NIO to enter Europe in H2 this year

February 28, 2021 CV TECH INC

NIO plans to enter the European market in the second half of 2021, William Li, founder, chairman, and CEO of NIO, said at a web conference, according to Bitauto.com, an automotive media outlet founded by Li.


After entering Europe, NIO plans to start selling in other international markets in 2022, the report said.


NIO’s electric vehicles on sale include the ES8, ES6, EC6, and ET7, covering SUVs and a sedan model.


If it starts entering the European market in the second half of the year, it will be the first time NIO sells electric vehicles outside of China.


NIO’s first stop in overseas markets could be Norway, the first country in the world where electric car sales account for more than 50 percent of vehicles.


The speculation is based on a hint from Li, who said in a January 10 interview with several English-language media outlets, including CnEVPost, that the center screen navigation map shown at the launch of its first sedan, the ET7, revealed information about its entry into overseas markets.


And when CnEVPost checked the center screen picture on the ET7 introduction page, it found that the address shown in the picture seems to be Karl Johans gate in Oslo, Norway, although it is very blurry.


Another evidence that NIO may enter Norway first is the job advertisement posted on LinkedIn, which shows that the company is already hiring locally for a large number of positions, including delivery specialists.


It wouldn’t be surprising if NIO chose to enter the Norwegian market first, with a record 54.3 percent of electric vehicle sales in 2020, despite the Covid-19 causing delays in the release of several new models.


That’s up from 42.4 percent in 2019 and up from 1 percent a decade ago, making Norway the first country in the world to have electric vehicle sales account for more than 50 percent of vehicles.


The high penetration of electric vehicles is also a fact that Li constantly mentions when talking to the media, including CnEVPost.


Li said that NIO’s entry into overseas markets will start with Europe first, due to the consensus on the importance of electric vehicles and environmental protection in Europe. “The proportion of electric vehicle sales in Europe rose very quickly last year, with Norway exceeding 50 percent, which is very good.”


Li also said that many of the automotive regulations in China and Europe are close and that the European user and policy environment is more friendly to electric vehicles, adding that the signing of the China-Europe Investment Agreement also allows Chinese companies to have a more friendly environment when entering Europe.


As with rival Tesla, high-level automatic assisted driving capabilities and excellent power performance are the highlights of NIO’s products.


NIO’s products generally support battery swap, and when battery swap stations are built intensively enough, refueling times are similar to or faster than those of internal combustion vehicles.


In the field of electric vehicle manufacturing, NIO has up to 1200 patents, including battery pack, vehicle, battery swap station, and cloud dispatch system, which is an end-to-end complete system, Qin Lihong, president of NIO, has said.


NIO is the second largest electric vehicle manufacturer in the world by market capitalization and ranks sixth among all auto companies, surpassing car companies such as General Motors, Volkswagen, and Honda.


Norway could be NIO’s first stop overseas



NIO to enter Europe in H2 this year-CnEVPost


NIO to enter Europe in H2 this year-CnEVPost


(Source: CnEVPost)

Suning.com shareholders to sell stake as cash crunch looms

February 28, 2021 CV TECH INC

Chinese household appliance online seller Suning.com said on Sunday that it sold a 23% stake to state-owned investors in a deal worth RMB 14.82 billion ($2.28 billion).


Why it matters: The sale comes as Suning.com and its parent company Suning Appliance Group scramble to pull together cash to repay debts.


Details: Suning.com sold a 23% stake to state-owned investors, according to a statement shared to TechNode on Sunday.



  • Shenzhen-listed Suning.com had announced in a filing on Thursday that shareholders of the company are planning to sell a 20% to 25% stake in the retailer.

  • A 25% stake in the company could be worth around RMB 16 billion ($2.5 billion) based on Suning.com’s latest share price, according to Bloomberg.

  • Shenzhen International Holdings Ltd., a logistics infrastructure developer, acquired 8% and Shenzhen municipality-backed Kunpeng Capital bought a 15% stake.

  • According to the statement, former actual controller and Suning.com founder Zhang Jindong and Suning Holdings together hold a 16.38% stake in the company. Kunpeng Capital holds 15%, Shenzhen International Holdings owns an 8% stake, and Suning Appliance holds 5.45%.

  • Zhang and his affiliated companies combined hold a more than 21% stake in the company, a company spokesperson told TechNode.

  • The company now has no controlling shareholder and no actual controller, according to the statement.

  • The company’s shares were suspended on Thursday for five trading days to avoid price fluctuations resulting from the change.


Context: Suning.com and its parent company are on the hook for a combined RMB 15.8 billion of bonds payable this year, Bloomberg reported citing data from rating firm China Chengxin International Rating Company.



  • As of January, Suning.com’s billionaire founder Zhang was the largest shareholder with a 20.96% stake, followed by Alibaba-backed Taobao’s 19.99%, and Suning Appliance’s 19.88%.

  • The company began in 2018 selling its shares in Alibaba, which had been acquired through a strategic alliance in 2015.

  • The online retailer’s newly established e-commerce unit Yunwang Wandian received RMB 6 billion in December from its Series A.

  • Suning.com acquired 80% equity interest in Carrefour China, paying RMB 4.8 billion in June 2019.


Updated: added detail on the size of the share sold, the investors, and the new ownership stakes, and updated headline to reflect changes.

China Tech Investor: Ant Group, DCEP, crypto mining, and all things China fintech with Eliza Gkritsi

February 27, 2021 CV TECH INC

China Tech Investor is a weekly look at China’s tech companies through the lens of investment. Each week, hosts Elliott Zaagman and James Hull go through their watch list of publicly listed tech companies and also interview experts on issues affecting the macroeconomy and the stock prices of China’s tech companies.


Make sure you don’t miss anything. Check out our lineup of China tech podcasts.



In this episode, James and Elliott are joined by TechNode’s own Eliza Gkritsi. Eliza gives an update on how Ant Group’s fate may change as a result of new regulations. She also gives her takeaways at this current point of China’s digital currency rollout. The conversation also touches on China’s crypto-mining industry, and the rig-makers who have been benefiting from Bitcoin’s latest bull run.


Hosts may have interest in some of the stocks discussed. The discussion should not be construed as investment advice or a solicitation of services.


Watchlist:



  • Tencent

  • Alibaba

  • Baidu

  • Bilibili

  • Xiaomi

  • JD

  • Pinduoduo

  • Meituan-Dianping


Hosts:


Guest:                   


Editor:


Podcast information:

Li Auto may have controlled its costs in 2020 too well

February 27, 2021 CV TECH INC

Li Auto reported losses of RMB 792 million ($121 million) in its first annual result as a public company, significantly reducing losses from a year earlier, but has drawn criticism for underinvesting in future innovation. Its shares declined 9.8% on Thursday.


Benefiting from rising electric-vehicle demand in China, Li Auto earned nearly RMB 9.5 billion in 2020. Its first model, the Li One, was China’s best-selling electric SUV during the year, according to figures from China Passenger Car Association. However, its delivery guidance of 11,500 vehicles in the first quarter of this year was almost 30% lower than the preceding quarter, which it attributed to the Spring Festival holiday and an uptick of Covid-19 cases in parts of the country.


Cost controls gone too far


The company narrowed its loss per share of $0.28, or net loss attributable to shareholders of $121.4 million, a 76% decrease from the previous year. This was partly aided by net income of $16.5 million in the fourth quarter from “short-term investment income” according to CFO Li Tie during the call with analysts. The EV maker also benefited from streamlining its sales operations, spending RMB 1.1 billion on selling, general, and administrative costs for the full year, 40% of what NIO spent on the same expense in the first three quarters of the year.


However, Li Auto’s investment into research and development was substantially less than its peers, raising concern among investors. Company executives had promised investors during an online briefing held a few weeks ago that it will accelerate the launch of new models to ease concern about its transition from EREV to all-electrics, according to a report released by investment bank China International Capital Corporation (CICC) last week.


In a conference call with analysts on Thursday, CEO Li Xiang said it has been on track to expand its range of products as part of a strategic move to prioritize business growth over cost control. The company promised to launch at least one new model every year starting 2022, including its first all-electric model scheduled for 2023.  


Ambitious outlook


The goal is to occupy a larger share of the market from mainstream to premium for an annual sales target of “several hundreds of thousands of vehicles” by the end of 2024, Li said (our translation). It also expects to build out a retail network of at least 1,000 stores by that time. The company had 52 stores in 41 Chinese cities as of December; NIO and Xpeng Motors had promised a respective 200 and 150 shops by year end.


The Beijing-based EV maker currently has only one model for sale and mainly focuses on extended-range electric vehicles (EREVs), a technology which features a small internal combustion engine dedicated to recharging the vehicle battery, designed to resolve range anxiety. However, recent policy changes in China is pressuring the company to accelerate its transition to all-electric.


Policy influence


Following Beijing, the Shanghai municipal government early this month unveiled a new policy for new energy vehicles, which excludes new purchases of plug-in hybrid vehicles, including EREVs, from free vehicle registration starting in 2023. Company president Kevin Shen on Thursday reassured investors, saying he expects EREV sales will continue to be strong until then. The company confirmed that it will release its second EREV model, a full-sized SUV with advanced driver assistance capabilities, in 2022.


Li Auto vehicles combine popular features and an affordable price tag, making it a more attractive choice than most internal combustion and electric vehicles in China over the past year. However, the company lags significantly rivals where self-driving technology is concerned— NIO and Xpeng Motor have emerged as major rivals to Tesla. The Li One crossover does not offer intermediate self-driving capabilities, such as navigation from on-ramp to off-ramp on Chinese highways, similar to Tesla’s Navigate on Autopilot and those NIO and Xpeng have both introduced in their vehicles.


CFO Li said the company will increase its R&D investment to at least $464 million this year and it will exceed $1 billion by end-2024, with half of the budget to be used in vehicle autonomy. CTO Wang Kai said that the size of its tech team will double to around 600 engineers by the end of this year as it opens its new R&D center in Shanghai with the end goal of 2,000 total employees.


Bigger rivals, including Tesla and a number of Chinese tech giants, pose a real and urgent threat. Wang said 2021 will be “the year of preparation” for the release of Li Auto’s new vehicle architecture next year, powered by Nvidia’s most advanced auto processor, Orin. “Similar features offered by our rivals, along with some brand new features, will also provided to customers for sure,” Wang said.

Huawei Mate X2 price goes up to about $15,500 on second-hand market on debut

February 26, 2021 CV TECH INC

Huawei Mate X2 price goes up to about $15,500 on second-hand market on debut-CnTechPost



The Huawei Mate X2, the foldable smartphone recently announced by the Chinese tech giant, went up to RMB 99,999 ($15,496) on the second-hand market on its first day of sale on Thursday.


One user offered RMB 66,666 for a 512G version of Mate X2. Other bids were generally in the lower RMB 20,000-30,000 range, but also well above the official price.


Huawei Mate X2 price goes up to about $15,500 on second-hand market on debut-CnTechPost



The Huawei Mate X2 was released on February 22nd and is priced at RMB  17,999 for the 256GB version and RMB  18,999 for the 512GB version, which is RMB  1,000 more than the previous generation Mate Xs.


The Mate X2 went on sale at 10:08 on February 25 on Huawei’s official channels as well as major e-commerce platforms in China. It sold out quickly, just like Huawei’s previous two generations of foldable phones, the Mate X and Mate Xs.


Before the sale started, the number of reservations reached about 5 million on Huawei’s official mall and e-commerce platforms, including JD.com.


Huawei foldable phones are generally sold in stages, and after this batch is snapped up, Huawei will announce the next start of sales at the right time.


Some of Huawei’s dealers say that the Mate X2 is now in scarce supply and difficult to buy at a higher price.


Richard Yu, CEO of Huawei’s consumer business, said at the launch, “We have prepared sufficient capacity for the Mate X2, and the capacity is increasing every month. We want consumers who like this phone to be able to buy it at an affordable price.”


The Mate X2 features an internal and external dual-screen design, with a 6.45-inch OLED screen on the outside and an 8-inch foldable flexible OLED screen on the inside, making this one of the largest foldable phones.


The Mate X2 is equipped with a 5nm Kirin 9000 chip with a 4500mAh battery and 55W Huawei SuperFast Charge, making it the fastest charging foldable phone available.



Huawei unveils Mate X2 foldable phone, priced from about $2,785


Chinese AI unicorn SenseTime reportedly launches dual listing plan

February 26, 2021 CV TECH INC

Honor reportedly secures Snapdragon 888 and Dimensity 1200 chips, new device likely to be released mid-year

February 26, 2021 CV TECH INC

Chinese phone maker Honor has secured Snapdragon 888 and Dimensity 1200 chips, and a new device could be released in the middle of the year, according to the information posted Thursday by well-known Weibo digital blogger @数码闲聊站.


On January 22 Honor announced the Honor V40, its flagship phone powered by the Dimensity 1000+ chip, which is the first flagship phone since Honor split from Huawei late last year.


Chip provider MediaTek announced its next-generation 5G flagship SoCs, the Dimensity 1200 and Dimensity 1100, on January 20. They both include highly integrated 5G modems with MediaTek’s UltraSave 5G technology for energy efficiency.


Both chips also support all generations of connectivity from 2G to 5G, including (SA) standalone and non-standalone (NSA) 5G architectures, 5G carrier aggregation (2CC) for frequency division duplex (FDD), and time division duplex (TDD), dynamic spectrum sharing (DSS), true dual SIM 5G (5G SA+5G SA) and 5G HD Voice (VoNR).


The chipset also incorporates enhancements to 5G HSR mode and 5G Elevator mode to ensure reliable and seamless 5G connectivity across networks.


The Dimensity 1200 chip is based on TSMC’s 6nm process with one Cortex-A78 large core 3.0GHz, three Cortex-A78 2.6GHz, and four Cortex-A55 2.0GHz cores for a 22% increase in performance and 25% increase in power efficiency. The GPU size does not change much, with a performance increase of up to 13%.


The Dimensity 1100 chip is based on TSMC’s 6nm process, with four A78 2.6GHz cores, four A55 2.0GHz cores, and an ARM G77 MC9 GPU with dual-channel UFS 3.1 support.


The Snapdragon 888 was officially announced last December, and Qualcomm introduced the first ARM super core in this 5nm processor, bringing a significant performance upgrade.


It is the first to integrate the Snapdragon X60 5G modem, boasting to have the world’s fastest 5G connection rate, and with the addition of a fused AI gas pedal, the Snapdragon 888 has 26 trillion operations per second of AI.


In a media interview on January 22, Honor’s CEO George Zhao said that it has resumed partnerships with almost all suppliers, including Intel, Qualcomm, and MediaTek.


With no more constraints on the supply side, Honor can go full steam ahead into the market. Zhao revealed that everything has returned to normal for Honor’s procurement and production delivery.


Honor released V40 series phones, first products after separating from Huawei



Honor reportedly secures Snapdragon 888 and Dimensity 1200 chips, new device likely to be released mid-year-CnTechPost


Huawei denies making its own-branded EVs, says strategy remains unchanged

February 26, 2021 CV TECH INC

Xiaomi's recently dead WeChat rival reborn as Clubhouse competitor

February 26, 2021 CV TECH INC

CICC expects Li Auto to enter period of high growth from 2021

February 26, 2021 CV TECH INC

Li Auto has passed the 0-1 stage and is now entering the 1-10 stage, with a high growth period starting in 2021, China’s top investment bank CICC said in a report released February 26.


“We are bullish on Li Auto’s new phase strategy and expect it to achieve advantage building and rapid growth with high investment and efficiency,” CICC said.


Li Auto recently said that 2021-2025 is its high growth phase, with the goal of becoming the leading smart electric vehicle brand in China in terms of sales.


CICC sees Li Auto in the 0-1 stage in the past five years, focusing on efficiency and savings. In the face of the future smart EV era, smart driving and user scale become core indicators, all requiring significant investment ahead of time, CICC noted.


Li Auto’s fourth-quarter sales were 14,464 units, up 67.0% year-on-year. The significant sales growth delivered scale effects and earnings resilience, enabling fourth-quarter results to exceed market expectations, CICC said.


Li Auto had strong cash flow in the fourth quarter, with operating cash flow up 95.9 percent sequentially, mainly contributed by accounts payable, reflecting the company’s stronger bargaining power among suppliers, the CICC said.


Li Auto said in its earnings report that it expected first-quarter sales of 10,500-11,000 units. With 5,379 deliveries already completed in January, February-March sales pivoted at 5,500, below previous sales performance.


CICC believes full-year sales are likely to be low in the front and high in the back, forecasting full-year sales of 75,000-80,000 units, up more than 100% year-on-year.


Li Auto Q4 revenue beats expectations, net profit turns positive for first time



CICC expects Li Auto to enter period of high growth from 2021-CnEVPost



(Source: Li Auto)

Chinese GPU design firm Moore Thread raises billions in financing 100 days after founding

February 26, 2021 CV TECH INC

Chinese GPU design firm Moore Thread raises billions in financing 100 days after founding-CnTechPost



Moore Thread, a Chinese GPU chip design company, announced on February 25 that it has raised two rounds of funding totaling billions of RMB.


The Pre-A round was led by Shenzhen Capital Group, Sequoia Capital, and GGV Capital, with other investors including China Merchants Group and ByteDance participating.


The funds will be used to drive technology development, early market expansion, and follow-on product development, the company said.


Founded in October 2020, Moore Thread says its core members come from NVIDIA, Microsoft, Intel, AMD, Arm, and others, with key members having more than 10+ years of experience in GPU drivers, compilation, AI chips, and software algorithms.


Moore Thread says it is a mature team that can cover the complete structure of GPU R&D and design, manufacturing, marketing and sales, and service support.


Moore Thread says the founders have more than 15 years of experience in the industry and have led the world’s top chip companies to develop the China GPU ecosystem.


Rumor has it that Moore Thread’s founder is James Zhang Jianzhong, NVIDIA’s global vice president and general manager of China.


Zhang joined NVIDIA in May 2005 and has been with the company for over 15 years, and is rumored to have left NVIDIA in last September, while Moore Thread was registered last October.



Chinese processor maker Loongson is entering GPU field


NIO's existing models may also be equipped with LiDAR if Innovusion's products prove reliable

February 26, 2021 CV TECH INC

If NIO’s LiDAR supplier Innovusion’s product quality proves reliable, not only its sedan ET7 will use its LiDAR, but also existing ES8, ES6, and EC6 models will be equipped with its products, 36kr.com said Friday, citing people familiar with the matter.


NIO has no plan B for lidar suppliers, so it will have to work with Innovusion to meet its goal of deliveries by the first quarter of next year, the report said.


On January 9, NIO held NIO Day 2020 in Chengdu to unveil its first flagship sedan, the ET7.


The sedan is equipped with 1 ultra-long-range high-precision LiDAR from Innovusion.


Innovusion was founded in Silicon Valley in November 2016, and its main product is currently a hybrid solid-state LiDAR.


In 2018, NIO Capital invested in Innovusion.


NIO’s LiDAR will have an ultra-wide 120-degree viewing angle, an ultra-high resolution of 300 lines equivalent, and an ultra-long detection range of up to 500 meters, the company said while unveiling the ET7.


Analysts at Haitong Securities believe that a LiDAR with a long detection range, high resolution, low cost, and integration is the only LiDAR that will become a mainstream mass-production vehicle at this stage.


Innovusion’s only known customer is NIO. Although there are not many customers, NIO is giving Innovusion orders for its popular mass-production model, which will help Innovusion open up the automotive market quickly if it can be delivered smoothly, 36kr reported.


Innovusion is set to close a new round of $60 million in funding, valuing it at $300 million, with investors including Temasek, Bertelsmann Asia Investments, and Joy Capital participating in the round.


NIO unveils its first electric sedan, ET7, with maximum range of over 1,000 km and price starting at about $69,000



NIO's existing models may also be equipped with LiDAR if Innovusion's products prove reliable-CnEVPost



(Source: CnEVPost)

CATL says it has launched its own carbon neutrality plan

February 26, 2021 CV TECH INC

ByteDance offers more than 7,000 jobs in spring campus recruiting

February 26, 2021 CV TECH INC

ByteDance, TikTok’s parent company, is offering more than 7,000 positions in its spring campus recruitment, covering many of the company’s products and businesses.


These positions involve flagship products such as Toutiao, Douyin, and Xigua Video, as well as vertical applications such as Dongchedi (car information), Xingfuli (house trading platform), and Fanqiexiaoshuo (novel), and emerging businesses such as Dali Education and Lark.


The specific positions include R&D, product, operation, design, marketing, sales, function/support, teaching and research, game design, and other categories, involving 21 cities including Beijing, Shanghai, Shenzhen, Hangzhou, Chengdu, Guangzhou, Wuhan, and Nanjing.


This spring recruitment will last from the end of February to the end of April and exceeds its previous spring recruitment scale.


ByteDance has been established for nearly 9 years, and the total number of ByteDance employees has exceeded 100,000, making it the largest company among Chinese Internet companies. Last year saw the largest number of hires, with its global workforce growing from 60,000 to 100,000 in just one year.


ByteDance steps up its game business push, announces Nuverse brand



ByteDance offers more than 7,000 jobs in spring campus recruiting-CnTechPost


Tesla China goes on hiring spree for Shanghai Gigafactory

February 26, 2021 CV TECH INC

Chinese startup conducts driverless truck tests in Sweden

February 26, 2021 CV TECH INC

Chinese driverless truck startup TuSimple announced on February 25 that it has partnered with Scania’s Transport Laboratory to test driverless trucks with cargo on the E4 highway between Södertälje and Jönköping, Sweden.


The trucks involved in the test provide real-world commercial service to Scania’s Transport Laboratory, loading materials needed for production operations.


During the test, the vehicles are operated automatically by TuSimple’s driverless system, with a safety officer and a test engineer accompanying the vehicle to monitor the system.


In the future, the test will extend the route to include the entire route from Södertälje to Helsingborg.


Beijing-based TuSimple is a startup founded in 2015 that specializes in driverless trucks. It was founded to empower the global logistics and transportation industry with driverless truck technology that brings L4 class to the logistics and transportation industry.


TuSimple has filed IPO documents, led by Morgan Stanley, and plans to go public in the US as early as next month, according to the Wall Street Journal on Feb. 25, citing people familiar with the matter.


TuSimple said it raised $215 million in a 2019 funding round, valuing it at $1.2 billion, and has raised more since then.


TuSimple has a fleet of 50 trucks driving itself through the Southwest US and about 20 trucks testing in China, and the company expects its technology to be commercially available by 2024.


TuSimple’s investors include China’s CDH Investments and media giant Sina, Volkswagen’s truck subsidiary Traton, and UPS.


Several major US trucking companies are also investors in TuSimple, such as Nebraska’s Werner Enterprises and Tennessee-based Xpress Enterprises.


Chinese startup conducts driverless truck tests in Sweden-CnTechPost


XPeng said to release new P7 sedan with lithium iron phosphate batteries on March 3

February 26, 2021 CV TECH INC

Early this month there are rumors that XPeng P7 with lithium iron phosphate batteries will be released on March 3, with a range of 480km. In this regard, Chinastarmarket.cn quoted XPeng insiders as saying that the news is true.


The new model will be officially announced on March 3, the report said.


The XPeng P7 is an all-electric mid-size coupe that includes four range options and a subsidized price range of RMB 229,900-349,900 yuan.


Lithium iron phosphate batteries have the advantages of high operating voltage, high energy density, long cycle life, good safety performance, low self-discharge rate, and no memory effect.


Lithium iron phosphate battery is gradually replaced by ternary lithium batteries around 2015 because of the low energy density, coupled with China’s policy reasons.


However, in recent years, the lithium iron phosphate battery technology has progressed, the safety of the battery stability and lower cost and other characteristics, it is also increasingly used by more and more car companies.


China-made Tesla Model 3 entry model is currently using CATL’s lithium iron phosphate battery with a price tag of RMB 249,900 yuan.


With the increase in the cost of ternary lithium batteries and frequent safety issues, the choice of two technical routes not only for car companies to ease the cost pressure, but also an important step in the battery strategy reserve.


BYD has long been a fan of lithium iron phosphate batteries, has always insisted on choosing the lithium iron phosphate route. SAIC Group is in some starting versions as well as the plug-in hybrid version using lithium iron phosphate batteries.


XPeng may launch lower-priced P7 with lithium iron phosphate batteries



XPeng said to release new P7 sedan with lithium iron phosphate batteries on March 3-CnEVPost


XPeng said to release new P7 sedan with lithium iron phosphate batteries on March 3-CnEVPost

NetEase CEO slams Android channel's 50 percent share of game app revenue in China

February 26, 2021 CV TECH INC

Chinese Internet and gaming giant NetEase’s CEO Ding Lei has slammed the Chinese Android channel for taking 50 percent of game apps’ revenue, saying it’s the highest in the world.


Ding made the comments during a conference call Thursday after NetEase’s latest quarterly earnings report, saying NetEase gave 30 percent of its revenue of some of its games, including “Fantasy West”, to Android platforms.


He also said the 50 percent share ratio was unreasonable because it was 20 percent more expensive than Apple’s App Store’s share.


He said that he hoped that the Chinese Android market could be in line with the international standard of 30% share of the game revenue in the future and that the current 50% share of the Chinese Android channel’s was unjustified and very unfavorable to the ecology.


NetEase hopes that the whole industry can work together to create a healthy ecosystem, he also said.


The iOS channel contributes up to 50 percent of NetEase’s game revenue, and few game content providers in China can reach such a high percentage; the Android channel contributes one-third of the revenue, and the company’s official channel contributes the rest, he said.


NetEase reported fourth-quarter net revenue of RMB 19.8 billion yuan ($3 billion), up 25.6 percent year-on-year. Net income from continuing operations attributable to NetEase shareholders was RMB 975.7 million yuan ($149.5 million).


Throughout 2020, NetEase’s net revenue is RMB 73,667.1 million ($11,290.0 million), compared to RMB 59,241.1 million in 2019. Net income from continuing operations attributable to NetEase’s shareholders was RMB 12,062.8 million ($1,848.7 million) compared to RMB 13,275.0 million in 2019.


Huawei removes Tencent games: a game where both sides have big stakes



NetEase CEO slams Android channel's 50 percent share of game app revenue in China-CnTechPost


NetEase CEO slams Android channel's 50 percent share of game app revenue in China-CnTechPost


(Source: Unsplash)

NIO's William Li visits oil giant Sinopec

February 26, 2021 CV TECH INC

William Li, founder, chairman, and CEO of NIO, and the company’s president Qin Lihong recently visited fossil fuel energy giant China Petrochemical Corp (Sinopec Group), according to pictures circulating on the Internet.


Local media reported that they discussed the development trend of the electric vehicle industry, charging and battery swap facilities construction, and high-end synthetic materials.


On February 14, Sinopec Chairman Zhang Yuzhuo visited one of NIO’s battery swap stations, for which Qin gave a briefing on the construction and operation of the battery swap station, and they agreed to meet each other after the Chinese New Year to work together to promote the industry’s development.


Zhang also had a brief chat with an NIO owner who was there for a battery swap, according to an article posted by NIO’s Vice President of Power Management Shen Fei in the NIO App on February  14.


The article did not reveal more details, but it is worth noting that the NIO’s battery swap station is next to a Sinopec gas station.


Sinopec, with a registered capital of RMB 326.5 billion, is China’s largest supplier of refined oil products and petrochemicals, the second-largest oil, and gas producer, and the world’s number one refining company and third-largest chemical company.


Sinopec has more than 30,000 gas stations, ranking second in the world. It ranked No. 2 on the 2019 Fortune 500 list of the world’s largest companies.


Oil giant Sinopec chairman visits NIO’s battery swap station



At 2020 NIO DAY in January, NIO officially launched the second generation battery swap station, which is cheaper to build than the first generation battery swap station.


The second-generation battery swap station occupies 4 parking spaces, and compared with the first-generation technology, the number of batteries in the second-generation battery swap station has been increased to 13, and the service efficiency has been improved by 3 times, and the maximum number of battery swap can be completed 312 times per day.


The second-generation battery swap station will also support AVP automatic parking technology, which allows users to automatically park into the battery swap platform with a single click. Without the need for the user to get out of the car, it can realize the simultaneous exchange of batteries in and out of bins on dual tracks, further reducing battery swap time.


By the end of 2020, the total number of NIO battery swap stations will exceed 150, covering 58 cities nationwide. The second generation of battery swap stations will be built in April this year.


Due to the construction cost, operation cost, and technical standards, except for a very small number of new energy vehicle enterprises such as NIO and BAIC, which have briefly tried battery swap, the majority of enterprises still choose charging as the main way to replenish the energy of electric vehicles.


If the cooperation between NIO and Sinopec finally becomes a reality, Sinopec’s more than 30,000 gas stations nationwide will solve the two major problems of site selection and infrastructure of battery swap stations for NIO. By simply upgrading the existing gas stations with battery swap equipment, a well-equipped battery swap station can be built.


For Sinopec, China is undergoing a rapid transition to electric vehicles, and the proportion of electric vehicles will increase year by year, while the proportion of fuel vehicles will decrease.


NIO’s second-gen battery swap station begins final testing, deployment expected to begin in April



NIO's William Li visits oil giant Sinopec-CnEVPost


NIO's William Li visits oil giant Sinopec-CnEVPost


NIO's William Li visits oil giant Sinopec-CnEVPost


NIO's William Li visits oil giant Sinopec-CnEVPost

Xiaomi's first foldable phone granted network access in China

February 26, 2021 CV TECH INC