China AV Newsletter - Jun. 2024
Stav Shvartz 史达夫
Vice President Business Development at Opsys | Managing Partner at Automobility | Founder of TheAutonomous
June’s edition was published in a slight delay but still highly recommended to follow. Three main trends to follow are the increasing capital flow to finance the eVTOL sector, the expected multiple IPOs in Hong Kong, and the growing dominance of Nvidia Orin chips in high level autonomous driving models. In addition, Momenta and GAC Toyota are launching their first intelligent model to the market and Tencent pushing more resources into the mobility sector collaborating with EcarX.
Enjoy reading~
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China AV Newsletter - Jun. 2024
June.3rd: Zeekr has obtained L3 autonomous driving test license for Shanghai's high speed roads, while it already obtained 100% pass rate in 7 types of scenarios and more than 30 subjects of the test. Zeekr’s Intelligent Driving hardware is equipped with 31 sensors, together with NVIDIA DRIVE Orin chip with an arithmetic power of 508 TOPS. The system and covers multiple scenarios, such as intelligent parking, high-speed auto pilot and urban intelligent driving.
June.5th: ECarX announced that it has deepened its strategic cooperation with Tencent Intelligent Mobility. The two parties plan to take ECarX's solutions and combine Tencent's technologies and services in the fields of Big Data, Cloud Computing, AI, maps and car entertainment ecosystems, to jointly explore technological advances and innovation in future travelling scenarios.
June.12nd: VOLANT Aerotech, announced the completion of a hundred million yuan A++ financing round . This round of financing will be used to promote test flights as well as validation of VE25 X1 aircraft, R&D expansion and manufacturing of AC101 aircraft. This will allow accelerating both model development as well as develop the commercial passenger market. Volant completed 6 rounds of financing in the last 3 years since it was established of over 300 million RMB ($41+ million).
June.12nd: Black Sesame Intelligence officially passed the listing hearing of the Hong Kong Stock Exchange . The company is expected to be listed in August and shared the following performances:?
June.14th: QCraft announced the completion of hundreds of millions of yuan in Series C financing . The equity will be used to strengthen mass production intelligent driving functions and to build a platform-based product system with a standardized delivery process. In addition, the management plans to invest in R&D for autonomous driving related technologies such as AI LLM.
June.18th: Tesla is close to getting approval to test Full Self-Driving (FSD) on the streets of Shanghai , while Hangzhou may also give Tesla a similar permission. Initial tests will be conducted by Tesla employees, people familiar with the matter said.
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June.21st: AITO has accumulated 265 million kilometers of autonomous driving , and reached a pace of additional 2.35 million kilometers per day. AITO has completed a total of 1.4 million OTA upgrades for its users, with updates iterated once every 5 days. The autonomous stack of the brand is backed by Huawei hardware and software.
June.24th: Ruqi Mobility has passed the Hong Kong Stock Exchange's hearing . Ruqi Mobility was established in 2019, and submitted already a prospectus to the Hong Kong Stock Exchange in August 2023 in a request to go public, but it failed. In March this year, Ruqi updated the Hong Kong IPO prospectus, continue to sprint for IPO. Ruqi mainly provides travelling services, including online Robotaxi services.
June.27th: AEROFUGIA has completed hundreds of millions of yuan Series B funding , which is the largest financing to date, in the domestic low-altitude eVTOL sector. As a subsidiary of Geely Group, AEROFUGIA focuses on the R&D and commercial operation of global low-altitude intelligent transport aircraft.
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June.28th: GAC Toyota and Momenta jointly announced that the high-level intelligent driving jointly created will be integrated in the bozhi 3X model. It is reported that the solution is equipped with a large model of autonomous driving based on Momenta algorithm 5.0, which supports urban and high-speed scenarios, as well as intelligent parking, while not relying on high-precision maps. In terms of hardware, the models will be equipped with 126 lines of LiDAR and the NVIDIA Orin X platform, with an arithmetic power of 254 TOPS.
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Sources: Zeeker, Nvidia; Sohu; EcarX; Tencent; Bloomberg; Volant Aerotech; Gasgoo; Black Sesame; Hong Kong Stock Exchange; QCraft; AITO;