Monday, January 25, 2021
Martin Hennecke

Alibaba-backed start-up reveals two electric cars
Zhiji, an electric car start-up by Alibaba (9988), SAIC Motor and Alibaba and Shanghai's Zhangjiang Group, yesterday said it will launch mass production of two electric vehicles. The vehicles will adopt new battery technology and have a maximum cruising range of over 1,000 kilometers and also supported wireless charging. Deliveries will start in the fourth quarter of the year. Meanwhile, Taiwan's Foxconn and Chinese automaker Zhejiang Geely Holding will join hands to provide contract manufacturing for automakers. They will each hold 50 percent in a venture that will also provide consulting services on electric vehicle technologies to automakers, the companies said. In the mainland market, 210,000 new energy passenger vehicles were sold in December, an increase of 54 percent year-on-year, according to data by the China Passenger Car Association. Annual sales of new energy vehicles were reported at 1.17 million, an increase of 12 percent year-on-year. The association predicted that sales of new energy passenger vehicles in the mainland would reach 1.5 million this year, an increase of 28 percent year-on-year. UBS (China) expects Chinese electronic vehicle companies to take over 40 percent of the market share by 2030, thanks to the leading battery technology and complete industrial chain. In the United States, the share price of General Motors surged to a record high after it unveiled a car that can fly. The company presented a futuristic flying Cadillac - a self-driving vehicle which takes off and lands vertically and carries the passenger above the streets and through the air. It is fully autonomous and all-electric, with a 90kW motor, a GM Ultium battery pack and an ultra-lightweight body with four pairs of rotors. This came after Apple previously held talks with electric vehicle company Canoo in early 2020 to discuss several options, from investment to acquisition, as part of Apple's efforts to further its electric vehicle project. Apple is moving forward with self-driving car technology and is targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology.

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