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… wind with each swap. Integrated with green energy systems, these stations can act as city-level virtual power plants, promoting sustainable energy use and turning users and businesses into contributors to environmental sustainability.
By bridging energy producers, storage systems, and users, CATL’s new system can elevate the renewable energy industry to a higher standard of development. This marks not only a testament to its capabilities but also a significant milestone in the company’s global energy strategy.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3088646341179523">article</a> was written by Xiao Xi for 36Kr.

From power to profit: CATL turns EV batteries into financial assets with “Choco-Swap”

CATL

China

Deep Tech

Batteries

Energy

Transactions with stablecoins backed by local currencies will be the way to mass adoption of blockchain technology in Southeast Asia, said an executive of global cryptocurrency giant Coinbase.
At present, Coinbase Exchange has no plans to enter Southeast Asian jurisdictions, but its wallet business as well as its blockchain platform Base are aiming to reach mass markets in Thailand and the Philippines by enabling local developers to build products that will eventually support baht and peso stablecoins.
"When you bring a local currency 'onchain,' it solves a few problems. One, it makes it easier for people to onboard without the complexity of changing your worldview about money," said Jesse Pollak, founder of Base and head of Coinbase Wallet, referring to transactions that are processed on a blockchain. "If you have a Thai baht stablecoin, it's literally the same money but just faster, cheaper, and easier to use."
Cryptocurrencies like bitcoin and Ethereum are digital assets that are minted on blockchains and issued independently of governments and central banks. Historical volatility has raised the profile of cryptocurrencies, with the price of a single bitcoin <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Trump-spurred-bitcoin-nears-100-000-marking-a-crypto-shift-for-Asia">nearing USD 100,000</a> since the election of Donald Trump, whose incoming US administration is viewed as tolerant of crypto.
Stablecoins pegged to gold or a government-backed currency are, in theory, less volatile. USD Coin, which is pegged to the dollar, is not supported by the US government, but in October, Thai regulators approved the <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Siam-Commercial-Bank-launches-stablecoin-based-cross-border-payments">first cross-border payments</a> solution using stablecoins. The Philippine central bank also approved a pilot program by Coins.ph of a peso stablecoin in May.
"Regulators are, rightly, a little bit nervous when you talk about onchain—are you really just talking about dollarizing our economy?" Pollak said. "But it's this new technology that can help modernize and upgrade legacy systems in every country."
Pollak spoke with Nikkei Asia after visiting Thailand for the Southeast Asian leg of Devcon, an expo organized by Ethereum, the blockchain underlying the world's secondmost traded cryptocurrency.
At Devcon, non-Thai participants were allowed to convert dollar stablecoins to baht stablecoins without foreign exchange fees and make payments through Rubie, a new stablecoin wallet from Siam Commercial Bank built on Base. Base is a second layer on top of the Ethereum blockchain where developers can create apps and process transactions.
Pollak said SCB would assess the pilot program with regulators in order to secure approval for a full rollout.
Thailand pioneered digital payments in Southeast Asia with PromptPay, the government-backed QR code payments system. But only Thai nationals or foreign residents with local bank accounts can use the system, barring the nearly 30 million tourists that visit Thailand each year.
"You want to grow the economy but when you have tourists or folks who are traveling for work, they are locked out of those best-in-class systems and they have to resort to converting their cash into Thai baht and paying a fee," Pollak said. "That's actually a pretty difficult challenge right now that stablecoins can help to overcome."
Pollak said Base was looking to hire country leaders in Thailand and the Philippines to coordinate with developers, content creators, regulators, and mass market users of its apps and wallet.
While interest in cryptocurrencies is high among Thai retail investors seeking greater returns than traditional assets and securities, many suffered losses in the crypto crash of 2022 that felled Zipmex, which had been the country's second largest exchange. Zipmex was replaced last year by Binance, Coinbase's global rival. Binance secured its <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Binance-launches-Thailand-digital-asset-exchange-with-Gulf-Energy">first digital asset exchange license</a> in Southeast Asia from Thailand.
"If you look at the history of crypto, it has been very speculative. When things are going up, there's a lot of positive energy, but if things go down, negativity and fear proliferates. So one of the biggest things we're focused on is shifting it so it's not about speculation, but about utility," Pollak said.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Coinbase-arm-seeks-Southeast-Asia-foothold-with-baht-peso-stablecoins" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Coinbase arm seeks Southeast Asia foothold with baht, peso stablecoins

Cryptocurrencies

Thailand

Philippines

Southeast Asia

… https://console.kr-asia.com/wp-content/uploads/2024/12/Nio-Firefly-Nio-Day-2024-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/12/Nio-Firefly-Nio-Day-2024-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/12/Nio-Firefly-Nio-Day-2024-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/12/Nio-Firefly-Nio-Day-2024-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/12/Nio-Firefly-Nio-Day-2024.jpg 1920w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-151331" class="wp-caption-text">Photo of the Firefly sub-brand’s debut car model, revealed during Nio Day 2024 on December 21. Photo source: 36Kr.</figcaption></figure>
With Nio, Onvo, and Firefly, Nio has finally rounded out a lineup befitting a mature automaker. Each brand has a clear purpose:
<ul>
<li aria-level="1">Nio: To challenge premium automakers like BMW, Mercedes-Benz, and Audi.</li>
<li aria-level="1">Onvo: To stabilize sales and margins for cash flow.</li>
<li aria-level="1">Firefly: To target global expansion as Nio’s spearhead.</li>
</ul>
However, challenges loom. Onvo’s L60 has underperformed, and the ongoing EV price war is pressuring Nio’s bottom line. The ET9 strengthens Nio’s brand, but Firefly must drive growth to stave off more daunting challenges next year.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3089878477732232">article</a> was written by Han Yongchang and Zhang Bowen for 36Kr.

Nio shakes up the market with luxury ET9 sedan and Firefly compact car debut

Transportation

Electric Vehicles

Mobility

As major holidays approach, Tencent’s WeChat and its Chinese counterpart, Weixin, have officially begun beta testing a gifting feature for WeChat store products. This feature, designed to simplify the process of sending gifts within the platform, is being trialed across all product categories except jewelry and education. Products eligible for the feature must be priced below RMB 10,000 (USD 1,400). For merchants meeting these criteria, the feature is automatically activated, with an identifying label added to product detail pages.
To send a gift, users can select an eligible product, tap the designated gifting button, and proceed to the gift confirmation page. There, they can choose a design, view the price, select a friend from their contact list, and finalize the payment to send the gift. This new functionality removes the need for recipients to share their shipping address or preferred product design, making the process more convenient and discreet.
Once the recipient is notified of the gift, they can input their shipping address, switch to a different product variant of equal value, and confirm receipt with a single acceptance action. However, the gifting feature includes specific limitations: recipients cannot forward gifts to others, and senders are unable to cancel or modify the order within the first 24 hours after sending, regardless of whether the recipient accepts the gift. If the recipient does not accept the gift within 24 hours, the order is automatically canceled, and the payment is refunded to the sender through the original payment method.
Currently, the gifting feature is only accessible to a limited number of users as part of its beta testing phase. According to 36Kr, a merchant revealed that the feature is expected to become widely available to all users by the week of Christmas.
<h3>A game changer for merchants?</h3>
For merchants, this new feature represents a valuable opportunity to boost sales, particularly for products with strong gifting appeal. By eliminating the need for senders to inquire about recipients’ preferences or addresses, the gifting feature leverages WeChat’s vast social network to make gifting as seamless as sending a digital red envelope. This could significantly improve the success rate of gift transactions and expand customer bases.
A snack merchant disclosed to 36Kr that they are already planning to introduce more gift box options to capitalize on the feature and attract new customers. The merchant anticipates a surge in demand for gifts during upcoming holidays, including Christmas, New Year’s Day, Lunar New Year, Lantern Festival, and Valentine’s Day. “The need for gifting has always existed, but this feature lowers the barriers, which makes us very excited,” the merchant said.
The gifting feature has been designed with merchant convenience in mind. It integrates smoothly into existing systems, with a straightforward adaptation process. On the merchant order page, once the sender has paid for the gift, the order status is marked as "payment pending" until the recipient provides their shipping address and accepts the gift. At that point, the status changes to "shipment pending." Merchants are only notified of payment and shipment after the recipient confirms acceptance of the gift.
It is worth noting that gift orders do not include buyer information. Currently, merchants cannot blacklist users via the gifting system, and any preexisting blacklisted users are barred from both sending and receiving gifts. For after-sale processes, gift orders are managed similarly to regular orders. Shipping insurance is included, with the recipient designated as the beneficiary. If the recipient initiates a return or refund, they are entitled to compensation under the terms of the order's shipping insurance.
Merchants who prefer to opt out of the gifting feature can disable it through platform settings. However, WeChat’s policy requires merchants to enable or disable the feature at the store level—specific products cannot be excluded from gifting eligibility.
<h3>Significance for WeChat and Weixin</h3>
The gifting feature is a natural extension of WeChat’s red envelope functionality, designed to lower barriers to action in social transactions without necessarily creating new demand. Similar to how red envelopes made monetary gifting more engaging and frequent, the new feature simplifies product gifting while maintaining a social, thoughtful touch.
WeChat’s e-commerce strategy has historically relied on group-based transactions and peer-to-peer product recommendations. The gifting feature enhances this dynamic by embedding deeper functionality into the platform, allowing users to harness the power of social relationships in new ways. This is particularly crucial as Tencent works to differentiate WeChat’s e-commerce ecosystem from competitors that prioritize pricing and variety, such as Pinduoduo.
In August, Tencent extended Channels’ store feature to become WeChat stores, enabling merchants to share product information seamlessly across various in-app touchpoints, such as public accounts, live streams, mini programs, and search results. The introduction of the gifting feature complements Tencent’s overarching strategy to establish a cohesive and integrated e-commerce ecosystem within WeChat.
The viral potential of this feature could drive significant user engagement and introduce new customers to WeChat stores. First-time users, for example, may discover brands or products through gift links sent by friends, leading to their first purchases on the platform. This dynamic taps into the network effect that has been a hallmark of WeChat’s success in other domains.
During Tencent’s Q3 earnings call, chief strategy officer James Mitchell outlined plans to improve search functionality within Channels and mini programs. These enhancements aim to optimize content flow and create more commercial entry points, enabling users to discover products more easily. “We aim to build a unified and trustworthy shopping experience within the ecosystem, with indexing and standardization as the cornerstones,” said Tencent president Martin Lau.
Tencent also plans to integrate artificial intelligence and large language models (LLMs) to improve the relevance of search results, further reinforcing the ecosystem’s closed-loop growth. Drawing from data on other live commerce platforms, keyword-driven search often results in higher conversion rates, making this an area of strategic focus for Tencent.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3085308167452800">article</a> was written by Wang Yuchan for 36Kr.

WeChat tests gifting feature ahead of holidays, sparking new e-commerce potential

WeChat

On-demand Services

E-commerce

Consumer Economy

… to market trends in recent years.
In 2021, fruit tea was GoodMe’s leading product category, accounting for 44% of total sales volume, with milk tea at 39% and coffee and other beverages contributing 17%. At the time, Chagee was still considered a niche brand, and the fruit tea market was dominated by Heytea and Nayuki, both of which went public in 2021. Nayuki, however, had not embraced franchising and focused on first- and second-tier city locations, while GoodMe quietly expanded in lower-tier markets.
Over the past two years, milk tea has gained greater popularity, and GoodMe’s milk tea sales proportion has steadily increased—from 39% in 2021 to 47% in the first three quarters of 2024, with sales reaching 466.8 million cups during this period.
GoodMe has also followed the growing trends in the coffee segment. According to reports from 36Kr, the number of GoodMe stores offering coffee products <a href="https://kr-asia.com/goodme-and-lucky-cup-drive-chinas-affordable-coffee-boom-as-competition-heats-up">expanded from 500 in September 2024 to over 2,000</a> by the end of the year.
In terms of scale, it remains uncertain who will reach the milestone of 10,000 stores first. Auntea Jenny is GoodMe’s closest competitor, operating 9,333 stores according to data from GeoHey, with quarterly growth outpacing GoodMe’s.
While Chagee has aggressively expanded its offerings of fresh milk tea products, Auntea Jenny has concentrated on fresh fruit teas. It has even incorporated "Fresh Fruit Tea" into its online store branding and introduced a series of fruit- and vegetable-based teas.
Tea beverages largely target a young consumer base, and flavor innovation remains a consistent theme. However, this market is inherently risky due to its trend-driven nature. The industry has long debated whether milk tea or fruit tea represents the dominant trend. Regardless, the market continues to grow increasingly crowded in both product variety and price points.
As the shakeout trend persists, the tea beverage market is likely to consolidate further among leading brands. Beyond GoodMe, Auntea Jenny, and Chagee, other key players have been repeatedly linked to potential IPO attempts. Ultimately, differentiation in valuation will hinge more heavily on profitability.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3085072956913797">article</a> was written by Yang Yafei for 36Kr.

GoodMe targets IPO reboot despite China’s tea market shakeout

Retail

Consumer Services

Japanese automakers Honda Motor and Nissan Motor have announced formal discussions on a potential merger, a move that could reshape the global automotive landscape. If successful, the merger would form the world’s third-largest automaker by sales, trailing only Toyota Motor and Volkswagen. The integration would fortify their position in the electric vehicle and software-driven future of the industry​​.
According to the <a href="https://apnews.com/article/japan-nissan-honda-merger-evs-56199be5bf5b99b0c739acfb1a9244dd">AP</a>, Honda and Nissan’s talks signal a strategic response to global pressures from rising EV competitors, including Tesla and Chinese automakers like BYD. Both companies are grappling with the immense costs of transitioning to electrification and the development of autonomous driving technologies. <a href="https://www.reuters.com/markets/deals/honda-nissan-set-announce-launch-integration-talks-media-reports-say-2024-12-22/?utm_source=chatgpt.com">Reuters</a> reported that Honda CEO Toshihiro Mibe characterized the industry’s shift as a once-in-a-century change, underscoring the urgency of the integration​​.
The merger could help the automakers achieve the scale necessary to compete in the global market. Honda’s strength in hybrid and internal combustion vehicles, particularly in the US, contrasts with Nissan’s expertise in EVs, where its early lead with the Nissan Leaf has since faded due to limited expansion. Analysts point to the complementary nature of their offerings as a potential advantage in addressing weaknesses in key markets like the US.
The proposed merger would create a combined entity with projected annual revenue of USD 191 billion and operating profits exceeding USD 20 billion. Together, Honda, Nissan, and potentially Mitsubishi Motors—Nissan’s smaller alliance partner—could produce more than 8 million vehicles annually. This output positions the group as a formidable player behind Toyota, which remains the leader with 11.5 million vehicles sold in 2023​​.
Honda’s market capitalization of USD 43 billion and financial stability stand in contrast to Nissan’s USD 10 billion valuation and ongoing struggles. Nissan has faced declining sales, profitability issues, and significant leadership challenges since the <a href="https://www.wsj.com/articles/carlos-ghosn-was-too-powerful-nissans-ceo-says-1543223358">2018 arrest of former chairman Carlos Ghosn</a>. The merger is seen as a potential lifeline for Nissan, which has struggled to fund its dual objectives of producing gasoline-powered vehicles and investing in next-generation technologies​​.
The potential merger faces notable challenges. Honda and Nissan have starkly different corporate cultures. Honda’s origins as a motorcycle company have fostered a nimble and innovation-driven ethos, exemplified by its hybrid expertise and ventures in robotics and motorsports. In contrast, Nissan’s history is rooted in government-led industrialization and a global expansion strategy, making its corporate structure more traditional and hierarchical​.
Former Nissan chairman Ghosn, speaking from Lebanon, <a href="https://www.reuters.com/business/autos-transportation/former-nissan-ceo-ghosn-casts-doubt-success-nissan-honda-alliance-2024-12-23/?utm_source=chatgpt.com">criticized the merger</a> for lacking complementary synergies, while market observers have raised concerns about the challenges of integrating the two companies.
The merger discussions are not only a critical pivot for the companies but also for Japan’s automotive industry, which has lagged behind global competitors in EV and software innovation. <a href="https://www.wsj.com/business/autos/honda-nissan-say-they-plan-to-merge-in-2026-87c2aa4c">WSJ</a> reported that the Japanese government has expressed support for the talks, viewing the consolidation as essential to remaining competitive on the global stage​.
Honda and Nissan aim to conclude negotiations by mid-2025, with plans to form a holding company by 2026. Mitsubishi Motors is expected to decide on its involvement by January 2025. If successful, the merger could set a precedent for how legacy automakers adapt to a rapidly evolving industry​​.

Honda and Nissan in merger talks to secure EV future

Northeast Asia

Japan

Honda

Nissan

Long known as a "Silicon Island" for its manufacturing prowess, the northern Malaysian state of Penang is now sharpening its focus in an effort to dominate high-value technology sectors, including semiconductors and medical equipment, as global supply chain shifts create new opportunities.
The local government recently unveiled its "Silicon Design @5km+" initiative to position Penang as a global hub for integrated circuit (IC) design and digital innovation. The state hopes to create an ecosystem within a five-kilometer-plus radius of its Bayan Lepas Free Industrial Zone.
The centerpiece of the initiative is the Penang IC Design and Digital Park. Launched on December 7, the new industrial park features over 1 million square feet of office space tailored for IC design, R&amp;D, and digital tech investments.
"This initiative is more than just infrastructure. It's about fostering a thriving ecosystem for innovation," said Penang chief miniser Chow Kon Yeow in an interview with Nikkei Asia. He added that the initiative serves as a platform to support integrated chip design and digital technology companies, offering the resources they need.
As geopolitical tensions between the US and China escalate, Penang has emerged as a neutral ground, benefiting from the global trend of supply chain diversification and attracting investments from both US and Chinese semiconductor makers.
"The US+1, China+1, and Taiwan+1 policies have positioned Penang as a sweet spot for semiconductor investments," Chow said. He also pointed out that rising demand for electric vehicles and digitization have fueled the semiconductor industry's growth, noting that the global semiconductor market is forecast to top USD 1 trillion by 2030.
Malaysia accounts for 13% of the world market for chip packaging, assembly, and testing, according to the Malaysian Investment Development Authority (MIDA).
Penang's semiconductor journey began in the 1970s with the arrival of multinational giants such as Intel, Bosch, and Hewlett-Packard. Today, Penang supplies more than half of Malaysia's electrical and electronics exports, Chow said. The state has <a title="" href="https://asia.nikkei.com/Business/Business-Spotlight/Malaysian-Silicon-Valley-seeds-homegrown-chip-startups" target="_blank" rel="noopener">shifted its focus</a> from assembly and testing in recent years.
From the back end of semiconductor manufacturing to more advanced activities like IC design and packaging, Penang has hosted more than 350 multinational companies and over 4,000 small and medium enterprises to date in the semiconductor-related industry alone. "Despite its petite stature, Penang encompasses almost the entire IC value chain," Chow said.
Penang is among Malaysia's top investment destinations, along with Kuala Lumpur, Selangor, near the capital, and the southern state of Johor, according to MIDA.
Penang's ambitions extend beyond semiconductors. The state is eyeing medical technology as its next frontier, leveraging its network of multinational companies and local SMEs. "We're pivoting towards medical diagnostics, internet-of-things-driven healthcare solutions, and precision treatment technologies," Chow said.
Global leaders like America's Abbott and Boston Scientific anchor Penang's medical tech ecosystem, while Dexcom's MYR 2.83 billion (USD 634 million) facility in Penang's Batu Kawan region underscores its growth potential. Opened on November 12, the plant is the company's first site outside the US, solidifying Penang's position as a rising hub for cutting-edge medical technology investment.
Many electronics manufacturing services providers in Penang also have medical businesses. These include Plexus, which has one plant dedicated to medical products, Pentax Medical, Japan Lifeline, and Canon Medical Systems.
"Semiconductors have always been our biggest stronghold. Over the last ten years, we've also been promoting medical technology and medical devices. That has become a strong feature for us, specifically, they (multinationals) focus on orthopedic implants and cutting-edge cardiovascular production. So, that's one strategy for us to diversify," said Loo Lee Lian, CEO of InvestPenang.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Technology/Malaysia-s-investment-sweet-spot-Penang-to-open-new-tech-park" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Malaysia's investment "sweet spot," Penang, to open new tech park

Medtech

Semiconductors

Health Tech

Malaysia

… competitors.
<h3>36Kr: European drivers have high expectations for handling and performance. How has Firefly been tailored to meet these demands?</h3>
DJ: We’ve developed two distinct chassis calibrations—one for Europe and one for China—to cater to the specific preferences of each market. European drivers value handling precision and road feedback, so we’ve fine-tuned the suspension and steering systems accordingly. These calibrations underwent rigorous testing at our UK facilities, with a strong emphasis on detail.
<h3>36Kr: How will Firefly address charging and battery-swapping infrastructure in overseas markets?</h3>
DJ: Building battery swap stations overseas is much more challenging than in China due to longer approval processes and higher costs. To tackle this, we’ve adopted a flexible channel strategy overseas. Many of our local partners are willing to invest in our stations, allowing us to scale efficiently without bearing the full infrastructure cost ourselves.
<h3>36Kr: Are there plans to produce Firefly vehicles overseas?</h3>
DJ: For now, production will remain in China, with vehicles exported to Europe and other markets. However, once global sales volumes reach a certain scale, we may explore establishing overseas production facilities. This is an area we’re actively researching, though no decisions have been made yet.
<h3>36Kr: Firefly was initially planned to debut in Europe. Why was the launch shifted to China?</h3>
DJ: Firefly was originally envisioned as a simultaneous global launch. However, given that the vehicle was primarily developed and tested in China, it made sense to prioritize its debut here.
The delay for Europe is minimal, with the launch scheduled to follow just one quarter later.
<h3>36Kr: What are your expectations for overseas sales?</h3>
DJ: We haven’t set explicit sales targets for overseas markets yet. However, back at Nio Day 2021, we announced plans to enter 25 countries by 2025.
Firefly has global appeal. After establishing a foothold in Europe and China, we’ll adapt for other regions, such as Southeast Asia and Latin America. For now, the US isn’t part of our immediate plans.
<h3>36Kr: When <a href="https://kr-asia.com/nio-launches-the-onvo-l60-suv-throwing-down-gauntlet-to-teslas-model-y">Onvo introduced the L60</a>, you conducted research with 500–600 families. What research informed Firefly’s compact car market strategy, and were there any surprises?</h3>
DJ: We conducted extensive research in France, Germany, Italy, the Netherlands, and China. European consumers place less emphasis on intelligent features compared to Chinese buyers, viewing cars primarily as functional products. However, their demand for mechanical quality remains consistent, even for smaller vehicles.
In terms of smart driving, there’s a noticeable gap between Europe and China. For example, Germany’s high-speed roads create different safety considerations. European consumers also prefer minimal cabin interruptions, which led us to develop a “light-touch” mode to reduce excessive notifications and alerts.
<h3>36Kr: Firefly’s sales projections aren’t particularly high. Does Nio have separate financial performance metrics for Firefly?</h3>
DJ: Yes, we began return assessments for Firefly this year. Once sales start next year, these metrics will become more direct. However, Firefly’s overall investment is likely smaller than many assume. The team is fewer than 1,000 people, and we’ve reused many of Nio’s existing technical resources.
For example, while our hardware development is largely independent, we’ve incorporated Nio’s intelligent cockpit system to minimize redundancies and enhance efficiency.
<h3>36Kr: After achieving several thousand monthly sales, what profit margins are expected for Firefly?</h3>
DJ: Firefly must contribute positively to the group’s gross margins. Building a premium compact car and losing money doesn’t make sense—it must be a profitable project.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3084084545386889">article</a> was written by Li Anqi for 36Kr.

Nio’s Firefly prepares for takeoff with a SAIC veteran at its helm

Zhang Yiming, co-founder of ByteDance, has ventured into private equity with Cool River Venture, a Hong Kong-based firm he established in May 2023. Regulatory filings show that Cool River recently secured a Type 9 license from Hong Kong’s Securities and Futures Commission, authorizing it to offer asset management services.
The firm operates as a private limited company, with Galaxy LLC, a Cayman Islands-registered entity, as its sole director, according to <a href="https://www.bloomberg.com/news/articles/2023-05-24/bytedance-co-founder-sets-up-new-venture-firm-in-hong-kong">Bloomberg</a>. According to local media reports, Cool River intends to focus on early-stage investments in technology, particularly artificial intelligence, aligning with ByteDance’s broader AI initiatives.
ByteDance has been accelerating the integration of AI across its offerings. Douyin, its flagship app in China, uses AI-powered search to refine content recommendations based on user habits. Similarly, Feishu, ByteDance’s office software, leverages AI for productivity tools, including voice-to-text task summaries.
In October, ByteDance unveiled AI video generation capabilities through its <a href="https://kr-asia.com/bytedance-enters-ai-video-race-with-doubaos-pixeldance-and-seaweed">PixelDance and Seaweed large models</a>, which are integrated into its ChatGPT-like AI assistant app, Doubao. This development positions ByteDance alongside other Chinese tech giants, such as Baidu, Alibaba, and Tencent, all of which are racing to deploy AI-driven solutions. Baidu was among the first to respond to ChatGPT’s debut, <a href="https://kr-asia.com/baidus-ernie-bot-among-eight-chinese-llm-products-approved-for-public-launch">launching Ernie Bot</a> with its proprietary AI model. Alibaba and Tencent have followed with their AI systems, Tongyi Qianwen (Qwen) and Hunyuan, respectively.
Zhang’s pivot into private equity mirrors the trajectory of other Chinese tech magnates like Alibaba’s Jack Ma, who has pursued personal ventures such as <a href="https://kr-asia.com/introducing-jack-mas-latest-venture-majia-kitchen">Majia Kitchen</a> since stepping away from active leadership in 2019. Zhang similarly left his roles at ByteDance in 2021 and has since focused on new initiatives.

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