Daily Tech Roundup: Cashing In on Hybrid Cars’ Growing Popularity
Xiaomi shares jump as investors cheer early signs of EV success, Nio offers $138 million subsidy program to spur sales
New owners of Xiaomi’s SU7 electric sedan receive an introduction to the vehicle’s features at a delivery center in Shanghai on Wednesday. Photo: VCG
Welcome to the Daily Tech Roundup — a briefing of the top technology news making headlines in China and the rest of Asia.
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Conventional carmakers try to cash in on hybrids’ growing popularity
A number of China’s conventional carmakers have launched or announced new hybrid models in an attempt to capitalize on the growing popularity of the cars as range anxiety persists among customers interested in going electric. State-owned automaker Dongfeng Motor Group Co. Ltd. on Saturday unveiled the Aeolus L7 SUV, which it touted as the first model built with its novel hybrid car technology. As range anxiety — a worry of customers that a vehicle’s battery might not be able to take them as far as they want to go — remains an obstacle to EV adoption, hybrid sales have logged rapid growth in China.
Xiaomi shares jump as investors cheer early signs of EV success
Xiaomi Corp.’s stock surged in Hong Kong as orders for its first electric vehicle (EV) topped estimates, fueling optimism the smartphone-maker may succeed in China’s cutthroat car market. Shares rose as much as 16% in the first day of trading since the car’s debut. Beijing-based Xiaomi said it received orders for nearly 90,000 SU7s within the first 24 hours. Analysts said orders came in stronger than expected and may put it on par with Tesla Inc.’s Model 3 as one of the best-selling premium electric sedans in China.
Huawei’s EV brand tops upstart pack for third month
Aito, a premium electric vehicle (EV) brand co-developed by Huawei Technologies Co. Ltd. and Seres Group Co. Ltd., led vehicle sales among China’s main EV upstarts for the third straight month, as the Chinese telecoms-equipment maker further encroaches into the country’s highly competitive EV market. In March, Aito sold 31,727 vehicles, including 24,598 new M7 SUVs and 6,243 M9 SUVs, it said in a statement Monday, without providing figures for the same period a year ago for comparison. The sales reflect the growing popularity of vehicles under the Aito brand, a key member of Huawei’s Smart Selection ecosystem.
Nio offers $138 million subsidy program to spur sales
Chinese EV-maker Nio Inc. Monday announced a 1 billion yuan ($138 million) incentive program to win over owners of conventional vehicles, in the latest effort to boost sales as competition intensifies in the world’s largest EV market. Starting April 1, people who replace their fossil fuel cars with new Nio models will receive up to 10,000 yuan in subsidies that can be spent on optional interior parts and accessories such as premium leather seats, Nio said.
Russia closes auto export loophole that had been a boon to Chinese traders
Russia has closed an auto trade loophole that many Chinese middlemen had exploited to skirt customs duties as exports of China-made vehicles to the country have surged. In February, Russian authorities announced new levies for cars imported from Eurasian Economic Union countries, effectively closing the so-called “grey import” channel that had allowed re-exports of China-made vehicles via low-tariff member states including Kyrgyzstan. The new rules took effect Monday.
Chinese solar firms hit by EU probes in new test of subsidy law
The European Union is investigating bids by Chinese firms for a Romanian solar park, in the latest test of a new law aimed at preventing state-funded companies from abusing their financial muscle to fend off EU rivals. The European Commission said Wednesday that it is investigating Enevo Group including Longi Solar Technologie GmbH, a unit of the world’s second most valuable solar energy firm. It has begun a separate probe into state-owned Shanghai Electric UK Co. Ltd. and Shanghai Electric Hong Kong International Engineering Co. Ltd. The investigations relate to a 110-megawatt solar park, which is being partially financed by the EU.
Zeekr upgrades popular model as EV competition heats up
Electric-vehicle (EV) maker Zeekr Intelligent Technology Holding Ltd. has upgraded the basic version of its 007 sedan with more features while keeping its price unchanged at 209,900 yuan ($29,000) in an effort to boost orders as competition heats up. The upgrades to the basic version of the 007 include 14-way adjustable front seats from the previous eight-way, heated rear seats, a self-developed high-end sound system and more, Zeekr, a unit of Zhejiang Geely Holding Group Co. Ltd., said Monday.
IVF specialist expands into Southeast Asia with Indonesian investment
Jinxin Fertility Group Ltd., China’s largest private provider of in vitro fertility (IVF) services, is buying a stake in an Indonesian peer, venturing into Southeast Asia as demand in China declines with more couples opting not to have babies.
Hong Kong-listed Jinxin Fertility has signed an equity investment deal to become a “significant shareholder” of PT Morula Indonesia, an IVF specialist affiliated with PT Bundamedik Tbk, a major women- and children-focused health care group in Indonesia, according to a statement Monday. It did not specify how much Jinxin will invest.
In Depth: Huawei’s HarmonyOS next could rival iOS and Android
Huawei Technologies Co. Ltd. may be close to succeeding where Microsoft, Samsung and Alibaba failed: fielding a formidable third operating system for mobile to compete with Apple’s iOS and the open-source Android. The Chinese tech giant’s HarmonyOS Next, unveiled in January as the newest version of its proprietary operating system, marked a significant departure from the previous Android-compatible versions. The move signaled Huawei's determination to establish its own self-sufficient ecosystem applications like those built around iOS and Android.
Flexible-screen maker Royole faces bankruptcy
Chinese flexible-screen maker Shenzhen Royole Technologies Co. Ltd. is facing possible involuntary bankruptcy more than three years after it scrapped a plan for an IPO on Shanghai’s STAR Market. The Shenzhen Intermediate People’s Court has accepted the bankruptcy petitions involving Royole and two of its subsidiaries filed by three petitioners, according to disclosures published online Friday.
Huawei to ‘relaunch’ S7 this month after delays dogged rollout, source says
After production delays dogged the rollout of Huawei Technologies Co. Ltd.’s first electric vehicle co-developed with carmaker Chery Automobile Co. Ltd., the tech titan plans to “relaunch” the vehicle this month, a source familiar with the matter told Caixin. It is possible that the relaunched Luxeed S7 sedan will have different specifications from the version made available for pre-sales orders on Nov. 9, the source said, without offering further details. Customers who ordered the S7 took to the internet earlier this year to complain that they hadn’t received their cars within the promised timeframe.
Opinion: New cross-border data rules offer fresh opportunities
The flow of data across borders brings with it new opportunities. Recently, the Cyberspace Administration of China unveiled concise, yet comprehensive, regulations for cross-border data flows. They include: clarifying the standards for declaring important data for outbound security assessments; specifying conditions under which data can be exempted from such assessments; introducing a negative list system in free trade pilot zones; adjusting conditions requiring declarations for outbound data security assessments; establishing standard contracts for personal information leaving the country and those engaging in data export activities that have passed personal information protection certification; extending the validity period of the security assessments results for outbound data and adding provisions that allow data processors to apply for an extension of the validity period.