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China Auto Trending Hashtag| FF $225M financing/ Tesla Shanghai Plant

From:Internet Info Agency 2019-05-05 14:41:27

China Auto Trending Hashtag

Every morning, we will choose the latest and hottest car market news for you, relating to all the automakers that may change our lives.


#FF $225M financing

On April 30th, Beijing time, Faraday Future (FF) has created a multiple-stream bridge financing program to support the company pending completion of its announced equity-raising program. The up to $225 million bridge financing facility announced today consists of a senior secured financing of $75 million and a vendor trust of up to $150 million. The secured vendor trust program of up to $150 million has been created with Birch Lake’s support to provide greater confidence to FF’s key suppliers and obtain their commitments to support the scheduled production launch of FF 91.

# FAW Xiali to build JV with Bordrin

Tianjin FAW Xiali Automobile Co. Ltd announced on April 29 that it has signed a framework agreement with the new energy vehicle startup Nanjing Bordrin New Energy Vehicle Co. Ltd to build a joint venture focusing on manufacturing NEVs. According to the announcement, FAW Xiali is going to make capital contribution in such asset forms as land use right, plants and facilities, while Bordrin will invest in the joint venture with cash. The joint venture will be located at Xiqing District, Tianjin, where FAW Xiali is based.

#Reasons for NIO self-ignition

The preliminary investigation conclusion of the self-ignition accident of the NIO ES8 on April 22 in Xi’an has been released. The cause of the accident was that the chassis of the vehicle had suffered a serious impact, resulting in a short circuit in the internal structure of the battery pack after a period of time, causing the vehicle to spontaneously ignite. Recently, NIO published its “Action Plan for Further Ensuring Power Battery Safety”.

#Tesla Shanghai Plant

Since the first phase of the project broke ground in January this year, the construction of the Tesla Shanghai plant is rapidly advancing. Recently, there is news that the foundation of the factory has been laid, construction workers are building fences and other parts for the factory, and the assembly workshop is expected to be completed in May.

The plant covers an area of 85 hectares and is Tesla's first super factory outside the United States. Tesla CEO Elon Musk has said that by the end of this year, the production at the Shanghai plant could reach 2,000 units per week. Tesla has previously announced that it will produce more than 500,000 vehicles in the next 12 months, and among them, the super factory in Shanghai, China will play a big role.

#Chinese automakers’ 2019 Q1 Interim Report

GAC Group announced that the company's Q1 operating income was RMB14.256 billion yuan, down 25.74% year-on-year. The net profit attributable to shareholders of listed companies was RMB2.778 billion yuan, down 28.40% year-on-year.

BYD announced that the company's first quarter operating income totaled RMB30.304 billion yuan, an increase of 22.5% over the previous year. The net profit attributable to shareholders of listed companies was RMB750 million yuan, a substantial increase of 631.98% year-on-year. Under the momentum of continued growth in sales of NEVs, BYD expects that the group's sales revenue and returns will continue to increase rapidly in Q2.

Great Wall Motor released its Q1 earnings report for 2019. The financial report showed that the company's operating income for the first quarter was RMB22.6 billion yuan, down 14.85% year-on-year. Net profit attributable to shareholders of listed companies was RMB773 million yuan, down 62.84% year-on-year markedly.

The 2019 Q1 financial report released by SAIC Group showed that the company's total operating income was RMB 200.2 billion yuan, down 16.18% year-on-year. Net profit of returning home was RMB8.25 billion yuan, down 15% year-on-year. Net profit after deducting home fell 13.86%. Its parent company's income statement shows that investment income from associates and joint ventures was RMB4.38 billion yuan, down 31.7% year-on-year.

Editor:Internet Info Agency