Tech Insider: Stellantis Buys $1.1 Billion Stake in EV-Maker Leapmotor, Iflytek Says Its AI Beats ChatGPT in Chinese
Geely’s EV unit Zeekr to start selling vehicles in Hong Kong and Macao in 2024, Pony.ai gets $100 million investment from Saudi Arabia
Pony.ai gets $100 million investment from Saudi Arabia
Chinese autonomous vehicle startup Pony.ai Inc. has received a $100 million investment from the strategic investment arm of Saudi Arabia’s flagship Neom urban development project.
As part of the deal, Pony.ai will also set up a joint venture with the Neom Investment Fund to develop, produce and operate robotaxis in the Middle East, Caixin learned from sources.
Since its establishment in 2016, Pony.ai has completed several rounds of fundraising, with the last round in March 2022 valuing the firm at $8.5 billion.
Neom is a new mega city planned for construction near the Red Sea in northwestern Saudi Arabia. The project’s estimated cost exceeds $500 billion.
XPeng releases concept car with detachable flying passenger pod
Chinese electric carmaker XPeng Inc.’s flying car unit has released the concept design for an electric vertical takeoff and landing (eVTOL) aircraft that can meet the needs of both air and road travel.
Unveiled Tuesday at an annual company event, the Land Aircraft Carrier adopts a split-body design featuring an extended-range hybrid vehicle that serves as the ground carrier and charging base of a two-seat helicopter-type aircraft. The fully electric aircraft can be detached to fly in low-altitude airspace.
Details about the timetable for the Land Aircraft Carrier’s commercial use were not given, though an XPeng Aeroht representative told Caixin that the flying module of the Land Aircraft Carrier will be developed by XPeng Aeroht, while the vehicle will be jointly developed by XPeng Aeroht and XPeng.
Iflytek says its upgraded AI model beats ChatGPT in Chinese
Artificial intelligence (AI) specialist Iflytek Co. Ltd. has launched an upgraded version of its large language model (LLM), which it said outperforms OpenAI’s GPT-3.5 in a Chinese language environment.
SparkDesk 3.0 beats GPT-3.5 in six areas including text generation, logic reasoning, mathematical calculations and coding, the Hefei, Anhui province-based company said at a developer event Tuesday.
In an English language context, the new version is on par with GPT-3.5 in performing 48 tasks that are used by OpenAI to evaluate the capabilities of its chatbot, according to Iflytek.
During Tuesday’s event, Iflytek also unveiled a computing platform powered by Huawei Technologies Co. Ltd.’s AI chips. The platform will be used to train an LLM that is expected to rival OpenAI’s GPT-4 by the first half of 2024.
Geely’s EV unit Zeekr to enter Hong Kong and Macao markets in 2024
Chinese premium electric-vehicle (EV) maker Zeekr plans to expand to Hong Kong and Macao next year in its first foray into right-hand-drive markets.
The Zhejiang Geely Holding Group Co. Ltd. unit will start shipping its X SUV and 009 minivan in the second half of 2024, a Zeekr representative said. It plans to open three showrooms in Hong Kong and one in Macao.
Hong Kong and Macao will be the first to get Zeekr’s right-hand-drive models, with pricing yet to be determined. The Hangzhou-based automaker said that it continues to assess other right-hand-drive markets including the U.K. and Japan.
Stellantis buys $1.1 billion stake in Chinese EV-maker Leapmotor
Stellantis NV has struck a $1.1 billion deal for a stake in Chinese electric-vehicle maker Zhejiang Leapmotor Technologies Ltd. just days after ending manufacturing in the country, as legacy global automakers race to catch up with a new breed of rivals leading the shift toward electrification.
The maker of Chrysler, Fiat, Jeep and Peugeot cars will buy about 194 million Leapmotor shares at HK$43.80 apiece — a 19% premium to Wednesday’s closing price — according to an exchange filing on Thursday.
Stellantis will end up with a 21.2% interest in Leapmotor and two board seats after the deal. The companies will also set up a joint venture in which Stellantis will make and sell some Leapmotor cars outside China.
It is the second deal in three months between an established auto giant and a lesser-known Chinese EV company after Volkswagen AG in July agreed to take a $700 million stake in XPeng Inc.
Stellantis last year halted production at its only Jeep plant in China, then last week announced plans to sell automotive assets to its Chinese partner Dongfeng Motor Group Co. Ltd., effectively ending all carmaking in the country.