Tech Insider: China’s Green Aerospace Plans, XPeng Suspends Supply Chain Chief
Nio moves into auto insurance, India arrests four in connection with money laundering probe into phone-maker Vivo, Didi’s self-driving arm secures $149 million state-backed investment
Photo: VCG
Welcome to Caixin’s Tech Insider, your twice-weekly wrap on the movers, shakers and deal-makers in China’s tech scene.
China draws development blueprint for aerospace industry
Four Chinese government agencies have issued a roadmap for the development of a green aerospace manufacturing industry, aiming to put electric vertical takeoff and landing (eVTOL) aircraft into trial commercial use by 2025.
The outline also set a long-term goal of building a green aviation manufacturing system by 2035 with new-energy aircraft as the mainstream of development; domestically made large civil aircraft reaching world-class standards in safety, environmental protection, cost and comfort; and large-scale commercialization of unmanned electric aviation equipment.
That’s according to a document published on Tuesday by the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the Ministry of Finance and the Civil Aviation Administration of China.
China wants to develop a green aerospace manufacturing industry as it has huge potential markets in air transport, logistics, urban air transport, aviation emergency rescue and other fields. The country has also accumulated technological advantages and formed an advanced industrial foundation in new-energy equipment such as electric vehicles and rail transit, the ministries said.
Nio drives into auto insurance business with Huiding takeover
Chinese electric-vehicle (EV) startup Nio Inc. acquired Huiding Insurance Broker Co. Ltd. in December, according to a business registration filing, joining the ranks of automakers venturing into the insurance business.
Nio rebranded the Hefei, Anhui province-based business as Nio Insurance Broker Co. Ltd., according to a recent update to the company’s business registration. Anhui Nio Data Technology Co. Ltd., a unit of the EV-maker, became the sole shareholder of Huiding in December, the document shows. William Li, founder and chairman of Nio, is the controlling shareholder of Anhui Nio Data.
In December 2021, the Insurance Association of China issued detailed rules governing insurance policies for new-energy vehicles, setting off a race among EV-makers to enter the insurance market.
XPeng suspends supply chain head in internal graft crackdown
EV-maker XPeng Inc. suspended its supply chain chief as part of an internal crackdown on corruption.
The New York and Hong Kong-traded Chinese firm announced on Monday the suspension of Li Feng, a vice president in charge of supply chains, on suspicion of corruption, people familiar with the matter told Caixin. Several other employees are also involved in the investigation, and the police stepped in, the sources said.
In a Tuesday statement, XPeng said “the incident had limited impact and will not disrupt our business or production process.”
Li took charge of XPeng’s newly revamped supply chain department in late 2022, overseeing procurement. Sources from XPeng said that he led the supply chain team to coordinate component supplies and sought alternative solutions during the pandemic lockdowns, which earned him internal recognition.
Didi’s autonomous driving arm raises $149 million from state investors
State-owned automaker Guangzhou Automobile Group Co. Ltd. (GAC) has announced plans to partner with a government-owned investment firm to invest up to $149 million in Didi Global Inc.’s autonomous driving unit, in an effort to develop a technology that could eventually allow drivers to be hands-free.
The capital will come from a special fund co-funded by GAC Capital Co. Ltd., GAC’s investment arm, and Guangzhou Development District Investment Group Co. Ltd., GAC said in a stock exchange filing dated Thursday.
GAC’s investment is an extension of a strategic partnership it forged with the ride-hailing giant in 2021, under which the carmaker’s electric-vehicle (EV) brand Aion and Didi teamed up to develop autonomous EVs using their respective technological advantages.
India arrests four in Vivo money laundering probe
Indian authorities said on Tuesday they arrested four individuals linked to China’s Vivo Mobile Communications Co. Ltd. on alleged links to a money laundering investigation targeting the company.
The detention was part of an anti-money laundering crackdown related to phone-maker Vivo, according to India’s Enforcement Directorate, a financial crime-fighting agency affiliated with the Ministry of Finance. In July 2022, the directorate raided 44 Vivo offices and associated entities in multiple states including Uttar Pradesh, Meghalaya and Maharashtra over suspected violations of the Prevention of Money Laundering Act.
The Chinese firm said it will “exercise all available legal options.” Vivo is one of several Chinese tech companies caught in a crossfire amid growing geopolitical tensions between Beijing and New Delhi.