It is reported that due to media coverage, Gree Electric Appliances was temporarily suspended on the Shenzhen Stock Exchange on September 18 and resumed trading after the company released relevant announcements. This development has sparked speculation about Dong Mingzhu's recent move to invest in FAW Xiali, potentially signaling a shift toward new energy vehicles.
Recently, after the online sharing of Zhuhai Yinlong, Dong Mingzhu has taken another step closer to realizing his dream of building an electric vehicle. According to some media reports, insiders from FAW Xiali in Tianjin revealed that Dong Mingzhu and the Gree team are currently in final discussions regarding the equity stake in FAW Xiali. The Gree team members have already arrived in Tianjin and are reportedly working closely with FAW Xiali’s staff.
Gree plans to collaborate with FAW Xiali to transition its production to new energy vehicles, phasing out traditional fuel-powered models. The company also mentioned that FAW Xiali will soon announce progress on the equity acquisition. Meanwhile, Tianjin Baili Machinery Equipment Group, the second-largest shareholder of FAW Xiali, is set to exit. On September 8, FAW Xiali announced its suspension due to significant events, citing a notice from its controlling shareholder, China First Automobile Group, which indicated that major developments were underway. Despite this, the stock did not stop trading immediately.
The current passenger vehicle industry primarily uses either lithium iron phosphate batteries or ternary lithium batteries. Ternary lithium batteries, known for their high energy density and improved safety, have become the mainstream choice for electric vehicles. In contrast, Zhuhai Yinlong's lithium titanate battery technology faces limitations and cannot be widely applied to passenger cars without further technological upgrades.
Dr. Jing, an expert at Beijing University of Science and Technology, told the International Finance News that while lithium titanate batteries have certain advantages, they suffer from critical flaws, such as low energy density and poor endurance. Additionally, the high cost of titanium and the low utilization rate of lithium make it difficult to scale up the use of these batteries in passenger cars, where space is limited. If not enough lithium titanate batteries are used, the driving range would be significantly worse compared to ternary lithium batteries.
Even if Dong Mingzhu aims to utilize FAW Xiali's remaining capacity to produce electric passenger cars, he would still need to rely on the current mainstream ternary lithium batteries to ensure competitive performance. Otherwise, the vehicles might struggle to compete with others in terms of range. It seems that before Zhuhai Yinlong’s lithium titanate battery technology improves significantly, Dong Mingzhu may adopt a two-pronged strategy—continuing to expand into electric commercial vehicles while seeking partnerships or establishing new companies to enter the electric passenger car market.
In the end, when Gree officially starts its car-building journey remains to be seen. We'll keep an eye on future developments!
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