Skip to main content

Brief: China Vehicle Sales Rise In July


Sales of vehicles in China rose for another month in July despite a coronavirus pandemic that has affected the country's economy, according to data released by China Association of Automobile Manufacturers. In July, about 2.08 million vehicles were sold in China, up about 15% year-over-year and marking the fourth concurrent month that vehicle sales are rising in China year-over-year this year. However, this year overall, vehicle sales in total declined by 12.7% year-over-year. China is the world's biggest car market, and buyers are apparently resuming buying in higher numbers as the government eases restrictions and, in turn, help curb an auto sales slump that has generally affected the country for the past three years.

China's government has instituted stimulus measures such as tax rebates in order to lure car buyers in the country. It's such that China's market being so lucrative has lured global carmakers to spend billions of dollars to expand in the country, carmakers including the likes of Tesla, Volkswagen, and General Motors.





Comments

Most Read Posts

Big-Name Investors Pile On Cloud Paper

Cloud Paper, a Seattle-based startup whose core product is toilet paper made from bamboo, has raised $3 million in seed funding from a host of investors led by venture capital firm Greycroft. Along with Greycroft, investors who participated in the seed round include; Salesforce founder Marc Benioff, entrepreneur Mark Cuban, Uber CEO Dara Khosrowshahi, music star Ciara, Code.org CEO Hadi Partovi, movie stars Robert Downey Jr and Gwyneth Paltrow, Riot Games founder Marc Merill, and NFL Quarterback Russell Wilson. Cloud Paper says it'll use the new funding to further its business and expand into other tree-free product areas. Toilet paper is conventionally made from materials cut down from trees. In fact, it's estimated that humans use the equivalent of 270,000 trees worth of toilet paper each day. Cloud Paper, with a goal of tackling deforestation, is now providing an alternative in the form of toilet paper made from soft bamboo. Although bamboo itself is a plant, it typically g…

MicroStrategy Bets Big On Bitcoin

MicroStrategy, a publicly-traded billion-dollar business intelligence company, has adopted cryptocurrency Bitcoin as a major store of fiat value, with the company having allocated a major part of its cash position to Bitcoin. MicroStrategy recently purchased 16,796 Bitcoins for an aggregate price of $175 million, after having previously bought $250 million worth of Bitcoins. The company disclosed its purchase of $175 million worth of Bitcoins on the 14th of September, 2020, after having previously disclosed the purchase of $250 million worth of Bitcoins on the 11th of August, 2020. It's such that MicroStrategy has bet a total of $425 million on Bitcoin, an amount that represents 80% of the company's cash balance sheet as indicated by its most recently released quarterly results. A sizeable portion of MicroStrategy's balance sheet is now made up of Bitcoin, making it one of the rare big companies and more so a publicly traded one to make such a move.Cryptocurrency is usuall…

Airbus Debuts Zero-Carbon Plane Concepts

Aircraft manufacturer Airbus has unveiled three concepts of zero-emission commercial aircraft that it says could enter into use by 2035. The three zero-emission concepts, with a general codename "ZEROe", include a turbofan engine design, a turboprop engine design, and a “blended-wing body” design. The turbofan design is made to fit between 120-200 passengers, the turboprop for up to 100 passengers, and the “blended-wing body” for up to 200 passengers. Airbus is debuting these concepts as part of efforts to tackle environmental pollution, given that planes although necessary for quick and easy global movement are one of the biggest environmental polluters worldwide. Airbus has given a timeline of 15 years from now that these concepts could be put into service, but being a concept, there's no guarantee that'll they eventually be adopted.ZEROe turbofan:
This design, with a turbofan engine, is made to fit between 120 to 200 air passengers and with a range of 2,000+ nautic…

Social Capital Eyes $2 Billion SPACs

Social Capital Hedosophia, an investment venture led by venture capitalists Chamath Palihapitiya and Ian Osborne, has submitted formal filings with the U.S. Securities and Exchanges Commission that makes note of the firm's intention to launch three new special purpose acquisition companies (SPACs) that'll collectively raise $2 billion from investors. Before now, Social Capital Hedosophia had successfully launched three publicly-traded SPACs, and now furthermore intends to launch a fourth, fifth, and sixth that's targeted to raise $350 million, $650 million, and $1 billion respectively. Social Capital has courted a trio of technology luminaries to serve as independent directors for the new SPACs, with Nextdoor co-founder Nirav Tolia serving as director for the fourth while Facebook engineering VP Jay Parikh and former Twitter CEO Dick Costolo serve as directors for the fifth and sixth.Social Capital Hedosophia launched its first SPAC, or blank-check company as it's fond…

WM Motor Bags $1.5 Billion

WM Motor, a Chinese electric vehicle upstart, has said that it's raised 10 billion yuan ($1.5 billion) in its latest financing round to further its operations. Among investors who provided the new funding include Chinese tech giant Baidu; SIG Ventures, a US-based venture capital firm; SAIC Motor, a Chinese state-owned automobile manufacturer; along with investment firms backed by the Chinese government. The new funding boosts the total amount of financing that WM Motor has raised since its inception to over $3 billion, on pair with the size of funding that other Chinese electric vehicle counterparts such as Xpeng, Nio, and Li Auto have raised both on the private and public markets.As of late, there seems to be enthusiasm for Chinese electric car makers, with two of such carmakers, Xpeng and Li Auto, having held recent successful public listings in the US. Xpeng's public listing raised $1.5 billion for its operations while that of Li Auto raised $1.1 billion for its operations.…

Robinhood Bags Extra $460 Million

Stock trading app Robinhood has bagged yet another round of funding, with the company just having raised $460 million in new funding as an extension to a recently closed $200 million funding round. With the new funding, it's such that Robinhood has raised nearly $1.3 billion in funding this year alone. Overall, the company has now raised some $2.2 billion in total funding since its inception. Among investors who provided Robinhood's new funding include Andreessen Horowitz, Sequoia Capital, Ribbit Capital, DST Global, and D1 Capital Partners. The fundraise signals a very strong investor appetite for Robinhood, as the company benefits from surging retail trading activity during the coronavirus lockdown.This year has seen Robinhood top 13 million users and score $180 million in second-quarter revenue due to increased trading activity. The company added 3 million new funded accounts in the first four months of this year. As Robinhood has raised more funding, so has its valuation b…

Bridgewater Buys Into Nio

Bridgewater Associates, the world's biggest hedge fund, has made a relatively small investment in NIO, the Chinese electric carmaker. Recent filings with the U.S. Securities and Exchanges Commission  (SEC) indicate that Bridgewater holds 856,026 NIO American depositary shares worth over $16 million at NIO's current (as of writing) share price. According to an SEC filing dated last month, Bridgewater held the same number of shares in NIO but at the time worth roughly $6.6 million. NIO has recently soared on the heels of a $1.5 billion secondary fundraise by the company, clinching a profit of more than $10 million for Bridgewater in the process. Although that profit figure seems bountiful, it pales in comparison to Bridgewater as a whole, being a hedge fund with well over $100 billion in assets under management.Bridgewater isn't exactly new to the electric vehicle industry, having previously bought a sizeable stake in Tesla, the biggest of any electric car company by market …

Chime Bags $485 Million

Corroborating a recent report of Chime, the digital banking upstart, looking to raise more funding at a valuation of between $12 billion to $15 billion, Chime has been reported to have bagged $485 million in Series F funding at a valuation of $14.5 billion, with CNBC the first to report on the company's fundraising. It was only 18 months ago that Chime raised funding at a valuation of $1.5 billion, implying an impressive 900% valuation jump with the company's new Series F funding. More impressive is the fact that Chime was founded only seven years ago and has apparently vaulted into the position of the most valuable consumer fintech upstart in the US, surpassing investment app Robinhood which was valued at $11.2 billion from its most recent financing round. In the overall US fintech market, Chime's valuation is only beaten by payments company Stripe.With Chime's new funding, the San Francisco-based company has now raised a total of roughly $2 billion in funding since i…

Unity Soars On Public Market Debut

Gaming company Unity has officially debuted on the public markets, with the company's shares rising 31% on its very first day of trading. Unity opened at $52 a share and through the day rose to a record $75 before settling at $68.35 as at market closing. Before its public debut, the company had initially targeted a share price range of $44 to $48. Unity's debut is one out of a string of recent successful IPOs with decent first-day pops, a string that includes cloud computing company Snowflake and data analytics firm Sumo Logic. Unity exactly filed to go public on the 24th of August. The company is listed on the New York Stock Exchange under the ticker "U". Unity has apparent strong financials, with $542 million in 2019 revenues compared to $381 million in the previous year. The company isn't, however, profitable, with $163 million in losses in 2019 and $131 million in the year before. Before the IPO, Unity had $453 million in cash on its balance sheet. The gaming…

Sequoia Scores Big From IPOs

Venture capital firm Sequoia Capital is known to be a prolific backer of technology companies globally and has once again proven itself worthy of that status, with billions of dollars in gains from recent initial public offerings of several technology companies. As indicated by public filings, Sequoia currently holds an 8.4% stake in Snowflake, the cloud computing company which recently held the biggest software IPO ever, and a 24.1% stake in Unity, the gaming software company which recently completed a successful public debut. The venture capital firm also holds a stake of less than 5% in Sumo Logic, a data analytics firm that recently raised more than $300 million from a successful public debut. Altogether, Sequoia's stakes in the three companies sum up to about $9 billion, stakes that were acquired for considerably less than that amount. Sequoia appears to have continued its streak of winning big from the success of technology companies, many of which the venture capital firm i…