China’s fundraising boom for electric cars looks set to continue through the
Year of the Ox as the capital-intensive industry plows billions of dollars into new models, marketing,
and infrastructure across the world’s largest car market.
The single largest investment by the auto industry in a century is well underway, as an electric vehicle –
known as new-energy vehicles (NEV) in China –
start-ups ramp up production, while traditional carmakers such as Geely and
Great Wall Motors switch to making EVs from petroleum-fuelled internal combustion engines.
Lucid Motors is nearing a deal to go public via a SPAC, according to Bloomberg. Some incumbent players are attempting their own capital raises or monetization efforts by ring-fencing or spinning out EV assets.