TOP EV NEWS #1 – ANOTHER EV STARTUP IPO
Last week I reported on failed Chinese EV startups and highlighted Neta, Hozon Auto’s EV startup, as an exception. This week at the Chengdu Auto Show, Neta announced that it is kicking off a 3 Billion yuan C-Series funding round and intends to go public in 2021 with a listing in China. Neta has already sold over 16,000 cars since the launch of its first model, the Neta 01 in 2018.
Currently, Neta produces the Neta 01 A0 class SUV, already on its second generation and the Neta U compact SUV, launched earlier this year. The company recently announced that its third model will be the Neta V, yet another SUV. The Neta V will be launched in Q3 2020, sofar, the only visual clue we have to the new car is the sketch below on the right. The Neta V is expected to have a range of 401km (250miles) on the NEDC testing cycle.
Neta also released teaser images of its third concept car, the Eureka 03, a luxury four-door coupe, developed on the Neta HPC platform. Neta revealed that the ultra-thin power battery structure, wide-body, and transparent cockpit design of the Eureka would contribute to an elegant and sporty appearance.
TOP EV NEWS #2 – JEEP’s FIRST PLUG-IN MODELS
FCA Group launched the plug-in versions of its Renegade and Compass models this week. The plug-in models of the popular SUVs will be identified with the 4xe denotation. The Jeep Renegade 4xe and Jeep Compass 4xe, the first electrified models of the brand, will only be available in the EMEA markets, not in JEEP’s home market, the USA.
The electric drivetrain of the 4xe models consists of an 11.4kWh battery, which delivers a range of 50km (31 miles) WLTP, paired with a 60 hp (45kW) electric motor mounted mid of the rear axle. The C02 emissions of the 1.3T petrol engine and 4xe drivetrain are less than 50gm/km when driven in hybrid mode.
Although maintaining the same design cues as the ICE versions of the Compass and Renegade, JEEP 4xe models are identified through a blue colored “JEEP” badge. The 4xe drivetrain also presents the driver with a new six-speed transmission selector and an updated Selec-Terrain control with eAWD modes.
The Renegade and Compass plug-in hybrids will be available for order from September in Europe in three trims, a “Limited”, “S,” and “Trailhawk.” The plug-in hybrid models are available in two power options, a 190hp (140KW) in the Limited and 240hp (180kW) in the Trailhawk and S versions. For the full specs, please go to the dedicated model pages by following the links of the models in this article.
TOP EV NEWS #3 – JAC VW RECAPITLIZED
Anhui Jianghuai Automobile Group Co., Ltd. (JAC Motors) and VW Group finalized the recapitalization of JAC Volkswagen in line with the agreement reached at the end of May whereby VW became the majority owner of the company.
The increase in capital will be used to develop five new electric vehicles and increase the plant capacity to 250,000 units per annum by 2025 and 400,000 units by 2029. The partnership produces the SOL EV brand currently.
JAC VWs capital, which stood at 2 billion yuan prior to the recapitalization, is now 7.356 billion. The capital contributions by JAC and VW Group are made pro-rata to complete Volkswagens ownership increase to 75% of the electric vehicle manufacturing entity. VW Group is one of the first international companies that took advantage of the Chinese Government policy change on foreign ownership of vehicle producers.
The amount VW Group injected in JAC VW is 5.217 billion yuan, while JAC Motors contributed 1.285 billion yuan. JAC VW will also apply for a 1.29 billion yuan 2 years credit facility to meet its operational requirements.
TOP EV NEWS #4 – CHENGDU AUTO SHOW
One of the few auto shows to be held in 2020 due to the Covid-19 pandemic is currently on. The Chengdu Auto Show, one of the four A-class auto shows in China, is currently running from the 24th of July to the 2nd of August. The show allowed the opportunity for various companies to physically introduce new models, rather than digital reveals as has been the norm for most of the first half of 2020.
Some of the new models showcased for the first time are the new ORA compact SUV (codenamed ES11), SOL (JAC VW) E40X, and AIWAYS U6ion. Please follow the links to the dedicated model pages for detailed reviews and specifications.
Some auto manufacturers also officially list new models for sale at the event.
Buick listed the Velite 7 pure electric SUV, which is expected to be a look into the new BOLT EUV, and the Velite 6 Plug-in Hybrid EV. The Velite 7 EV is priced from 179,800 yuan to 199,800 yuan after subsidies, while the Velite 6 PHEV goes from 159,800 yuan to 179,800 yuan.
Other vehicles listed included:
- Dongfeng Citroen (Fukang) listed the C5 Aircross Hybrid from 234,7000 to 264,700 yuan.
- SAIC Roewe R ER6 listed from 160,000 to 220,000 yuan.
- NIO EC6, a coupe of the NIO ES6, available in various range options priced between 368,000 and 526,000 yuan.
TOP EV NEWS #5 – MERCEDES eVITO TOURER LISTED
Mercedes listed the 421km (263miles) eVito Tourer in Europe, priced from €53,990. The 2020 eVito Tourer offers a vast improvement over the previous model, which only achieved a maximum range of 186 km (116 miles), and had no DC fast charging capability.
Charging the Mercedes eVito Tourer is done through a charge port located at the front bumper left of the vehicle. Charging the eVito Tourer takes 10 hours through the 11 kW onboard charger for home and fast charge in 45 minutes to 80% when charged at a 110 kW DC charging stations.
The eVito Tourer can accommodate up to nine people and is available in a long and extra-long version. The eVito long version measures 5140mm (202.2 inches) in length, while the extra-long model measures 5370mm (211.2 inches) long. The 150kW electric motor achieves a top speed of 140km/h (87.5mph), which can be improved to 160km/h (100mph) as an optional extra.
Top 5 EV News Week 32 2020 | Cadillac Lyriq unveiled. Yet another Chinese EV startup IPO. Three new EV models launched this week.
Top 5 EV News Week 31 2020 | Successful IPO for CHJ Auto, Kandi finally enters the USA, Mitsubishi pays the cost for failing EV strategy.
Top 5 EV News Week 29 2020: Two worlds – Chinese EV investor hardship vs USA EV Investor frenzy. Nissan Ariya, Workhorse C1000 and Buick Velite 7.