Zhuhai CosMX Battery Tapped to Supply Batteries to Dongfeng Nissan

Guangzhou Automobile's GAC Aion electric vehicle unit said rumors about its falling valuation leading to huge losses for employee-shareholders are "unfounded and purely malicious," Yicai Global reported Wednesday.

The losses are rumored to be linked to a delay in the EV manufacturer's initial public offering, Yicai said.

GAC Aion said it is carrying out its employee equity incentive scheme in accordance with regulations, the report said.

Chinese social media rumors stated GAC Aion's valuation plunged by as much as 58% due to delays in its IPO, the report said.

Guangzhou Automobile's GAC Aion electric vehicle unit said rumors about its falling valuation leading to huge losses for employee-shareholders are "unfounded and purely malicious," Yicai Global reported Wednesday.

The losses are rumored to be linked to a delay in the EV manufacturer's initial public offering, Yicai said.

GAC Aion said it is carrying out its employee equity incentive scheme in accordance with regulations, the report said.

Chinese social media rumors stated GAC Aion's valuation plunged by as much as 58% due to delays in its IPO, the report said.

DongFeng Automobile has sold its foundry plant's related assets to Xiangyang High-tech Industrial Development Zone Land Reserve Supply Center for 142.7 million yuan, according to a Shanghai Stock Exchange filing on Wednesday.

The assets are located within the Xiangyang High-tech Industrial Development Zone in China's Hunan province.

The acquisition involves the buildings and attachments of the foundry.

At least six Chinese municipalities and cities have paused their trade-in subsidies for car purchasers in June, Reuters reported Wednesday, citing government announcements.

The move could slow the sales of new cars in China, the report said.

Zhengzhou and Luoyang halted the subsidies as funding from the central government was running out, while Shenyang and Chongqing attributed the pause to capital efficiency, Reuters said.

Xinjiang also paused its subsidies, the report said.

China's biggest local automakers include Dongfeng Motor Group , SAIC Motor , Chongqing Changan Automobile , BAIC Motor , Guangzhou Automobile Group , Great Wall Motors and FAW Group .

The country's top new-energy vehicle manufacturers include BYD , Li Auto , XPeng and NIO .

Miraco Motor, a commercial-vehicle unit of China's state-owned Guangzhou Automobile Group , plans to launch its first electric van in Europe next year and is targeting a 10% market share, the South China Morning Post reported Saturday.

The company sees a strong competitive advantage for electric commercial vehicles due to lower electricity costs compared to petrol, the report said, citing Miraco CEO Xiao Ning.

Miraco's vans can travel up to 350 kilometres on a single charge, and the company plans to equip them with autonomous driving systems for potential entry into the global robotaxi sector, the report added.

Miraco has partnered with Flynt, a European electric van developer, to co-design vehicles that Miraco will manufacture while Flynt handles sales and after-sales service, the SCMP said.

The company's first production model, a minibus, is expected to launch in Hong Kong later this year, the report said.

Ten Chinese automobile manufacturers said they will shorten their deadline to pay suppliers to within 60 days after the revision of rules requiring more timely payments to small and medium-sized businesses, Yicai Global reported Wednesday.

Among those that announced they will shorten supplier payment periods include Dongfeng Motor , Guangzhou Automobile , BYD , XPeng , Changan , Geely , and Xiaomi , Yicai said.

The revision took effect June 1, the report said.

As of the end of April, large industrial corporations used to wait for 70.3 days on average to receive payments, four days longer than the year-ago period, Yicai said, citing official data.