News Snapshot:
Shanghai-based Juneyao Group, the parent company of Juneyao Airlines, plans to enter the increasingly crowded mainland China market for electric cars after it took control of start-up Yudo Auto. It becomes the latest Chinese company to diversify into the fast-growing electric vehicle (EV) sector, where established home-grown companies Xpeng, Nio and Li Auto, along with US-based market leader Tesla, are already facing a parade of newer rivals. Two sources with knowledge of Juneyao’s business strategy said it had been preparing to build battery-powered vehicles for several years, and the recent acquisition of Yudo, a Fujian province-based EV start-up, represents a...
