China Auto Daily丨 Saudi Aramco Acquires 10% Stake in Renault-Geely Venture

China Passenger Car Association Reports Strong Growth in NEV Market

From November 1st to 30th, the domestic market in China saw a remarkable surge in vehicle retail, totaling 2.446 million units. This represents an 18% increase compared to the same month last year and an 8% rise from the previous month. The cumulative retail for the year reached 20.281 million vehicles, a 5% year-on-year increase.

The new energy vehicle (NEV) sector showed exceptional growth during this period. Retail from November 1st to 30th hit 1.277 million units, marking a staggering 52% rise year-on-year and a 7% increase over October's figures. The annual cumulative retail for NEVs reached 9.605 million vehicles, a glowing 41% increase compared to the previous year.

Saudi Aramco Acquires Stake in Renault-Geely Joint Venture

In another significant development, Saudi Aramco has completed the acquisition of a 10% stake in Horse Powertrain, a joint venture between Renault Group and Geely. The acquisition, finalized through Aramco Asia Singapore Pte. Ltd., was based on a company valuation of 7.4 billion euros. Renault Group and Geely both hold 45% stakes in the company. This deal, which received all necessary regulatory approvals, marks a strategic investment for Saudi Aramco in the automotive sector.

Foton Motor Launches IECO Smart Eco Brand

On December 4th, Foton Motor launched its latest brand, "IECO", which focuses on smart ecological solutions. The IECO brand is divided into "Intelligent • Eco" and "Electric • Drive" segments. The "Intelligent • Eco" segment will provide services such as energy, leasing, digital intelligence, maintenance and parts, and used cars. The "Electric • Drive" segment aims to innovate the R&D of powertrain systems through its "0+1+3+4+N" model. The Foton Scenery i, equipped with the "IECO Electric • Drive" module, along with new models from the Foton Auman heavy truck series, the Auman Galaxy 5 and Auman Galaxy T, were also unveiled during the launch.

Uxin and CATL's Subsidiary Collaborate on Battery Swap Project

Uxin Group recently signed a strategic cooperation agreement with Times Electric Service, a wholly-owned subsidiary of CATL. This collaboration will focus on a "car and battery separation" used car trading system. The project includes an online used car trading platform and battery mall for "car and battery separation", as well as inspection, certification, and grading services for battery-swapped used cars.

TrendForce Insights on Solid-State Battery Demand

According to a December 4th report from TrendForce, the low-altitude flight market, propelled by the emergence of flying cars and electric vertical take-off and landing (eVTOL) aircraft, will drive solid-state battery demand. The global demand is predicted to reach 86GWh by 2030 and surge to 302GWh by 2035. This growth is fueled by policy outlooks in major regions like China and the United States, indicating robust future demand for these advanced energy solutions.