and called the upcoming Gigafactory "the linchpin of success" that "remains the prize that Musk and Tesla are laser focused on capturing."Join the conversation about this story » NOW WATCH: Why electric planes haven't taken off yet
Xpeng Motors, a Chinese electric-car startup, has filed to go public on the New York Stock Exchange. The IP comes after Xpeng said earlier this month that it had raised $400 million from investors like Alibaba. With tariffs and trade tensions between the US and China, the company said it "could be adversely affected by political tensions" between the countries. Visit Business Insider's homepage for more stories. Xpeng Motors, a Chinese electric-car startup, has filed to go public on the New York Stock Exchange.  In documents filed with the SEC on Friday, the company said it will issue nearly 430 million Class B shares and plans to raise about $100 million — a figure that could change. It didn't disclose any number of its Class A shares. The IPO filing comes after Xpeng raised $400 million from investors such as Alibaba and sovereign wealth fund Qatar Investment Authority earlier this month, according to CNBC.  With tariffs and trade tensions between the US and China, Xpeng said under the "risk factors" section of its SEC filing that it "could be adversely affected by political tensions" between the two countries. "Although we do not currently export any of our Smart EVs (electric vehicles) to the United States, it is not yet clear what impact these tariff negotiations may have or what further actions the governments may take, and tariffs could potentially impact our raw material prices," the filing said. Tesla might be the most obvious rival for Xpeng, but it isn't the only one. Nio, another Chinese electric-car company, has been a strong performer in 2020, with stocks going up 13% last week due to an uptick of vehicle deliveries in July. Xpeng was founded in 2015. It currently has two cars on the market, the G3 SUV and P7 sedan, with the latter being a competitor of Tesla's Model 3. The startup does not currently offer its vehicles in the US. Join the conversation about this story » NOW WATCH: What it's like inside North Korea's controversial restaurant chain
The top articles for the week: Finding out if Indonesia lacks an ESOP culture, eSIMs, and Intuit acquired a Singapore-based startup.
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