Gotion will be eligible to receive US tax benefits totalling $213 million over 30 years and also get $125 million in capital funding from Illinois

Among major backers of the chip designer is smartphone giant Xiaomi, which won approval last month from China's state planner to manufacture electric vehicles

The deal is another shot in the arm for the currently loss-making startup, coming on the heels of a stake sale to, and partnership with, Germany's Volkswagen

Chinese brands such as BYD, Nio and SAIC's MG, which have raced past foreign rivals to top sales rankings at home, will have to overcome a new set of challenges to thrive in Europe

The deal is win for Xpeng, one of the smaller players in China's EV sector, that is less than a decade old

The battery giant is shadowed by increasing competition from rivals like BYD, a capacity glut with its production facilities and headwinds in its efforts to expand globally

Experts say latest data coming in from China pointed to the world’s biggest EV market recovering from a slump and getting “back on the fast-track"

The Korean automaker has raised its EV sales target to 2 million by 2030, will develop next-gen batteries and sell two China plants

Bill Ford, the great-grandson of company founder Henry Ford, also addressed criticism from US senators like Marco Rubio on the automaker's plans to partner with Chinese battery company CATL

The trip is Musk's first to China since he made headlines in early 2020 by dancing on stage at Tesla's Shanghai gigafactory

The move came as data from the China Passenger Car Association showed the electric vehicle maker delivered 14.7% fewer China-made electric vehicles in April, compared to March

The Chinese electric vehicle maker is pushing to make battery swapping a viable alternative to rivals' rapid-charging technology