Self-Driving IPOs, Energy Breakthroughs, and Electric Vehicle Booms
Dear readers,
WeRide, a Chinese autonomous driving startup, has filed for a U.S. IPO, planning to use the proceeds to enhance its R&D, commercial operations, and marketing efforts despite recent financial setbacks.
China's rapid advancements in compressed air energy storage are evident with a new 300 MW station in Yingcheng aimed at stabilising renewable energy supplies,
Chinese automaker Wuling Motors secured significant orders at Indonesia's GAIKINDO Auto Show, showcasing the growing international demand for Chinese electric vehicles.
Ola Electric, backed by SoftBank, is set to launch India's largest domestic IPO this year, aiming to raise $734 million to fund capital expenditure and R&D amid a 25% valuation drop.
In South Korea, Doosan Robotics has partnered with Seoul City and LG Electronics to build EV charging infrastructure, and the Ministry of Land, Infrastructure, and Transport will initiate a nationwide drone delivery service for remote areas in August, demonstrating the country's commitment to advancing transportation technology.
Taiwan's Volvo dealers express doubts about transitioning to fully electric vehicles by 2030 without PHEVs, reflecting concerns about current EV market demand.
Xiaomi is expanding its EV production with a new factory in Beijing, investing RMB 3.8 billion to achieve its goal of producing 100,000 vehicles by November, indicating the company's aggressive push into the EV market.
Jürgen Germeys
China
Chinese Autonomous Driving Startup WeRide Files for US IPO
Yicai Global | English | News
WeRide, a Chinese autonomous driving startup, has filed for an initial public offering in the United States. The company's filing, submitted to the US Securities and Exchange Commission on July 26, lists Morgan Stanley Asia, J.P. Morgan Securities, and China International Capital Corporation Hong Kong Securities as underwriters. Established in 2017 and based in Guangzhou, WeRide was valued at approximately USD 5.1 billion in November 2022. The proceeds from the IPO will primarily support research and development, the commercialization and operation of autonomous driving fleets, and marketing efforts, although the specific amount to be raised has not been disclosed. WeRide offers a range of self-driving products and services across various industries, including mobility and logistics, featuring options like Robotaxi, Robobus, and Robovan. The company has experienced financial setbacks, reporting a 22% increase in net loss to CNY 881.7 million (USD 121.4 million) in the first half of 2023, and a decline in revenue by 17.8% to CNY 150.3 million. WeRide's total R&D expenditures were CNY 1.1 billion in 2023. The startup operates autonomous driving R&D and testing in 30 cities across seven countries and holds licenses in China, the US, the UAE, and Singapore. WeRide's Robotaxi service has completed 1,700 days of commercial operations without accidents since launching in November 2019. The company aims to begin commercial production of robotaxis this year and is collaborating with manufacturers for Robobuses and Robovans, securing significant intent orders for both. Other Chinese self-driving firms, such as Pony.ai and Momenta, are also pursuing US IPOs.
Compressed air energy storage embraces large-scale industrial application in China
Peoples Daily | English | News
A 300 MW compressed air energy storage station is being constructed in Yingcheng, Hubei province, China, utilizing abandoned salt caverns for air storage and undergoing testing. The station is designed to store energy for 8 hours and release it for 5 hours daily, generating around 500 million kilowatt-hours annually. The technology aims to address the fluctuations in power supply from renewable sources like wind and solar by acting as a balancing mechanism for the power grid. The process involves compressing air during off-peak hours and releasing it during peak hours to generate electricity. The technology has developed rapidly in China, with increasing capacity and efficiency, although challenges such as low energy storage per volume and complex systems remain. Initiatives are underway to enhance efficiency, reduce costs, and expand application scenarios for broader adoption of compressed air energy storage. The National Energy Administration has recognized multiple new energy storage pilot projects, including 11 focused on compressed air.
Chinese electric cars secure thousands of orders at Indonesia's exhibition
Peoples Daily | English | News
Chinese automaker Wuling Motors received 2,302 vehicle orders at the GAIKINDO International Auto Show 2024 in Indonesia, held from July 18 to 28. The BinguoEV was the top seller, making up 30% of total orders, followed by the Air EV at 26% and the Cloud EV at 23%. Wuling showcased 15 car models and had 1,610 participants for test drives. The company operates over 150 dealerships in Indonesia. The Indonesian Automotive Industry Association reported a significant increase in electric vehicle sales, rising to 11,940 units in the first half of this year from 5,849 units during the same period in 2023.
India
SoftBank-backed Ola Electric aims to raise $734 million in India's biggest IPO this year
CNBC | English | News
Ola Electric, an Indian e-scooter manufacturer backed by SoftBank, aims to raise $734 million in its upcoming IPO, positioning it as the largest domestic IPO in India for the year. The offering follows a significant valuation drop to $4 billion, about 25% less than its previous funding round valuation of $5.4 billion. The IPO will run from August 1 to August 6, allowing Ola to issue new shares for $657 million and existing investors to sell approximately $77 million in stakes. The price band for shares is set between 72 to 76 rupees ($0.86-$0.91). Ola holds a 46% market share in India's e-scooter market and plans to use IPO proceeds for capital expenditure and R&D. The company is also focusing on its e-scooter line while previously planned electric car projects have been put on hold.
India's Ola Electric announces price range for $734m IPO
Deal Street Asia | English | News
Ola Electric, an Indian e-scooter manufacturer backed by SoftBank, has announced its initial public offering (IPO) price range between 72 rupees and 76 rupees ($0.86-$0.91) as part of a $734 million listing, marking the largest domestic IPO of the year. This IPO is notable as it is the first for an Indian electric vehicle maker, and Ola is the leading player in a nation where the adoption of clean vehicles is growing. The company, founded in 2021, is valued at $4 billion in the upcoming IPO, a 25% decrease from its last funding round valuation of $5.4 billion. The reduction is attributed to a global tech valuation correction and aims to attract participants. The IPO will take place from August 1 to August 6, offering new shares to raise $657 million, while current investors will sell approximately $77 million in stakes. The advertisement in the Financial Express highlighted a 7 rupee discount per share for eligible employees and designated 10% of the IPO for retail investors, with proceeds intended for capital expenditure and research and development.
Ola Electric fixes IPO price band at Rs 72-76 looks to start operations at gigafactory early 2025
Deccan Herald | English | News
Ola Electric Mobility has set its IPO price band at Rs 72-76 per equity share for a Rs 6,100-crore initial public offering launching on August 2, which will close on August 6. The IPO includes a fresh issue of shares up to Rs 5,500 crore and an offer for sale of 8.49 crore shares by promoters and investors, including the sale of 3.8 crore shares by founder Bhavish Aggarwal. The proceeds will fund the expansion of its battery cell manufacturing capacity and research, with allocations of Rs 1,227.6 crore for increasing capacity from 5 GWh to 6.4 GWh, Rs 1,600 crore for product development, and additional funds for debt repayment and growth initiatives. Trial production at the gigafactory is underway, with full operations expected to begin in early 2025. The first phases of the gigafactory's expansion aim for a 1.4 GWh capacity by March 2024 and 5 GWh by October 2024. Bhavish Aggarwal highlighted the company's improved margins and significant growth in revenue and market share, projecting a rise in electric vehicle penetration in India from 4% to around 40% by 2030.
South Korea
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Doosan Robotics builds electric vehicle charging infrastructure with Seoul City and LG Electronics
ZD Net Korea | Local Language | News
Doosan Robotics announced a business agreement with the Seoul Metropolitan Government, LG Electronics, Hyundai Motors/Kia, and LS E-Link to develop electric vehicle charging infrastructure. The initiative aims to enhance the availability and speed of electric vehicle distribution and provide optimally designed chargers, including fast charging solutions for vulnerable populations. The collaboration will feature an 'electric vehicle automatic charging solution' using a collaborative robot and rapid chargers from LG Electronics. The city will support site provision, land leasing, and permits. The first solution will be installed at the Mapo City Silver Care Center, with plans to expand to ten locations by 2026. Doosan Robotics' CEO highlighted the agreement as a step towards improving transportation convenience for citizens.
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Wall Street analyst "Almost got into an accident while driving Tesla FSD...Autonomous driving is still far away."
ZD Net Korea | Local Language | News
William Stein, a Wall Street analyst at Truist Securities, reported nearly having an accident while test-driving Tesla's fully autonomous driving (FSD) system. He described a situation where his Model Y unexpectedly accelerated through an intersection, requiring quick intervention to avoid a collision. Stein also noted that the FSD failed to respond appropriately to a police signal directing the vehicle to pull over for a funeral procession and changed lanes in prohibited areas. While he found the initial version of FSD surprisingly effective, he stated that the recently updated version was not an improvement and, in fact, seemed worse. Stein concluded that, despite its advanced capabilities, the FSD is far from achieving true autonomous driving. He maintained a 'neutral' investment rating for Tesla, with a target stock price of $215, about 10% below its current price of $232. Tesla CEO Elon Musk has previously claimed that their latest FSD software has the potential to enable autonomous driving.
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The chasm becomes darker... The launch of new electric vehicles has been delayed one after another.
ZD Net Korea | Local Language | News
The electric vehicle market is experiencing prolonged demand stagnation, leading several major OEMs, including Tesla, Volkswagen, General Motors (GM), and Ford, to delay the launch of new electric vehicle models. Tesla postponed the launch of its robotaxi, originally set for next month, to October 10th due to a lack of entry-level models that can generate popular demand. Volkswagen has delayed the release of the ID. Golf by approximately 15 months until 2029 and the T-Sport model by three years to 2031, citing challenges in developing its electric vehicle software platform. GM also delayed the launch of a Buick electric vehicle and pushed back production for its Chevrolet Silverado EV and GMC Citra EV pickup trucks to mid-2026. Ford rescheduled the introduction of its three-row SUV electric vehicle to 2027 and shifted production plans for its Ontario plant from electric to internal combustion engine vehicles. High expectations for the U.S. market have diminished as political shifts could potentially slow the spread of electric vehicles. Amidst this challenging environment, entry-level models are viewed as key to igniting demand.
Drone delivery to islands, remote regions to begin next month
Korea Times | English | News
The Ministry of Land, Infrastructure and Transport is set to launch South Korea's first nationwide drone delivery service in August, aimed at enhancing convenience for residents in remote islands, regional areas, and national parks. Initially, the service will deliver food, daily necessities, and first-aid supplies with weight limits. It will cover 32 island districts, 17 park areas, and one port across 14 jurisdictions. Drones can carry up to 3 kilograms and allow residents in isolated areas to send products back to delivery hubs across the country. Each hub will provide medical supplies for emergencies. The ministry has collaborated with various organizations to establish safety systems and has granted flight approvals to ensure safe drone operations, even in low visibility. There is interest from large companies to use the service for delivering electronic appliances, and plans to expand the service's capacity and target areas are underway.
Taiwan
2030年只售純電不可行，Volvo經銷商表示若無PHEV會是死路一條
Selling only pure electric vehicles will not be feasible in 2030. Volvo dealers say that without PHEV, it will be a dead end
The Storm Media | Local Language | News
Volvo is reconsidering its plan to transition to a fully electric vehicle lineup by 2030 due to declining demand for electric vehicles. Dealers have expressed concerns that without offering plug-in hybrid electric vehicles (PHEVs), they risk going bankrupt. Volvo's recent financial report indicated that they view PHEVs as vital transitional products for consumers reluctant to commit to pure electric vehicles. The company is expected to continue releasing both plug-in hybrids and electric models beyond 2030, suggesting a shift away from exclusively electric offerings.
蘿蔔快跑！中國為何展開大規模「無人計程車」試驗？
Carrot, run! Why did China launch a large-scale "autonomous taxi" test?
The Storm Media | Local Language | News
In Wuhan, China, riders can now order autonomous taxis through the "Carrot Run" service launched by Baidu, allowing them to enter the car by simply providing their mobile phone number. The city aims to become a leader in autonomous driving commercialization, with Baidu targeting the ride-hailing market. The service offers low starting fares, but concerns about safety and job losses among traditional drivers have arisen. Videos of the experience have become popular on Chinese social media. Passengers can control car features, but the service currently requires preset pickup and drop-off locations, limiting flexibility. Baidu has a history of testing self-driving technologies in Wuhan, which is a key automotive manufacturing hub in China.
彰化北斗惡火吞3命！ 起火點疑似在電動機車行
The evil fire in Beidou, Changhua, swallowed 3 lives! The fire is suspected to have started in an electric motorcycle shop
Yahoo News Taiwan | Local Language | News
A fire erupted early this morning at an electric motorcycle dealership on Zhongshan Road in Beidou, Changhua City, resulting in the deaths of three individuals and serious injuries to two others. The blaze, which began around 6 a.m., might have been caused by the spontaneous combustion of lithium batteries due to the large number of electric motorcycles stored in the shop. Police and firefighters responded with 18 fire trucks, 6 ambulances, and 46 firefighters. Rescue efforts were challenged by heavy smoke and flames. The deceased included a 58-year-old man, a 40-year-old woman, and a 30-year-old man, while two men managed to escape but sustained severe injuries. Investigators are looking into the possibility of lithium batteries being the fire's source and whether the absence of fire alarms in the rental suites contributed to the tragedy. The situation highlights concerns regarding safety standards in residences housing migrant workers.
不畏逆境！小米擴大電動車生產 豪撒38億北京建廠
Not afraid of adversity! Xiaomi expands electric vehicle production and builds factory in Beijing worth RMB 3.8 billion
Liberty Times Net | Local Language | News
Xiaomi Group has purchased land in Beijing for 842 million yuan (approximately NT$3.811 billion) to expand its electric vehicle production. The new factory will cover 53 hectares near Xiaomi's existing facility in the Yizhuang Development Zone and will focus on manufacturing smart connected cars and parts. The fixed asset investment for the project is expected to be at least 2.6 billion yuan, with an anticipated annual output value of no less than 160 billion yuan. Xiaomi, which entered the automobile market in March this year with its first electric vehicle, the SU7, plans to achieve its initial sales target of 100,000 vehicles by November. The company aims for significant growth in the electric vehicle sector, supported by a total investment of 10 billion yuan from chairman Lei Jun. Additionally, four new Xiaomi brand electric cars have been registered under Xiaomi Automotive Technology Co., Ltd., indicating the company's independence in manufacturing vehicles.
Vietnam
Vì sao Musk kh?ng hài lòng v?i chính sách xe ?i?n d??i th?i Biden?
Why is Musk unhappy with the electric vehicle policy under Biden?
https://vnexpress.net/vi-sao-musk-khong-hai-long-voi-chinh-sach-xe-dien-duoi-thoi-biden-4775078.html
VN Express | Local Language | News
Elon Musk, CEO of Tesla, has publicly shifted his political support from the Democratic Party to former President Donald Trump, creating tension with the Biden administration. Analysts observe that Musk's relationship with Biden has deteriorated since 2021, especially as Biden's electric vehicle policies favored unionized automakers like General Motors and Ford, who were invited to key events, excluding Tesla. This exclusion comes despite Tesla's significant market presence, producing two-thirds of electric vehicles on U.S. roads. Musk has expressed dissatisfaction with Biden's acknowledgment of traditional automakers over Tesla, leading to Musk's vocal support for Trump and apparent distancing from the Democratic Party, which he perceives as shifting left. Musk faces increased scrutiny due to criticisms from government officials and various regulatory investigations, even as his wealth has grown significantly during Biden's presidency. Despite historical tensions with Trump over climate policies, Musk’s recent actions suggest a complicated rapport, with Trump acknowledging Musk's support without advocating further changes to electric vehicle policies.