(JW Insights) Jul 13 -- Tesla will start selling its electric all-terrain vehicle called Cyberquad for Kids in China, the US EV giant announced on Wechat on July 11.
Yicai Global reported that shares of Chinese auto suppliers jumped after this announcement. Weida Machinery closed by the exchange-imposed daily limit. Chaoda Equipment and Wencan Group also surged even though they did not disclose direct links to the novel product in China.
A subsidiary of Weida supplies battery packs and controllers to the ATV but the business provides a small portion of its total revenue and there is no direct collaboration with Tesla, the Shandong province-based firm said in a statement on the investor platform of the Shenzhen bourse.
Nantong-based Chaoda Equipment provides Tesla with molds and automated tools for Tesla’s new energy vehicles and Guangdong province-based Wencan makes structural parts made of aluminum alloys for the California-based firm.
Sales of Cyberquad for Kids, priced at RMB13,000 ($$1,900), started online abroad in 2021. The maximum speed of the vehicle is 10 miles or around 16 kilometers per hour and the range is about 15 miles.
Even these small Teslas have had their share of problems as last year, Radio Flyer, the manufacturer of Cyberquad for Kids, recalled products after their failure to meet the federal safety standards for youth ATVs in the States, said the Yicai Global report.
(Yuan XY/Gao J)
(JW Insights) Jul 13 -- Tesla will start selling its electric all-terrain vehicle called Cyberquad for Kids in China, the US EV giant announced on Wechat on July 11.
Yicai Global reported that shares of Chinese auto suppliers jumped after this announcement. Weida Machinery closed by the exchange-imposed daily limit. Chaoda Equipment and Wencan Group also surged even though they did not disclose direct links to the novel product in China.
A subsidiary of Weida supplies battery packs and controllers to the ATV but the business provides a small portion of its total revenue and there is no direct collaboration with Tesla, the Shandong province-based firm said in a statement on the investor platform of the Shenzhen bourse.
Nantong-based Chaoda Equipment provides Tesla with molds and automated tools for Tesla’s new energy vehicles and Guangdong province-based Wencan makes structural parts made of aluminum alloys for the California-based firm.
Sales of Cyberquad for Kids, priced at RMB13,000 ($$1,900), started online abroad in 2021. The maximum speed of the vehicle is 10 miles or around 16 kilometers per hour and the range is about 15 miles.
Even these small Teslas have had their share of problems as last year, Radio Flyer, the manufacturer of Cyberquad for Kids, recalled products after their failure to meet the federal safety standards for youth ATVs in the States, said the Yicai Global report.
(Yuan XY/Gao J)
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