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… longer prices remain under a level that incentivizes new investment, the larger the correction will be when it comes, observers say.
Capital expenditure on lithium projects is expected to decline by 30–50% this year to its lowest level in three years, according to Bernstein. Beveridge said a price of USD 15,000–20,000 was needed to spur new investment.
Global lithium demand totaled 1,108 kilotons of lithium carbonate equivalent in 2024, while supply was 1,199 kilotons, according to Canaccord Genuity. In July, the firm predicted the market would turn to deficit—where demand outstrips supply—in 2027.
It noted global <a href="/industry/ev">electric vehicle</a> sales had risen a stronger-than-expected 30% in the first half of 2025 and said it was bullish on the roll-out of battery energy storage systems. UBS, meanwhile, forecasts a deficit in 2028.
YueJer Lee, fund manager at Arcane Capital, believes demand for batteries is being underestimated, as the downturn spurs cheaper prices and faster uptake. Lithium-ion battery pack prices fell 20% in 2024, the largest drop since 2017, according to the International Energy Agency.
Lee pointed to the fast uptake of heavy electric trucks. Battery-powered electric models accounted for 22% of all heavy-duty vehicle sales in the first half of 2025, compared to 8.6% in the same period of 2024, according to Commercial Vehicle World (CV World), a Beijing-based data provider.
Lee compared the trend to the electrification of taxi fleets in large Chinese cities.
"EVs have lowered the operating costs by more than half and lowered passenger fares significantly enough that diesel vehicles no longer make money," he said. "The same is happening for trucks and delivery commercial vehicles."
Ken Brinsden, CEO of Patriot Battery Metals, which is developing a lithium mine in Canada, said analysts' predictions of per annum 15–20% increases in demand for raw lithium might be too conservative given the growing appetite for cheap batteries.
Given the lack of investment in new supply, this could be seeding the ground for another price boom, he said.
"The longer it's a depressed price," Brinsden said, "the more leverage that there will be when the market turns and becomes undersupplied, and I think there's a reasonable chance that happens much faster than people are currently assuming."
This article first appeared on <a href="https://asia.nikkei.com/business/technology/tech-asia/china-crackdown-boosts-lithium-prices-but-how-long-can-the-rally-last">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China crackdown boosts lithium prices, but how long can the rally last?

China

… dividend of RMB 0.95 (USD 0.13) per share, up 2.2% YoY. This marks the 13th consecutive year of dividend growth.
Since listing, Ping An has raised RMB 38.87 billion (USD 5.4 billion) in equity financing while paying out RMB 346.9 billion (USD 48.6 billion) in dividends, a dividend-to-financing ratio of nearly nine to one.
In a low interest rate environment, such a profile could draw long-term investors seeking steady returns.
Looking ahead, Xie said the group’s investment strategy will follow two tracks: channeling capital into strategic industries such as advanced manufacturing, new energy, and semiconductors, and boosting allocations to blue-chip stocks with yields above 4%.
If these strategies deliver, Ping An could yet earn an upward revision in its rating.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453594890294912">article</a> was written by Wang Hanyu for 36Kr.

Ping An’s equity spree faces investor doubts as profits fall

Fintech

Insurance

… illegal, but it reflects opaque governance and possible bias toward major shareholders,” said Dong Yizhi, a lawyer at Joint-Win Partners. “How Banu explains this could decide the IPO’s fate.”
Other issues include contributions to social insurance and housing funds for part-time and outsourced staff, as well as data security compliance. “These are core concerns for regulators and investors,” Shen said. “Without clarity, the IPO will be hard to push forward.” Dong agreed, noting that while the concerns may not derail the deal, they could delay approval.
Even if Banu clears these hurdles, investor appetite is uncertain. Haidilao has lost more than 80% of its market cap in four years. Xiabu Xiabu has hovered around HKD 1 (USD 0.13), effectively trading as a penny stock. Appetite for listings of hotpot chains is weak. For Banu, the question is not only whether it can list, but at what valuation, and whether the proceeds will cover its expansion needs.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453587031102855">article</a> was written by Chen Sizhu for 36Kr.

Banu’s Hong Kong IPO runs into weak investor appetite for hotpot chains

Consumer Economy

… is excellent at building systematic capabilities. Our battery swap system, with its chargeable, swappable, and upgradeable features, is something he did very well. That’s why we asked him to lead Onvo.
He also has a strength in sticking to the right direction without wavering, while still being very thoughtful in execution. That’s exactly the kind of colleague I need.
<h3>Q: What are the upgrade plans for models like the “5566” series, EC7, and ET7 next year? Does Onvo plan to launch A- or B-segment sedans?</h3>
WL: Next year, we’ll complete the lineup of larger vehicles. The “5566,” EC7, and ET7 won’t get upgrades. We just finished upgrading the “5566” with a new intelligent system and made 100 kWh batteries standard, which improved range. The “5566” also uses our third-generation design language, with horizontal screens inside. That’s a big enough change.
Beyond next year is too far out, though of course we have internal plans. For Onvo, the focus is on completing the SUV lineup, which we believe can already support solid sales. Other plans won’t come until after 2026.
<h3>Q: The new Nio ES8 seems to be cannibalizing demand for the ES7. Will the ES7 take the route of adding features and cutting prices?</h3>
WL: The new ES8 is a benchmark model. The first-generation ES8 was also a benchmark as it had the highest sales and best margins. The second-generation ES8 deviated, with costs going over RMB 500,000 (USD 70,000). Now we’ve returned to having a benchmark model. All future product pricing and technical platforms will be based on it. That’s also why we’ve made 100 kWh batteries standard on the “5566” series.
We also have strong cases in intelligent engineering. For example, with the new ES8 we’ll launch a “4D” navigation feature. When the system detects an incline, the sensors feed information to the CDC (continuous damping control) suspension, precharging it. Without a vehicle-wide operating system, that wouldn’t be possible. The effect is unique in the industry.
<h3>Q: What are Nio’s thoughts on globalization?</h3>
WL: Learning about globalization has been costly. We entered Norway and Europe in 2021 because high-end cars sell mainly in China, the US, and Europe.
At that time, we exported our entire system, including more than 60 battery swap stations, Nio House locations, and direct sales. But we underestimated factors such as geopolitics and rising European energy prices.
In 2021, we performed well in Norway, which encouraged us to push harder in 2022. Looking back, the costs were enormous. We later realized globalization cannot simply copy China’s model. It’s too expensive. This year, we have shifted to rely more on local partners.
Unlike before, we now have more affordable models under Firefly and Onvo to support global expansion.
There have also been surprises. For example, the ET5 Touring and Firefly were originally designed primarily for Europe, but the ET5T turned out to be a standout hit globally. Firefly also exceeded expectations in China, where we thought 3,000 monthly sales would be strong, but it has been selling more.
<h3>Q: Will battery swap services reach large-scale profitability next year?</h3>
WL: Large-scale profitability will take longer. A swap station can make money if it serves about 60 swaps per day. Right now, about 20% of our stations reach that level. On average, we’re at just over 30 per day, so there’s still a gap.
But swap stations also help us sell cars. This year, we introduced a system where regional companies can co-invest in new stations. The return on investment can be calculated: if a station helps sell 10–20 cars per year, it breaks even.
There’s also brand value, like our 318 project, which is funded by the brand team.
Overall, before building a new swap station, we now forecast the ROI from high to low, and build accordingly. Many stations already have ROI greater than three to four.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453552360167047">article</a> was written by Fan Shuqi for 36Kr.

After hard lessons, Nio’s latest quarter puts it on track to first profit

East Asia

Transportation

Electric Vehicles

Mobility

… accessible to hobbyists worldwide. “I believe consumer robots will eventually reach accessible price points and enter every household. This is a market of huge potential,” he said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3438308644294019">article</a> was written by Wang Fangyu for 36Kr.

Sit, stay, carry my backpack: China’s companion robots hit the spotlight

Robotics

Deep Tech

… https://console.kr-asia.com/wp-content/uploads/2025/09/Mammotion-Luba-Mini-AWD-LiDAR-Luba-2-AWD-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mammotion-Luba-Mini-AWD-LiDAR-Luba-2-AWD-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mammotion-Luba-Mini-AWD-LiDAR-Luba-2-AWD-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157179" class="wp-caption-text">Photo shows Mammotion’s Luba mini AWD LiDAR mower (left) and Luba 2 AWD. Photo source: Mammotion.</figcaption></figure>
<h3>A robotic mower with a mechanical arm</h3>
NexLawn, a garden tech brand under Mova, presented the Master X, a robotic mower with a foldable mechanical arm extending from 44.5 to 77 centimeters with a reach of up to one meter. The arm enables the machine to handle cluttered spaces and perform tasks beyond mowing.
By swapping tools, the arm can pick up objects, trim edges, water plants, or pick fruit. It can also toss small balls for pets.
The feature, however, introduces challenges. It requires advanced real-time vision algorithms, complicates integration, raises R&amp;D and manufacturing costs, and demands strong safety protocols. Industry opinion remains divided on whether such complexity will prove commercially viable.
<figure id="attachment_157180" aria-describedby="caption-attachment-157180" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-157180" src="https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X.jpg" alt="Photo of NexLawn’s Master X robotic mower." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157180" class="wp-caption-text">Photo of NexLawn’s Master X robotic mower. Photo source: NexLawn.</figcaption></figure>
<h3>The pool robot crossover</h3>
The pool cleaning segment is emerging as a new competitive front:
<ul>
<li aria-level="1">Aiper unveiled the Scuba V3, which uses artificial intelligence-driven visual recognition to identify more than 20 debris types. It combines AI sweeping with fixed path coverage, supports obstacle avoidance, and features wireless charging. At 7.5 kilograms, it is lighter than many traditional wired models. Pricing has not been disclosed, but given that Aiper’s Scuba X series retails above USD 1,000, the V3 is expected in a similar range.</li>
<li aria-level="1">Dreame showcased the Z2 Pro, which uses sensors and algorithms to map multiple cleaning paths. It offers five modes, including wall and floor cleaning, can be controlled by mobile app, and docks automatically at the waterline.</li>
<li aria-level="1">Mammotion presented the Spino E1, a wireless entry-level pool robot for small private pools, positioned to deliver the cleaning capability of higher-end machines at a lower cost.</li>
</ul>
<figure id="attachment_157181" aria-describedby="caption-attachment-157181" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-157181" src="https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3.jpg" alt="Photo of Aiper’s Scuba V3 pool cleaning robot." width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157181" class="wp-caption-text">Photo of Aiper’s Scuba V3 pool cleaning robot. Photo source: Aiper.</figcaption></figure>
Over the past year, the garden robotics sector has expanded into adjacent categories and new markets. As high-end demand in Europe and the US levels off and customer needs grow more diverse, the companies that prevail will be those able to pair localized strategies with cost-efficient innovation, making advanced features accessible to a broader base of users.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3454885656581505">article</a> was written by Huang Nan for 36Kr.

From lawnmowers to pool cleaners, garden robots crowd the stage at IFA 2025

… href="https://36kr.com/p/3453978225628802">article</a> was written by Leslie Zhang for 36Kr.

Anker and EcoFlow turn to home energy storage as portable power demand slows

Anker

Batteries

Energy

Since early this year, Chinese autonomous driving companies have accelerated their global expansion, with major announcements following in quick succession.
In August, <a href="/company/baidu">Baidu</a> said it formed a partnership with US ride-hailing platform Lyft to launch Apollo Go in the UK and Germany in 2026 through Lyft’s platform, with plans to expand across Europe with several thousand vehicles. Around the same time, WeRide disclosed that <a href="/company/grab">Grab</a> would <a href="https://kr-asia.com/deals-in-brief-weride-secures-grabs-backing-for-robotaxis-foxconn-invests-in-robocore-seven-china-deals-and-more">invest in the company</a> as part of a broader alliance to accelerate the rollout of Level 4 robotaxis and other autonomous vehicles in Southeast Asia.
As ride-hailing platforms deepen partnerships with autonomous driving firms, a model is emerging in which Chinese companies use global networks to chart a path for overseas growth.
Robotaxis are now one of the most significant commercialization scenarios for Level 4 autonomous driving.
At home, Chinese companies have built up operational experience through years of trials and regulatory adaptation, while falling hardware costs and algorithmic advances have improved the economics. According to its latest earnings, WeRide generated RMB 127 million (USD 17.8 million) in revenue in the second quarter of 2024, up 60.8% year-on-year (YoY). Its robotaxi unit contributed RMB 45.9 million (USD 6.4 million), an 836.7% increase. <a href="/company/pony-ai">Pony.ai</a> reported revenue of RMB 154 million (USD 21.6 million), up 75.9% YoY, with robotaxi passenger fares tripling. Baidu’s Apollo Go completed more than 2.2 million fully driverless rides in the quarter, up 148% YoY.
Still, industry-wide losses persist. To reach sustainable commercialization, operators must overcome challenges in cost reduction, regulation, scaling, and user adoption.
This has pushed Chinese firms to expand through global partnerships. Platforms such as Uber, Lyft, and Grab bring vast user bases and proven operating systems, making them natural partners. Their collaborations are enabling deployments at scale and accelerating global commercialization.
Several deals illustrate this trend:
<ul>
<li aria-level="1">In July, Apollo Go announced a partnership with Uber to introduce thousands of driverless vehicles onto Uber’s global platform. The companies plan to begin deploying Apollo Go’s sixth-generation vehicles in Asia and the Middle East by year’s end, before expanding to other regions.</li>
<li aria-level="1">In May, WeRide secured a USD 100 million follow-on investment from Uber and deepened their partnership with plans to expand into 15 new cities across Europe, the Middle East, and other markets over the next five years.</li>
<li aria-level="1">Also in May, Momenta signed an agreement with Uber to bring its autonomous vehicles onto Uber’s platform in international markets outside the US and China. Their first commercial rollout, with safety operators on board, is planned for early 2026 in Europe.</li>
<li aria-level="1">Pony.ai announced in May that its robotaxi fleets would join Uber’s platform in the second half of the year, starting in the Middle East before expanding to additional markets. Earlier, Pony.ai also partnered with Singapore-based transport operator ComfortDelGro, aiming to commercialize autonomous ride-hailing in China before scaling globally.</li>
</ul>
China’s leading autonomous driving firms are increasingly tied into Uber’s partner network. According to its latest earnings, Uber now counts 20 autonomous driving partners across ride-hailing, delivery, and freight.
For Chinese companies, these alliances provide immediate access to large user pools, reduce acquisition and fleet costs, and generate valuable real-world data. For ride-hailing platforms, they expand supply through an asset-light model, diversify services, and speed adoption of driverless technology, strengthening their ecosystems.
The convergence of autonomous technology and global platforms is becoming a key pathway for Chinese firms to scale internationally.
The Middle East has emerged as a particularly attractive market, with favorable road conditions, regulatory support, and viable economics:
<ul>
<li aria-level="1">WeRide received the UAE’s first national autonomous driving license in 2023. In 2024, it partnered with Uber to launch robotaxi services in Abu Dhabi, where its fleet has since tripled in size and expanded service coverage. It also signed an agreement with Uber and Dubai’s Roads and Transport Authority (RTA) to deploy commercial robotaxi services in Dubai, while extending operations to Saudi Arabia after securing the country’s first autonomous driving permit.</li>
<li aria-level="1">Pony.ai reached a deal with Dubai’s RTA to launch a robotaxi fleet, with pilot operations expected in 2025 and fully driverless commercial services by 2026. In 2023, Pony.ai received a USD 100 million investment from Saudi Arabia’s Neom and its investment arm. The two plan to establish a joint venture to provide autonomous driving solutions in the region.</li>
<li aria-level="1">Apollo Go signed an agreement with Dubai’s RTA to conduct large-scale driverless testing and services in the city, with plans to deploy more than 1,000 vehicles. It also partnered with UAE-based Autogo to launch driverless ride-hailing in Abu Dhabi.</li>
</ul>
Elsewhere, deployments are advancing in Southeast Asia and Europe. On September 1, WeRide announced that its first batch of GXR robotaxis had arrived in Singapore for testing. Pending approval, they are expected to operate on designated public roads by late 2025.
The road to robotaxi commercialization remains long and complex. Whether partnerships with global platforms can evolve into sustainable, large-scale business models will determine not only the near-term success of Chinese firms abroad but also the broader progress of autonomous driving worldwide.

Chinese robotaxi firms hitch a ride on Uber, Lyft, and Grab to expand overseas

Autonomous Vehicles

… Photo source: Keenon Robotics.</figcaption></figure>
<h3>36Kr: Can embodied AI help solve this?</h3>
LT: Definitely. Last year we launched the world’s first dual-arm embodied service robot, XMAN-W3, with both a “brain” and a “little brain.”
Its “brain” is cloud-based and powered by a multimodal large model that handles long-term task planning and complex scene understanding. Our internal testing showed decent generalization. Of course, real-world deployment is messier. But as training continues, its capabilities will improve.
<h3>36Kr: When did you start developing embodied intelligence models?</h3>
LT: In 2023.
<h3>36Kr: Since you’re strong in hardware, why not partner with a third party to build the robot’s “brain?”</h3>
LT: History shows that it rarely works. In a vacuum, without scenarios or data, a “brain” just can’t be built properly.
We once tried buying a navigation module—a relatively basic “brain” for sensing, decision-making, and execution. It never worked because the vendor didn’t understand the business context. That’s why we build our own.
Developing a robot “brain” isn’t about publishing a few papers. We create real-life scenarios, then reverse-engineer the model structure based on what’s needed. Only then do we train and tune it.
<h2>Going global is non-negotiable</h2>
<h3>36Kr: According to IDC, you’re now the global market leader in commercial service robots. What’s your take on going overseas?</h3>
LT: For robots, international expansion is inevitable. Robots are labor. Overseas, labor is expensive, so robots are worth more. Our prices abroad are several times higher than in China.
Our primary markets are Japan, South Korea, Europe, and North America. These are places where labor is costly and scarce.
We’re the official robotics partner for the Canadian senior care association. When I asked what kinds of robots they needed, the answer was: “All of them.”
<h3>36Kr: How accepting are international consumers of robots?</h3>
LT: Japan and South Korea are more receptive. Maybe it’s because people there grew up watching Doraemon, so they naturally see robots as human allies.
The robots we sell in Japan are designed to be cute, making them feel like companions. In the West, though, people grew up with The Terminator. They want robots to look tough.
<h3>36Kr: Do you work with local partners to expand abroad?</h3>
LT: Yes, local partners are key. In Japan, we work with SoftBank. In South Korea, with KT Corporation. In the Middle East, we’ve partnered with Saudi Aramco. Local backing is crucial for breaking into overseas markets.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://www.36kr.com/p/3429190934711686">article</a> was written by Qiu Xiaofen for 36Kr.

"Don’t operate in a vacuum": Keenon Robotics CEO on surviving industry shakeouts

Embodied Intelligence