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China EV maker Zeekr shares climb 35% after expanded US IPO

Livemint

Livemint · 1y ago

China EV maker Zeekr shares climb 35% after expanded US IPO

Shares of Zeekr Intelligent Technology Holding Ltd., a high-end electric car brand under Zhejiang Geely Holding Group Co., rose 35% after a successful initial public offering (IPO) in the US. Zeekr raised $441 million from the sale of 21 million American depositary shares (ADS) priced at $21 each. The IPO is the largest by a China-based company in the US since Didi Global Inc.'s IPO three years ago. Zeekr's offering reflects a rebound in the US IPO market, with approximately $17 billion raised in listings on US exchanges in 2023.

Related News

AI titan Nvidia ramps up collaboration with Chinese auto giants

Economic Times

Economic Times · 1y ago

AI titan Nvidia ramps up collaboration with Chinese auto giants

Nvidia has expanded its collaboration with Chinese electric car makers, including BYD, to work on the development of autonomous vehicles using AI technology. BYD, the world's largest EV company, will be adopting Nvidia's next-generation AV computer and its all-in-one vehicle control system, DRIVE Thor. Other Chinese EV firms, such as XPeng, Li Auto, ZEEKR, and GAC Aion, have also adopted the Thor platform. Nvidia's infrastructure for cloud-based AI development and training will be utilized by BYD as well. This move strengthens Nvidia's ties with the Chinese EV industry despite restrictions on exporting its powerful AI hardware to China imposed by the US.

China's oil majors face uphill climb to adapt to EV future

Reuters · 1y ago

China's oil majors face uphill climb to adapt to EV future

China's state-run oil giants, Sinopec and PetroChina, are adapting to China's shift towards electric vehicles (EVs) by building charging stations. As EV sales are expected to reach 40% of total car sales this year in China, the demand for gasoline is predicted to peak by 2025. However, the public EV charging sector in China faces challenges such as low utilization, market fragmentation, and overcapacity. Despite this, global energy companies like Shell and TotalEnergies are also investing in EV charging infrastructure in China, drawing lessons from early adopter markets like Norway.

Electric scooter maker Ather Energy receives Sebi nod for IPO

Economic Times

Economic Times · 8m ago

Electric scooter maker Ather Energy receives Sebi nod for IPO

Ather Energy, a Bengaluru-based electric scooter maker, has received approval from India's SEBI to launch an IPO, making it the second Indian EV manufacturer to go public after Ola Electric. The IPO includes a fresh issue of shares worth Rs 3,100 crore and an offer for sale from existing shareholders. Despite financial challenges, including widened losses, Ather plans to use the proceeds for capital expenditure, R&D, debt repayment, marketing, and general corporate purposes.

BYD Shares Drop Over 5% as Chinese EV Maker Cuts Prices by Up to 35%

OutlookIndia

OutlookIndia · 3m ago

BYD Shares Drop Over 5% as Chinese EV Maker Cuts Prices by Up to 35%

BYD's shares fell over 5% after announcing significant price cuts—up to 35%—on its electric and plug-in hybrid vehicles, reflecting heightened competition concerns. The price adjustments affected 22 models, including the Seagull hatchback and the Seal hybrid sedan. Such aggressive discounting is seen as a response to sluggish industry growth and rising dealership inventories, amidst broader economic challenges in China. This trend may pressure other EV makers to implement similar cuts, impacting revenues.

Chinese EV maker Human Horizons seeks up to $42 million in debt financing to revive EV production

Economic Times

Economic Times · 1y ago

Chinese EV maker Human Horizons seeks up to $42 million in debt financing to revive EV production

Chinese EV maker Human Horizons is seeking debt financing of up to 300 million yuan ($41.78 million) to restart production at its EV plant. The parent company of premium EV brand Hiphi has filed for a pre-bankruptcy process. This move comes after similar bankruptcy proceedings facing two units of China Evergrande's EV arm. The fundraising will be used for after-sales services and to resume work, production, and sales. Human Horizons, which suspended production and sales in February, aims to regain momentum in a highly competitive EV market.

Hyundai Motor's stake in Ola Electric worth $99 million post IPO

Inshorts · 1y ago

Hyundai Motor's stake in Ola Electric worth $99 million post IPO

Hyundai Motor Company's 2.95% stake in Ola Electric is worth roughly $99 million after the electric two-wheeler maker launched its IPO on August 2. The value is based on the higher end of the IPO's price band at ₹76 per share. The ₹6,145-crore IPO was subscribed 35% on Friday, with the retail portion subscribed 1.57 times.

Ola Electric shares climb 9% today; is this EV stock a short-term buy?

Business Today

Business Today · 5m ago

Ola Electric shares climb 9% today; is this EV stock a short-term buy?

Shares of Ola Electric climbed 8% after the company clarified that a temporary sales backlog in February was due to ongoing negotiations with vendors responsible for vehicle registrations. This update has driven a positive rebound in the share price, suggesting the resolution of issues impacting sales and potentially presenting the EV stock as a short-term buying opportunity for investors looking to capitalize on the company's recovery and market dynamics.

Coinbase shares climb after unexpected Return to profitability

Livemint

Livemint · 1y ago

Coinbase shares climb after unexpected Return to profitability

Coinbase, the largest US cryptocurrency exchange, reported its first profit in two years, with a fourth-quarter rebound in digital-asset markets boosting trading revenue. The company's revenue surged 51% to $953.8 million, exceeding analysts' expectations. Coinbase's net income was $273 million, compared to a loss of $557 million in the previous year. The increase in revenue was driven by a significant rise in consumer and institutional transaction revenue. Coinbase's shares rose over 15% in after-hours trading following the news.

Tesla is upgrading its Model Y's self-driving features in China amid fierce competition from BYD

Business Insider

Business Insider · 1y ago

Tesla is upgrading its Model Y's self-driving features in China amid fierce competition from BYD

Tesla is upgrading its Model Y in China, adding Hardware 4.0, a set of sensors, cameras, and an onboard computer to assist its Full Self-Driving (Beta) function. The upgrade is reportedly free of charge for local buyers and is aimed at enhancing autonomous features. Tesla is also introducing new color options for the Model Y in China. This move comes amid increased competition in China, as Chinese EV company BYD overtook Tesla as the world's largest EV maker in 2023. Tesla considers China a crucial market and has a gigafactory in Shanghai.

Tesla gets a $94 billion reality check as EV winter sets in

Livemint

Livemint · 1y ago

Tesla gets a $94 billion reality check as EV winter sets in

Tesla has experienced its worst start to a year ever, losing over $94 billion in market valuation in just two weeks. The Austin-based electric vehicle (EV) maker has been hit by a series of negative news including an about-face from Hertz Global Holdings Inc., price cuts for its cars made in China, and rising labor costs. Slowing growth in demand for EVs, especially in the US, has investors concerned about stagnating growth. Tesla's market capitalization drop is the largest since it went public in 2010. The EV maker has also been hampered by labor cost increases and re-routing shipments due to security concerns. Despite the challenges, Tesla remains a major player in the global transition to electric vehicles.

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