Tencent ADR falls nearly 10% pre-market after its largest shareholder announces plan to reduce stake

April 07, 2021 CV TECH INC

Tencent ADR falls nearly 10% pre-market after its largest shareholder announces plan to reduce stake-CnTechPost


Tencent ADR falls nearly 10% pre-market after its largest shareholder announces plan to reduce stake-CnTechPost


The ADR of US-traded Chinese social media and gaming giant Tencent Holdings fell nearly 10 percent pre-market after its largest shareholder Prosus announced plans to sell HK$114.1 billion worth of its holdings.


The Amsterdam-listed firm said Wednesday it will sell 191.9 million Tencent shares, equivalent to 2 percent of Tencent’s issued share capital, at an asking price of HK$575-595 per share through subsidiary MIH TC Holdings.


After the sale is completed, Prosus’ stake in Tencent will drop from about 30.9 percent to 28.9 percent, remaining the company’s top shareholder.


Prosus said it intends to use the proceeds of the sale to increase its financial flexibility to invest in growth, plus for general corporate purposes.


Prosus has committed not to sell any further Tencent shares for at least the next three years, in line with its long-term belief in the potential of the business, the company said.


In response to the move, Tencent said Prosus had informed it of its intention to sell its stake, which was understood and supported.


On March 22, 2018, Prosus’ parent company Naspers had reduced its position in Xun at $405 per share, cutting its stake from 33% to 31%, with a commitment not to reduce its stake for three years.


Now that the 3-year period has passed, Naspers has chosen to continue its placement to reduce its holding in Tencent shares.


Naspers’ subsidiary MIH entered China in 1997. From 2001 to 2002, MIH acquired 45.5% of Tencent from Tencent’s major investors, making it the largest single shareholder of Tencent and the most successful investment by MIH Group overseas to date.


MIH’s investment in Tencent cost approximately $32 million and brought a total return to shareholders (including dividends) of nearly 7,200 times in US dollar terms.


MIH’s stake has since declined due to factors such as equity issuance, but it remains Tencent’s largest shareholder. In the decade or so since Naspers’ investment, Tencent’s business has continued to expand and its share price has soared.



Tencent’s Q4 revenue up 26% year-on-year to RMB 133.67 billion, in line with expectations


GAC expected to unveil battery technology with range of up to 1,000km on Friday

April 07, 2021 CV TECH INC

Chinese auto giant GAC announced Wednesday that it will showcase its super-fast-charging battery technology as well as its silicon cathode battery technology at the annual GAC TECH DAY event on April 9.


Earlier this year, GAC released a teaser image of its new battery showing that its graphene-based super-fast-charging battery can charge up to 80 percent in 8 minutes, making charging as convenient as refueling.


On top of that, its silicon negative battery can give EVs an NEDC range of 1,000 kilometers.


With its annual event coming up, the company is expected to announce details of both technologies at that time.


GAC previously mentioned its battery technology in a vague way, saying it could achieve an 8-minute charge to 80 percent and a range of 1,000 kilometers.


This was subsequently seen as an exaggeration and accused by industry experts of being impossible to achieve.


In the face of questioning, GAC AION general manager Gu Huinan responded that graphene-based super-fast-charging batteries and long-range silicon cathode batteries are two different battery technologies.


GAC also said at the time that the so-called “fast charging” and “long-range” features would be reflected in the two batteries separately, not in one battery with both features.


Graphene-based fast-charging technology will be the first to be used in the Aion V model, and can achieve 80% charging in 8 minutes and a range of 500km, and is expected to go into production in September.


The silicon anode technology battery is expected to be used in the Aion LX model, which can achieve a range of 1,000km and is expected to go into production this year.


Top Chinese academic suggests GAC’s graphene battery a scam



GAC expected to unveil battery technology with range of up to 1,000km on Friday-CnEVPost


GAC expected to unveil battery technology with range of up to 1,000km on Friday-CnEVPost

Chinese cryptocurrency firm Ebang surges pre-market after denying short-selling allegations

April 07, 2021 CV TECH INC

Geely's Zeekr brand's first model could be unveiled this month and go on sale in August

April 07, 2021 CV TECH INC

The Zeekr 001, the first model of Geely’s premium electric car brand Zeekr, will be unveiled on April 15 and go on sale in August-September, local media Pcauto.com.cn said Wednesday.


The model, previously known as the Lynk ZERO, is priced between RMB 300,000 ($45,838) and RMB 500,000 and will open for pre-sale at the Shanghai Auto Show on April 19, the report said.


The car’s pricing makes it a potential competitor to the NIO ET7, which is priced from RMB 448,000 before subsidies for delivery in the first quarter of 2022.


The car features a fully automatic air suspension, hidden door handles, frameless power doors and cut-through taillights.


As an electric luxury coupe, the car uses a suspended dashboard, widescreen HUD and eco-friendly seats inside.


The Zeekr 001 has a length of 4950mm, a wheelbase of 2999mm and is equipped with Bosch’s braking system.


The Zeekr 001 is equipped with dual front and rear electric motors with a combined maximum power of 400kW and peak torque of 768N⋅m.


The acceleration time from 0-100km/h is 3.8s and the top speed is over 200km/h.


The vehicle has a maximum charging voltage of 800 volts, a range of 120km in 5 minutes of charging and a combined NEDC range of over 700km.


Zeekr is jointly invested by Geely Automobile Holdings and Geely Holding Group, with the former holding a 51% stake and the latter a 49% stake.


Geely announces new firm to focus on forward-looking EV technologies



Geely's Zeekr brand's first model could be unveiled this month and go on sale in August-CnEVPost


Geely's Zeekr brand's first model could be unveiled this month and go on sale in August-CnEVPost


Geely's Zeekr brand's first model could be unveiled this month and go on sale in August-CnEVPost


Geely's Zeekr brand's first model could be unveiled this month and go on sale in August-CnEVPost

Auto expert now expects chip shortages to take nine months to a year to ease

April 07, 2021 CV TECH INC

From traditional car companies like Volkswagen to emerging car companies like NIO, all are facing the impact of chip shortages this year. Now it seems that the supply and demand imbalance may last longer than originally expected.


Li Shaohua, deputy secretary-general of the China Association of Automobile Manufacturers, previously expected the shortage of automotive chips to be eased in another six months, but now he expects the time to be extended to nine months to a year.


The Beijing News quoted him as saying on April 7 that multiple factors have combined to cause the conflict between supply and demand for chips to erupt during this period, but there is no need to panic too much and should be treated calmly.


For China’s auto production and sales this year, the first half of the year was relatively more affected, and the situation will gradually ease in the second half of the year, Li said.


COVID-19 led to an information mismatch between the automotive industry and the chip industry, so that manufacturers have a very large deviation in future expectations, which led to the chip shortage, Li said.


The tight capacity of 8-inch wafers in recent years is also a chip shortage inevitable factor, he said.


Li believes that because automotive chips account for a relatively small proportion of the overall cost of the car, the shortage of chips will not cause an increase in the price of automotive end products.


This chip shortage provides a very good opportunity for the development of China’s local automotive chips, giving manufacturers the opportunity to catch up with foreign companies, Li said.


The chip shortage has led to a cumulative production cut of 1.157 million units in the global auto market, and the global auto market is expected to cut production by more than 2 million units this year because of it, according to AutoForecast Solutions.


William Li, the founder, and chairman of NIO, said earlier Wednesday that the current supply-demand imbalance in automotive chips involves mostly basic chips, which pose short-term pressure on the industry.


He expects the chip shortage to be more challenging for NIO in the second quarter and will ease by the third quarter.


SAIC reportedly cutting production by 200,000 vehicles due to chip shortage



Auto expert now expects chip shortages to take nine months to a year to ease-CnEVPost


Auto expert now expects chip shortages to take nine months to a year to ease-CnEVPost

NIO's William Li says confident that sales in Chinese market will exceed 1 million

April 07, 2021 CV TECH INC

Holiday economy, Dingdong Maicai secures $700 million round: Retailheads

April 07, 2021 CV TECH INC



A three-day weekend witnessed increased spending on domestic travel and entertainment. Online grocery delivery platform Dingdong Maicai secured a hefty $700 million round. Re-commerce site Zhuanzhuan received $390 million in funding, while rival Xianyu expects gross merchandise volume to surge 70% year on year in 2021. A merger between power bank companies Jiedian and Soudian will create the largest player in the sector.






Retail
headlines


China’s e-commerce and retail market offers a fire hose of products, choices, business models, rapidly changing content, and more. Here’s what you need to know about China’s online retail market for the week of April 1–7.







Holiday economy



  • Data from China’s Ministry of Culture and tourism shows that tourist sites received 102 million domestic visitors during the Tomb-Sweeping Day three-day weekend, which ended April 5. This marks a 144.6% year on year increase, and a 94.5% recovery from the same period in pre-pandemic 2019. Domestic tourism revenue during the period increased 228.9% year on year to RMB 27.2 billion ($4.2 billion), or 56.7% from the same period in 2019. (21th Century Business Heard, in Chinese)

  • Travel orders made through online travel platform Trip.com surged over 300% year on year during the three-day holiday, on par with figures for the same period in 2019. (Jiemian, in Chinese)

  • China’s box office takings topped RMB 821 million during the holiday. (Xinhua)


Community group-buy cash-in



  • China’s online grocery delivery platform Dingdong Maicai has secured $700 million D round led by DST Global and Coatue to invest in business expansion, supply chain and team. The other investors joined the round include Tiger Global Management, General Atlantic, CMC Capital Partners, and Sequoia Capital. (International Finance News, in Chinese)

  • Dai Shan, a partner of Alibaba Group, says in an internal letter that the core mission of Alibaba’s “MMC” department is to support the digital upgrading of China’s more than 6 million “mom and pop” stores. The newly established unit is widely regarded as the e-commerce platform’s response to the red-hot community group-buy model. The company has not said what, if anything, MMC stands for. While the most popular group-buy businesses rely on “group heads”—usually owners of offline stores, housewives, or white collars workers with a side gig—to promote products to their neighbors, MMC focuses on providing product souring and supply chain management to owners of small stores, according to Dai. (Donews, in Chinese)

  • Chinese fresh food chain operator Qiandama is heading for an Hong Kong initial public offering as soon as this year, Bloomberg reported, citing people familiar with the matter. One of the sources says the offering could raise $400 million to $500 million, in addition to a planned pre-IPO round of about RMB 2 billion. (Bloomberg)


Crossing the streams


Alibaba is planning to bring its re-commerce service Xianyu, or Idle Fish, on Tencent’s WeChat mini-app platform, shortly after embedding bargain app Taobao Deals in the rival app. (Jiemian, in Chinese)


Re-commerce platforms



  • Zhuanzhuan, there-commerce platform owned by classifieds giant 58.com, has raised a combined $390 million funding from Greater Bay Area Homeland Development Fund and Qingyue Fund. This is the first funding the firm received since its merger with electronics recycling platform Zhaoliangji in April last year. The company says its revenue has increased over 200% year on year in 2020, making it the third straight year to double its revenue. (Shanghai Morning Post, in Chinese)

  • Alibaba-backed re-commerce platform Xianyu expects to record RMB 500 billion gross merchandise volume (GMV) this year, local media reported. That will be a nearly 70% year-on-year surge based on the business’ RMB 200 billion GMV from last year as revealed by Alibaba’s annual earning report. (Lanjing, in Chinese)


READ MORE: China re-commerce faces tug of war between growth and trust



When our power banks combine…


Power bank rental companies Jiedian and Soudian announced a merger Thursday, the same day rival Energy Monster went public on the Nasdaq market. The new company says it will have a combined 360 million users—which is more than Energy Monster’s 219 million. (Ebrun, in Chinese)


Logistics


Alibaba logistics arm Cainiao announced Tuesday an agreement with US-owned air cargo company Atlas Air to launch a flight operation program linking Hong Kong, China to Bogota, Colombia and Lima, Peru, with Santiago, Chile or Sao Paulo, Brazil as the connection point. (Cainiao statement)

XPeng said to be developing its own chip, expected to tape out as early as year-end

April 07, 2021 CV TECH INC

XPeng Motors has launched its own chip project several months ago, working simultaneously in China and the US to focus on a dedicated chip for autonomous driving, 36kr reported Wednesday.


“The team is currently small, under 10 people,” industry sources with access to XPeng executives said, adding, “If things go well, XPeng’s chip is expected to tape out by the end of this year or early next year.”


On the fourth-quarter earnings call, XPeng CEO He Xiaopeng said “in 2021, we will invest more in R&D, including hardware that is closely related to autonomous driving.”


In North America, the chip project is led by XPeng North America COO Benny Katibian, while the domestic lead is XPeng co-president Xia Heng, 36kr said.


Chip development is a complex project, and it is normal practice to conduct it in multiple locations, said the industry source mentioned above.


EV makers vie for autopilot ‘crown’ as NIO reportedly plans to develop self-driving chip



Katibian is from chip giant Qualcomm, as is XPeng’s vice president of autonomous driving business, Wu Xinzhou.


Since joining XPeng, Katibian has been responsible for hardware, architecture, and system design in the autonomous driving center, as well as maintaining XPeng’s partnerships with chip companies such as Nvidia and Qualcomm.


In China, XPeng is also actively recruiting chip technology talents. The 36kr report quoted industry sources as saying that some chip engineers have received invitations from XPeng and that “the position requires full process management of chip projects from inception to implementation (deployment).”


In October last year, media reports said NIO was planning to develop its own computing chip for self-driving and the program was in its early stages and was being driven primarily by NIO chairman and CEO William Li.


In line with the plans, NIO has also set up a separate hardware team, internally called “Smart HW (Hardware)”. According to the reports, Li has been looking for a technical leader with a silicon-based background since a few months ago.


Bai Jian, former OPPO hardware director, and general manager of Xiaomi’s chip business, reportedly joined NIO as vice president of hardware, reporting to Li. NIO was later quoted Wednesday by Sina Tech as saying that this is true.


Prior to joining Xiaomi, Bai worked at OPPO as director of hardware. Bai joined Xiaomi in September 2018 as general manager of its chip and foresight research division.


Bai graduated with a PhD from Beijing University of Posts and Telecommunications, specializing in cryptography and communications engineering.


NIO confirms former Xiaomi chip chief is on board



XPeng said to be developing its own chip, expected to tape out as early as year-end-CnEVPost


XPeng said to be developing its own chip, expected to tape out as early as year-end-CnEVPost



Deutsche Bank comments on XPeng 3,000km NGP expedition: Setting the standard for consumer autonomy


Li Auto to issue up to $750 million in convertible notes, shares fall 4% after hours

April 06, 2021 CV TECH INC

Chinese electric car maker Li Auto announced plans Monday to issue up to $750 million in convertible senior notes due 2028 , its first capital markets financing so far this year.


The initial conversion rate, interest rate, and other terms of the notes have not been finalized and will be determined at the time of pricing of the offering, according to an announcement.


The company intends to grant the initial purchasers in the offering a 13-day option to purchase up to an additional $112.5 million aggregate principal amount of the notes, Li Auto said.


The notes will mature on May 1, 2028, and holders may convert any or all of their notes at their option at any time on or after November 1, 2027.


Li Auto said it plans to use the net proceeds from the offering for (i) research and development of new vehicle models, including BEV models, (ii) research and development of leading technologies, and (iii) working capital and other general corporate purposes.


After the announcement, Li Auto’s ADR was down about 6 percent in after-hours trading, before narrowing to 4 percent at press time.


Li Auto to issue up to $750 million in convertible notes, shares fall 4% after hours-CnEVPost


Li Auto to issue up to $750 million in convertible notes, shares fall 4% after hours-CnEVPost


In December, Li Auto offered an additional 47 million ADSs.


Li Auto said the funds will be used to develop next-generation electric vehicle technologies, including high-voltage platforms, batteries, and fast charging technologies, as well as next-generation BEV platforms and future vehicle models.


In addition, the funds will be used for automated driving technologies and solutions, as well as for general corporate purposes, the company said at the time.



Li Auto files for additional 47 million ADSs, putting further pressure on stock price


Another Chinese tech giant gets in! Didi has reportedly launched car-building project

April 06, 2021 CV TECH INC

For Chinese tech giants, there seems to be no one who doesn’t want to enter the car-building arena, lured by the huge popularity of car-making newcomers, including NIO.


Citing multiple independent sources, LatePost said Tuesday Chinese car-sharing giant Didi Chuxing has launched a car-building project headed by Didi Vice President Yang Jun, who is also the chief product officer for Didi’s D1, a custom car for the ride-hailing market launched in conjunction with BYD.


The team has already started poaching talents from car companies, the report said, adding that the exact form and path of Didi’s car-making is currently unknown.


Zhu Jiang, who was formerly vice president of user development at NIO, could join Didi, a person familiar with the matter said, adding that he has years of experience working at car companies, including BMW Brilliance, Lexus, NIO, and Ford China.


In November 2019, Didi established Good Travel (Hangzhou) Automotive Technology Co. as a joint venture with BYD, with BYD holding a 65% stake and Didi a 35% stake.


The two have since partnered to launch the customized online car D1 in November 2020.


In June 2020, Didi’s subsidiary Didi Autonomous Driving announced a partnership with BAIC, in which the two companies will jointly develop a high-level self-driving customized model specifically for RoboTaxi operations.


And this Didi launch to build a car is likely to be a further exploration of a customized car along with the D1, the report said.


Several industry sources say Didi’s new car-building plan will be different from the car-company-dominated approach used in the previous launch of D1. This time Didi will have a much higher level of capital investment and participation. This echoes Didi’s signal when it launched the D1, emphasizing that it was the “first” customized online car.


Another Chinese tech giant gets in! Didi has reportedly launched car-building project-CnEVPost



(Didi D1)

Analysts say China's smart car industry's 'Warring States Era' has just begun

April 06, 2021 CV TECH INC

The “Warring States Era” in China’s smart car industry has begun in 2021 with the entry of a large number of technology giants, according to a report released by China Industrial Secs on April 5.


Since 2014, the new energy smart car industry, represented by XPeng, NIO, and Li Auto, has been on the rise in China, with the three companies raising more than RMB 100 billion from their founding to their IPO in the US.


Chinese Internet giants including Baidu, Didi Chuxing, Alibaba, and Huawei have all entered the new energy smart car industry in recent months in the form of sole proprietorship or cooperation, as mentioned by China Industrial Secs analysts Jiang Jialin and Chen Xin.


China’s new energy vehicle industry has experienced the “first year of development” in 2014 and the “first year of delivery” in 2018, and with the addition of these technology companies, the “Warring States Era” of China’s industry has begun, according to the report.


At present, the penetration rate of China’s intelligent networked vehicles is still low, and the future sales and ownership of new energy vehicles still have greater room for improvement, the report said.


According to iResearch Consulting, China’s new energy vehicle sales are expected to reach 5.3 million units by 2025, and the ownership of new energy vehicles will be around 20 million units by then.


Xiaomi has been in the automotive industry since 2013 and holds many patents, the report said. The company’s CEO Lei Jun visited Elon Musk in Silicon Valley twice in 2013 and became a Tesla car owner.


Xiaomi invested in local e-map maker Careland in 2014, NIO in 2015, XPeng in 2016 and 2019, and connected car company Pateo in 2020.


China National Intellectual Property Administration’s website shows that Xiaomi has 834 patents in automobiles, mainly focused on smart cockpits and driving safety.


According to a CCTV report in February, William Li, founder, chairman and CEO of NIO, said that NIO is targeting the market of Mercedes-Benz, BMW and Audi and hopes to see if there is any chance that it can become one of the major players in five years or more.


Referring to this goal, NIO’s Li quoted the famous Three Kingdoms era of Chinese history, which, if translated accurately, means “the world is divided into three kingdoms, and we want to be one of them.”


This expression is already used in Chinese as a metaphor for ambition, so a more accurate English expression of Li’s meaning would be “wishing to be one of the most dominant players.


For those who do not know Chinese history, it is necessary to further explain China’s Three Kingdoms era, a time of warlords and rivalries, much like the current phase of China’s new energy vehicle market, where ambitious people want to gain their own territory.


During the stable times of the Three Kingdoms era, three military generals, Cao Cao, Liu Bei, and Sun Quan, each occupied a large amount of land to establish their own kingdoms.


There are many Chinese novels that describe this exciting time for entrepreneurs, the most successful being Romance of the Three Kingdoms by Luo Guanzhong, born around 1330.


NIO’s William Li says the EV maker hopes to have its own piece of market, citing China’s Three Kingdoms era



Analysts say China's smart car industry's 'Warring States Era' has just begun-CnEVPost


Analysts say China's smart car industry's 'Warring States Era' has just begun-CnEVPost


(Photo: CnEVPost)

OPPO, Vivo said to be working on foldable phones with in-fold design

April 06, 2021 CV TECH INC

Chinese phone makers OPPO and Vivo are developing foldable phones with an infolded design, a tech blogger said on Weibo on April 6.


Weibo user @数码闲聊站 says OPPO is developing two foldable phones, one with an 8-inch infolded screen and the other with a 7-inch top and bottom infolded screen.


Development of both phones is progressing quickly, but the latter launched a closer-to-production prototype in January and could be available sooner than the former, the blogger said.


Vivo’s foldable phone features a high refresh rate screen with an in-fold design that measures around 8 inches when unfolded and 6.5 inches when folded, the blogger said, adding that it “uses a very good hinge design.


Last month, reports said the first foldable phone in the Honor Magic series is expected to be released this year.


After Samsung and Huawei, Xiaomi released its first foldable phone, the Mi Mix Fold, and it is believed that more manufacturers will also launch this form of cell phone products.


Market research firm Display Supply Chain Consultants recently released a report showing that about 2.2 million folding screen smartphones were shipped last year, up 1,000 percent year-on-year.


It is worth noting that a report by Omdia also shows that both OPPO and Vivo will launch foldable phones with internal folding screens from BOE.


Among them, the OPPO device has an internal screen of 7.1 inches and an external screen of 1.5-2 inches; the Vivo device has an internal screen of 8 inches and an external screen of 6.5 inches.


OPPO, Vivo said to be working on foldable phones with in-fold design-CnTechPost



Xiaomi unveils its first foldable phone, MIX FOLD, starting at around $1,520



OPPO, Vivo said to be working on foldable phones with in-fold design-CnTechPost


OPPO, Vivo said to be working on foldable phones with in-fold design-CnTechPost


(Xiaomi’s first foldable phone MIX FOLD.)

Xiaomi says its cars will be priced in RMB 100,000-300,000 range

April 06, 2021 CV TECH INC

Xiaomi’s phones are highly competitive for their strong performance at low prices, and now its fans want the company to bring that tradition to the car segment as well. The company seems inclined to heed this user suggestion.


Xiaomi CEO Lei Jun said Tuesday that the results of a poll he launched on Weibo showed that fans want the company to make mid- to high-end cars, so the first Xiaomi car will be in the price range of RMB 100,000 yuan ($15,271) to 300,000 yuan ($458,200).


The first Xiaomi car will be a sedan or an SUV, and the exact model will be discussed again, he said.


Lei held a personal live broadcast on April 6 at 20:00 to announce the Xiaomi car, and launched a survey poll on Weibo before the broadcast.


His Weibo followers voted on whether the Xiaomi car business should use the Xiaomi brand, and the vast majority of participants chose to use the brand.


The poll also included what model users expected Xiaomi’s first car should be, with the most people choosing a sedan, followed by an SUV.


In terms of price range, 38 percent of users want a Xiaomi car to cost less than RMB 100,000, 27 percent want the price range to be between RMB 100,000 and RMB 150,000, and only 7 percent want it to cost more than RMB 300,000 ($458,200).


Xiaomi says its cars will be priced in RMB 100,000-300,000 range-CnEVPost


Xiaomi says its cars will be priced in RMB 100,000-300,000 range-CnEVPost


Xiaomi announced its entry into the smart electric car market on March 30, with an expected investment of $10 billion over 10 years, with the first installment of RMB 10 billion, and Lei will also serve as CEO of the smart electric car business.


Lei Weibo fans are expecting the same price as analysts.


Analysts at Pingan Securities said on March 31 that Xiaomi’s cars will primarily target the sub-RMB200,000 ($30,525) price band range.


The analyst said Xiaomi has strong supply chain management and cost control capabilities and will launch a very cost-effective model.


In addition, Xiaomi has a certain brand influence and user base, strong user operation and management capabilities, and an integrated online and offline sales model.



Analysts expect Xiaomi cars to target price range below $30,525


Chinese engineer cracks Apple M1 processor, upgrades MacBook's 8G RAM to 16G

April 06, 2021 CV TECH INC

If you think NIO is good at user operations, then take a look at its Chinese peer

April 06, 2021 CV TECH INC

If you think NIO is good at user operations, then take a look at its Chinese peer-CnEVPost


If you think NIO is good at user operations, then take a look at its Chinese peer-CnEVPost


Chinese electric car company NIO is envied by all other car companies as a model for being good at user operations. Its local counterparts are trying to learn how to acquire loyal customers, and now one of them has come up with a very innovative approach.


IM Motors, the premium car brand created by SAIC in partnership with Shanghai’s Pudong New District and Alibaba, Tuesday unveiled details of its user operation program, which combines initial coin offering (ICO), cryptocurrency mining, and user relationship maintenance.


The company calls the program the CSOP (Customer Share Option Plan), in which it puts up 4.9 percent of the equity proceeds from its founding round of RMB 10 billion investment as backing for the issuance of 300 million digital tokens known as “Original Stones”.


If you think NIO is good at user operations, then take a look at its Chinese peer-CnEVPost


If you think NIO is good at user operations, then take a look at its Chinese peer-CnEVPost


These digital tokens map the asset returns and dividends corresponding to this equity, and users can participate in the mining of these digital tokens in a variety of ways and use them to pay for services or products in the future.


IM Motors allows users to get these digital tokens in two ways.


In the first way, the more miles a user drives, the more of these digital tokens he or she can earn.


Users can authorize the company to access “vehicle and driving behavior data” to obtain these digital tokens, which account for 70% of the total number issued.


If you think NIO is good at user operations, then take a look at its Chinese peer-CnEVPost


If you think NIO is good at user operations, then take a look at its Chinese peer-CnEVPost


The issuance of these tokens is reduced by half every four years, although the company did not disclose the number of initial issuances.


This means that users are in mining mode from the moment they drive the brand’s cars.


If you think NIO is good at user operations, then take a look at its Chinese peer-CnEVPost


If you think NIO is good at user operations, then take a look at its Chinese peer-CnEVPost


During the use of the vehicle, the “Original Stones” will fall at a random rate, based on blockchain technology.


The remaining 30 percent of the digital tokens will be distributed through user participation in the company’s interactive activities.


The company said that the total number of “Original Stones” to be placed is fixed at 300 million, and no additional ones will be issued.


Predictably, in the early years of the CSOP’s user data entitlement program, the chances of receiving the tokens will be higher when the number of the “Original Stones” is high and the number of users is low.


Prior to this program, there was no precedent in the global automotive industry for using blockchain technology to determine the value of user data.


It is difficult to judge how effective this operational scheme, which incorporates cryptocurrency mining, will be, but if it is initially successful, more car companies will undoubtedly copy it and introduce blockchain technology into their own user management.



SAIC’s high-end EV brand IM Motors announces two EVs with wireless charging and 1,000 km range


BYD sells 24,218 NEVs in March, up 134% from February

April 06, 2021 CV TECH INC

BYD sells 24,218 NEVs in March, up 134% from February-CnEVPost


BYD sells 24,218 NEVs in March, up 134% from February-CnEVPost


(Graphic by CnEVPost)


Warren Buffett-backed Chinese electric car company BYD’s new energy vehicle sales in March were 24,218 units, up 134% from February and 98% year-on-year.


BYD’s cumulative new energy vehicle sales from January to March were 54,751 units, an increase of 146.72% year-on-year, data released by the company showed.


BYD sold 23,386 new energy passenger vehicles in March, up 99% from 11,763 units in the same month last year.


Among them, 16,301 units of pure electric vehicles were sold, up 56% from 10,433 units in the same month last year. Sales of plug-in hybrid vehicles were 7,085 units, up 433% from 1,330 units in the same period last year.


BYD’s total installed capacity of new energy vehicle power batteries and energy storage batteries in March was about 2.149 GWh, and the total cumulative installed capacity for the year was about 5.258 GWh.


BYD sells 24,218 NEVs in March, up 134% from February-CnEVPost



BYD said it will hold a new car launch in Chongqing on Wednesday.


The company has already released the Qin Plus DMi, Song Plus DMi, and Yuan Pro this year.


BYD is expected to release the Qin Plus EV, Song Pro, and the 2021 Tang EV, all with its signature blade battery.

Chinese appliance giant Joyoung says it has started using Huawei's HarmonyOS for some of its products

April 06, 2021 CV TECH INC