[Industrial Policy] On September 13, Ursula von der Leyen, the President of the European Commission, stated during her fourth “State of the Union” address to the European Parliament that the Commission would initiate an investigation into the subsidies for Chinese electric vehicles. “The global electric vehicle market is flooded with low-priced Chinese cars. Their prices are low because of massive state subsidies, which are distorting our market,” she said. Von der Leyen mentioned that Europe is open to competition but will not tolerate unfair practices. — Sina Auto

[smart] On September 13, smart formally signed a “Share Subscription Agreement” with Tianqi Lithium in Chengdu. Prior to this, smart had announced its plan to raise 250-300 million USD in a Series A funding round. According to the agreement, Tianqi Lithium will invest 150 million USD in smart as the lead investor in this round. The cooperation between the two sides is not limited to financial investment. smart and Tianqi Lithium aim to leverage the advantages of the entire new energy industry chain to maximize the synergistic effects of their partnership. — Diyi Electric

[Lotus] Recently, declaration images of the Lotus Emeya were obtained from the Ministry of Industry and Information Technology. The new car is positioned as a mid-to-large-sized electric supercar. In terms of power, the Lotus Emeya will be equipped with a dual-motor system and a 102 kWh battery pack, allowing it to accelerate from 0 to 100 km/h in just 2.78 seconds. Furthermore, it will be produced alongside the Eletre at the Lotus factory in Wuhan and is expected to be launched in 2024. — IT Home

[Nio] On September 13, news emerged that Nio plans to set up a joint venture with the power battery company Honeycomb Energy to develop large cylindrical batteries jointly. The initial plan is for Nio and Honeycomb Energy to co-invest in a pilot production line in Ma’anshan. Some of the R&D personnel from both companies will merge, but their manufacturing and procurement will remain independent. — 36Kr