China Auto Daily丨 FAW-Volkswagen Hits 20 Million Vehicle Milestone

FAW-Volkswagen Reaches 20 Million Vehicle Milestone

On November 28, 2024, FAW-Volkswagen proudly celebrated the rollout of its 20 millionth vehicle, the newly launched Tayron L, at its Tianjin plant. According to Pan Zhanfu, FAW-Volkswagen's Board Director, Party Secretary, and General Manager, the company plans to further enhance its lineup across its three major brands. The focus will remain on strengthening their energy-efficient vehicles while expanding their portfolio of new energy products to cater to the Chinese market demands. Leveraging their established systematic capabilities, FAW-Volkswagen aims to significantly boost their overall product quality. Additionally, the company is set to accelerate its shift towards more customer-oriented marketing services to ensure an enhanced user experience while continuously innovating their management strategies to improve operational efficiency.

Huawei’s HIMA Announces Impressive 2,000 Pre-Orders for Maextro S800

On November 28, 2024, HIMA reported receiving over 2,000 pre-orders within 48 hours of the launch for their luxury vehicle, the Maextro S800. Priced between RMB 1 million to 1.5 million, the high-end model has sparked significant consumer interest. The company established that the earnest money for reservations stands at RMB 20,000.

China Autonomous Vehicle Company Pony.ai IPO Raises $4.52 Billion

On November 27, 2024, the autonomous vehicle company Pony.ai officially debuted on the NASDAQ under the ticker "PONY". By expanding its offering size and exercising underwriters' over-allotment options in full, Pony.ai managed to issue 23 million American Depository Shares (ADS) priced at $13 each. This IPO raised a substantial $299 million, marking the largest IPO in the autonomous driving sector for the year. Including a concurrent private placement of approximately $153.4 million in common stocks, the total capital amassed from this IPO stands at approximately $452 million (RMB 3.29 billion).

Surge in Xinjiang's New Energy Vehicle Exports

Reports on November 27, 2024, indicate a notable increase in the export of new energy vehicles through Xinjiang's Khorgos port. From January to October 2024, the port recorded a total cargo throughput of 38.01 million tons, reflecting a 10% year-on-year increase. Key exports included new energy vehicles, mechanical and electrical products, high-tech products, and fabrics and their products, with new energy vehicle exports showing significant growth.

Sichuan Tianfu New Area Introduces Low Altitude Economic Policies

On November 28, 2024, the Sichuan Tianfu New District introduced new policies to bolster the low altitude economy industry. The policies aim to encourage enterprises to expand their investments and capacities in manufacturing, sales, repair, service, and training sectors related to the low altitude economy. Projects investing over RMB 10 million in new fixed assets, excluding real estate and land acquisition costs, will benefit from subsidies, with maximum support capped at RMB 10 million.