Chuneng Auto's First Model Rolls Off Line; Hainan Sets 2030 ICE Sales Ban; Qijing Secures Over ¥1B in Funding; IM Motors Dealers Face Operational Issues

On July 11, Chunu Auto’s first ET model rolled off the assembly line at the Wuhan R&D Institute’s prototype center, entering the real-vehicle validation phase. The vehicle will be used to verify overall performance, manufacturing processes, and quality across core systems including electronic architecture, the triple-electric system (battery, motor, and power electronics), intelligent cockpit, intelligent driving, chassis, and thermal management. Chunu Auto was jointly established by Chunu New Energy and Hengxin Auto Group. The former has a battery production capacity of 110 GWh, enabling self-supply of power batteries, while the latter operates over 300 4S stores nationwide, providing sales and after-sales service networks. The debut model is positioned as a range-extended SUV, measuring 5 meters in length with a 3-meter wheelbase, directly competing with the Aito M5. It is expected to be priced between RMB 150,000 and RMB 200,000 and launched in June 2027, with both range-extended and battery-electric variants developed in parallel. The People's Government of Hainan Province recently released the “Hainan National Pilot Zone for Ecological Civilization Plan for the 15th Five-Year Period (2026–2030),” reaffirming its commitment to completely ban the sale of fuel-powered vehicles by 2030, with a target of 45% new energy vehicle (NEV) ownership by then. This policy continues the timeline first announced in 2019. As of 2025, NEVs already account for 23.75% of vehicles in Hainan, and clean energy has become the province’s largest source of electricity. During the 15th Five-Year Period, Hainan aims to raise the share of non-fossil energy consumption from 20.9% in 2024 to 35% by 2030, accelerating green and low-carbon transitions in key sectors such as transportation, energy, and industry. Qijing Auto has completed a strategic capital increase exceeding RMB 1 billion, with the business registration changes now finalized. This round attracted investments from multiple industrial and state-owned investors, including CATL, Bosch-affiliated Boyuan Capital, CSC Financial, Shenzhen Investment Holdings, Yuexiu Capital, Suikai Investment, and Xinxing Fund, and also established the Hongtu No.1 employee stock ownership platform. The company’s registered capital increased from RMB 2.1 billion to RMB 3.015 billion. GAC Group and GAC Aion together hold approximately 70% of shares, maintaining absolute control. Concurrently, the board of directors has been renewed and management restructured to advance market-oriented and independent operations. The transaction was listed on the Guangdong United Property Rights Exchange in late January and closed within just over three months. Recently, authorized dealers of IM Motors in cities like Kunming and Zhuhai have encountered operational irregularities. Three outlets under Kunming Zhihe Yuehang Automotive Sales & Service Co., Ltd. have ceased operations, with display vehicles and equipment removed and staff laid off. Some customers who paid in full have been unable to take delivery of their vehicles and face difficulties obtaining refunds. IM Motors has dispatched a task force to Kunming and announced a remediation plan: for customers who paid but did not receive vehicle compliance certificates, the manufacturer will advance funds to redeem the certificates; for those who placed orders but haven’t received deliveries, original pricing and benefits will be honored, with deliveries coordinated through nearby dealerships. The affected dealer faced severe cash flow strain due to high operating costs—annual rent exceeding RMB 3.6 million and monthly payroll around RMB 500,000—and insufficient sales rebates, leading it to divert new customer payments to cover prior certificate redemption shortfalls. Additionally, CATL has signed a Memorandum of Understanding (MoU) with Alfen, a European renewable energy integrator, to deploy 5 GWh of Tiance sodium-ion energy storage systems in Western European countries including the Netherlands starting in 2027. The system features a 25-year lifespan, nearly 2% higher energy conversion efficiency, and over 92% capacity retention at -20°C, while remaining compatible with lithium iron phosphate (LFP) battery systems. This marks the first large-scale deployment of Tiance sodium-ion technology in Europe, helping CATL accumulate experience in local grid integration and accelerate sodium-ion adoption across the region. Alfen, headquartered in the Netherlands, specializes in smart grids, energy storage, and charging infrastructure integration.