The driver set the maximum speed to 80 mph, but the car chose safety over speed.
Category: Electric
The move is based on Gotion's controlling shareholder's recognition of the company's value and confidence in its continued rapid growth, according to an exchange announcement.
The controlling shareholder of Chinese power battery maker Gotion High-tech plans to increase its stake in the company, whose stock has continued to fall over the past few months.
Gotion's controlling shareholder, Nanjing Guoxuan Holding Group, plans to increase its stake in the company by no less than RMB 200 million yuan ($29 million) and no more than 300 million yuan within six months from March 13, according to a Shenzhen Stock Exchange announcement on March 12.
The share purchase plan will not set a price range, and the controlling shareholder of Gotion will increase its shareholding at an opportune time according to the fluctuation of the share price and the overall trend of the capital market, according to the announcement.
The move is based on Nanjing Guoxuan's recognition of Gotion's intrinsic value and investment value and confidence in the company and the continued rapid development of the global lithium battery market, the announcement said.
Prior to the increase, Nanjing Guoxuan held 9.6 percent of Gotion's shares, while its two concert parties, Li Zhen and Li Chen, held 5.81 percent and 1.6 percent of the shares, respectively.
Li Zhen is the chairman of Gotion and holds 80.69 percent of Nanjing Guoxuan's shares, according to data provider Tianyancha. Li Chen is Li Zhen's son, according to Gotion's third-quarter earnings report.
Nanjing Guoxuan and its concert parties together hold 17.01 percent of Gotion's shares and have promised not to reduce their holdings within six months after completing the increase, according to the announcement.
They will execute the plan through the means permitted by the Shenzhen Stock Exchange securities trading system by September 13, according to the announcement.
Gotion ranked fourth with a 3.58 percent share of the power battery installed base in China at 0.78 GWh in February.
While Gotion's share of the China power battery market has remained stable, its shares have continued to fall over the past few months and are currently down more than 40 percent from their recent highs in early July 2022.
As of Monday's close, Gotion was down 0.62 percent to RMB 28.92 in Shenzhen.
($1 = RMB 6.9014)
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Analysts believe the impact of the transition will not last long and will have less of an impact than the last switch in standards in 2019.
The recent price war in China's auto market has put a new emission standard that will come into effect in a few months' time in the spotlight.
CnEVPost obtained the views of several local analysts, which provide references on what impact that new emission standard will have on the auto industry.
As background, China released its final rule for stage 6 light-duty vehicle emission limits and measurement methods (China 6 standard) in December 2016, a new standard that combines best practices from European and US regulatory requirements.
The standard is being implemented in two phases, with the 6a standard already taking effect on July 1, 2020, and the 6b standard coming into effect on July 1, 2023.
CITIC Securities: Impact will not last long
From July 1, the China 6b standard will be fully implemented, which is more stringent in terms of emission standards and testing criteria compared with China 6a, especially the new RDE test that detects the actual driving emissions of the car, said Yin Xinchi, chief analyst of the auto industry at CITIC Securities, in a research note today.
There are still some old models on the market that do not meet China 6b emission regulations, and the de-stocking of these models may have an impact on the production, sales and prices of the auto industry, according to the note.
However, CITIC Securities also pointed out that the duration of the impact of the transition will not be too long, and the degree of impact will be significantly smaller than the switch of China's auto industry emission standard from China 5 to China 6a in 2019.
China Securities: Essence is the weakening competitiveness of JV brands
China's passenger car market will begin implementing the stricter China 6b emissions standard on July 1, which could exacerbate the pressure to de-stock older models, China Securities automotive industry chief analyst Cheng Siqi's team said in a research report today.
This may intensify the profitability pressure among car companies in the short term, but behind it reflects the further erosion of the competitiveness of second- and third-tier joint venture brands, according to the team.
Against the backdrop of rising market share of local Chinese brands and the ongoing electrification transformation of China's auto market, these joint venture brands have been forced to start cutting prices and de-stocking, the team said.
Huaxi Securities: Several regions have already completed the standard switch
The China 6b emissions standard will go into effect on July 1, and overall, this will have limited material impact on the auto industry, Huaxi Securities analyst Cui Yan's team said in a research note today.
The window for that transition is long, and several regions have already completed the transition ahead of schedule, such as Beijing, Shanghai, Guangzhou and Tianjin, according to the team.
Car companies previously experienced the pain of the transition from China 5 to the China 6a standard and this time are expected to prepare beforehand, the team said.
Inventories in the Chinese auto industry are currently at an above-average level, but the vast majority of inventories have been accrued since April 2022, according to the team.
The team believes the recent wave of price cuts in the Chinese auto industry is largely due to the penetration of new energy vehicles (NEVs) reaching about 30 percent and the willingness and ability of some leading car companies to grab market share.
The China automobile dealers VIA (Vehicle Inventory Alert Index) stood at 58.1 percent in February, up 2.0 percentage points from a year ago but down 3.7 percentage points from January, still sitting above the 50 percent mark, according to China Automobile Dealers Association data released earlier this month The data.
For the VIA, a value below 50 percent is a reasonable range, and a higher reading means lower market demand and greater inventory pressure, according to the index's description.
If you'd like to learn more about the China 6 standard, here's a report from the International Council on Clean Transportation, a nonprofit organization.
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FAW-Volkswagen's retail sales of NEVs in January-February were 9,572 units, down 8.3 percent from 10,442 units in the same period last year.
The price war in China's auto industry continues, with Volkswagen becoming the latest to join in.
FAW-Volkswagen is offering discounts of up to RMB 40,000 yuan ($5,820) on the ID. family of models, with the lineup starting at as low as RMB 174,900 yuan, according to a poster posted on Weibo on March 11 by the Volkswagen joint venture in China.
This is to celebrate the second anniversary of the launch of the ID. family of models, according to the poster.
In addition to the discount, FAW-Volkswagen is offering consumers a free camping kit worth RMB 4,900.
FAW-Volkswagen's poster shows that these offers are for a limited time, but no expiration date is provided.
Currently, FAW-Volkswagen is selling the ID. series of ID.4 Crozz and ID.6 Crozz, two SUVs with suggested retail prices starting at RMB 217,900 and RMB 258,900 respectively.
In addition to FAW-Volkswagen, SAIC-Volkswagen, another Volkswagen joint venture in China, is also offering discounts for the ID. series EVs.
SAIC Volkswagen ID. series pure electric vehicles are offering discounts of up to RMB 30,000, and consumers can also receive up to RMB 10,000 worth of other benefits at dealership stores, according to a poster.
Like FAW-Volkswagen, SAIC-Volkswagen also offers the ID.4 series models, ID.4 X and ID.6 X, with suggested retail prices starting at RMB 195,888 and RMB 259,888, respectively.
In addition to the two ID. series models, SAIC Volkswagen also offers the compact ID.3 model with a suggested retail price starting at RMB 162,888.
Volkswagen had announced monthly sales of the ID. series EVs in late 2021 to early 2022, but then stopped publishing them.
FAW-Volkswagen's retail sales of NEVs in January-February were 9,572 units, down 8.3 percent from 10,442 units in the same period last year, according to a ranking released earlier this month by the China Passenger Car Association (CPCA). SAIC Volkswagen did not make it into the ranking of top sellers of NEVs in China.
FAW-Volkswagen's January-February retail sales of all vehicles were down 24.9 percent to 221,946 units, according to the CPCA. SAIC-Volkswagen's retail sales of all vehicles for the same period were down 29 percent to 154,631 units.
($1 = RMB 6.8695)
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