China EV Updates: Nio Tests New Power Swap Station, XPeng's Travel Statistics, Geely, Baidu Make Progress On JV, Xiaomi Downplays Rumors - XPeng (NYSE:XPEV), NIO (NYSE:NIO)

Here's the latest news from the growing Chinese electric vehicle sector.

Nio Begins Testing Second-Gen Power Swap Station: Nio Inc – ADR NIO, which unveiled its second-generation battery swapping station at the Nio Day event Jan. 9, is progressing well on the project.

The EV startup has completed verification and has begun testing of the new battery swapping station, with formal deployment expected as early as April, Chinese media outlet Autohome reported.

CEO William Li and President Qin Lihong were reportedly present to for the testing.

XPeng, Nio Report Chinese New Year Travel Statistics: Xpeng Inc – ADR XPEV vehicles were driven a cumulative 17.267 million kilometers across China during the Chinese New Year holiday week of Feb. 11 to Feb. 17, the company said in a release. This resulted in carbon emission reduction of 1,086 tons, XPeng said.

XPeng noted that its XPILOT autonomous driving system was used for a total of 25,326 hours during the week, with 353,010 km under Navigation Guided Pilot highway driving, which was unveiled in January, and 2.171 million km under Adaptive Cruise Control.

Meanwhile, Nio users drove a total of 30 million km in the same week, a 318% year-over-year increase, the company said in a WeChat post.

Nio Pilot, the company's autonomous driver assistance system, was used for more than 4 million km. Batteries were changed at the power swap stations more than 38,000 times.

Geely Confirms EV Plans: Chinese automaker Geely Automobile Holdings Ltd GELYF confirmed it will form a separate all-electric vehicle company, cnEV Post said, citing an internal memo by Chairman Li Shufu.

Geely and Apple Inc AAPL foundry Hon Hai Precision Industry Co., Ltd.-ADR HNHPF supplier had announced in mid-January a 50-50 joint venture to provide OEM production and comprehensive, customized consulting services to global automakers.

Baidu Taps Mobike Co-Founder For Geely JV: Chinese search engine Baidu Inc BIDU has appointed Mobike co-founder Xia Yiping as CEO of its EV venture with Geely, Reuters reported.

Mobike is a bike sharing system, and it was acquired by food delivery company Meituan in 2018.

Xiaomi Plays Down Rumors: After rampant rumors regarding a potential EV venture, Chinese smartphone manufacturer Xiaomi said in a filing with the Hong Kong exchange that it has not initiated any formal project regarding the study of the electric vehicle manufacturing business.

The company added that it has been paying attention to the developments in the electric vehicle industry, and has continuously studied the relevant industry trends. It advised shareholders and prospective investors to exercise caution when dealing in the shares and other securities of the company in the wake of the rumors.

Photo courtesy of Nio.

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