Gasgoo Daily: XPENG aims to achieve breakeven by late 2025

With Gasgoo Daily, we will offer daily important automotive news in China. For those we have reported, the title of the piece will include a hyperlink, which will provide detailed information.

XPENG aims to achieve breakeven by late 2025 

XPENG’s Co-President Gu Hongdi announced that the company is actively exploring solutions to address EU tariffs from feasibility, cost, and strategic perspectives. He also projected that XPENG will achieve breakeven by late 2025. 

Changan Automobile-backed fund invests in Talent New Energy 

According to information from the corporate database Tianyancha, battery supplier Chongqing Talent New Energy recently added Changan Automobile’s private equity fund and other investors, including subsidiaries of Norinco Group. The company’s registered capital increased from approximately 5.93 million yuan to 6.23 million yuan after the changes. 

Faraday Future ships first FX prototypes to U.S. headquarters 

Faraday Future announced on November 20 that the first batch of the FX prototypes has arrived at FF China’s headquarters in Beijing. The vehicles will soon be shipped to the company’s U.S. headquarters in Los Angeles. 

Magna bags first order for DHD Duo hybrid drive system from leading Chinese automaker

On November 19, Magna announced it has received the first order for the DHD Duo dedicated hybrid drive system from a major Chinese automaker. This milestone highlights Magna's commitment to innovation and sustainability, offering versatile and efficient powertrain solutions to support global electrification strategies. 

ThunderSoft, HERE Technologies team up to advance intelligent navigation solutions

On November 14, 2024, ThunderSoft, a global provider of OS and intelligent device solutions, announced a strategic partnership with HERE Technologies, a leading location data and technology platform, aiming to jointly accelerate advancements in intelligent navigation and high-definition (HD) maps, fostering a more connected and intelligent mobility ecosystem. 

Qianxun SI to supply FindAUTO solution to unnamed global automaker

On November 20, Qianxun SI, a spatiotemporal intelligent infrastructure company, announced it has received a designated supply order from a leading global automaker for over 1 million vehicles.

Dongfeng Forthing unveils range-extended version of Xinghai S7 sedan

Dongfeng Liuzhou Motor celebrated its 70th anniversary in Liuzhou, Guangxi, with the debut of the range-extended electric version (REEV) of the Dongfeng Forthing Xinghai S7 sedan.

UTOPILOT's smart electric trucks put into commercial operations in Peru's Chancay Port

On November 14, local time, Chancay Port in Peru officially commenced operations, marking the start of commercial deployment for 40 fully electric intelligent trucks developed by Chinese autonomous trucking solution developer UTOPILOT. This is China's first large-scale rollout of smart port transport vehicles overseas. 

China transports electric vehicle power batteries by railway for first time

At 11:15 a.m. on November 19, a freight train loaded with containers of lithium-ion batteries for electric vehicles, produced by Sichuan Contemporary Amperex Technology Limited ("Sichuan CATL"), departed from Yibin Port in Sichuan, bound for Shanghai, according to a post on "Yibin Release", an official WeChat account of Yibin city's government. This marks the first-ever use of railway transport for electric vehicle power batteries in China, with simultaneous departures from Sichuan, Chongqing, and Guizhou.

BYD signs agreements for building Phase IV facility of industrial park in Shenshan Special Cooperation Zone

On November 19, BYD signed an agreement with the Shenshan Special Cooperation Zone during the Shenzhen Intelligent Connected Vehicles and Advanced Materials Industry Investment Promotion Conference, aiming to build the Phase IV facility of the Shenshan BYD Auto Industrial Park, according to a post on an official WeChat account of Shenzhen's government. This development signifies a further boost to BYD's investment in the city.

CAIP starts construction of first overseas factory in Hungary

On November 18, Chinese automotive supplier Jiangsu Changshu Automotive Trim Group Co., Ltd. ("CAIP") broke ground on its first overseas factory in Hungary, marking a significant milestone in the company's global expansion.

GAC Group inaugurates new showroom, launches 6 key car models in Oman

On November 14, GAC Group officially celebrated the grand opening of its new showroom in Muscat, the capital of Oman, marking a significant milestone in its expansion within the Middle East. Alongside the event, GAC released six key models, reinforcing its commitment to the market.

XPENG reports YoY, QoQ growth in Q3 2024 revenue, gross margin

XPeng Inc. ("XPENG"), a leading Chinese smart electric vehicle (EV) manufacturer listed on the NYSE and HKEX, has released its unaudited financial results for the third quarter (Q3) of 2024, showcasing robust growth across key performance metrics, including revenue and gross margin.