Caixin Auto Morning Report【February 14】

Supreme Court: In-Vehicle Assisted Driving Systems Cannot Replace Drivers as the Main Driver

On February 13, the Supreme People’s Court released the 48th batch of guiding cases, marking the first time the Supreme Court has issued specialized guiding cases on road traffic safety criminal law. In this batch of guiding cases, the Supreme Court clarifies the rules for determining the criminal responsibility of drivers when activating assisted driving functions. Against the backdrop of increasingly widespread application of assisted driving technology, some drivers no longer focus on driving after activating the system, instead playing with their phones, sleeping, and others even purchase and use illegal accessories like “smart driving神器” to evade system safety monitoring, long-term “hands-off” driving, which severely threatens road traffic safety. Guiding Case No. 271, “Wang Mouqun’s Dangerous Driving Case,” clearly states that in-vehicle assisted driving systems cannot replace the driver as the main driver. After activating the assisted driving function, the driver remains the actual executor of the driving task and bears the responsibility for ensuring driving safety. If a person activates the assisted driving function and uses illegally installed accessories to evade system monitoring, even if they are not controlling the vehicle from the driver’s seat, they should still bear legal responsibility as the main driver.

Cailian News Auto: Products and promotions must adhere to the “assistance” positioning.

Circulation Association: In January, the national used car market transaction amount was 110.612 billion yuan, a year-on-year increase of 18.33%

According to the China Automobile Circulation Association on February 13, in January 2025, the national used car market transaction volume was 1.7292 million units, a month-on-month decrease of 7.59%, but an increase of 18.33% year-on-year, with a transaction amount of 110.612 billion yuan. In January, the used car market showed significant differences in vehicle types, with both passenger cars and commercial vehicles performing better than the same period last year. Basic models of passenger cars saw steady growth in transaction scale, with considerable year-on-year increases; SUV transactions also increased in sync, with notable growth rates, continuing to release market vitality; MPV market demand continued to heat up, with obvious year-on-year growth, becoming an important driver of market expansion; crossover vehicles saw increased activity and steady year-on-year growth. In the commercial vehicle sector, overall performance was better than the same period last year, with both buses and trucks experiencing positive year-on-year growth, and growth rates being quite significant. Overall, the market activity is increasing, and the development trend is positive.

Cailian News Auto: The market shows a recovery trend with rising volume and prices, and optimized structure.

CAAM: In January, pickup truck sales reached 49,000 units, a year-on-year increase of 22.5%

On February 13, the China Association of Automobile Manufacturers (CAAM) reported that in January 2026, pickup truck sales were 49,000 units, up 22.5% year-on-year, reaching a near five-year high for the same period. Production of pickups in January 2026 was 52,000 units, up 29.3% year-on-year. In January 2026, exports of pickups totaled 28,000 units, a 12% increase year-on-year but a 13% decrease month-on-month, with export share continuing to stay high. In 2024, exports accounted for 45% of total pickup sales; in 2025, it reached 50%; and in January 2026, it hit 54%. Many new Chinese pickup brands relying on exports are experiencing strong growth, boosting China’s自主出口 of pickups.

Cui Dongshu: Pickup production and sales show strong growth characteristics.

Lantu Auto: To list on the Hong Kong Stock Exchange via introduction on March 19

On February 13, Lantu Auto announced on the Hong Kong Stock Exchange that the company has applied for approval to list approximately 885.38 million H-shares on the HKEX. The H-shares will be listed via introduction on the main board, with no new issuance for listing. After the completion of the merger prerequisites and conditions (or exemptions, if applicable), and the privatization, as well as any further announcements from Dongfeng Motor Corporation, Dongfeng Wuhan, and Dongfeng Group Co., Ltd., H-shares are expected to begin trading on March 19, 2026, Thursday, at 9:00 a.m. The H-shares will be traded in lots of 1,000 shares each.

Cailian News Auto: The first state-owned high-end new energy vehicle company to go public in Hong Kong.

SAIC Motor: Subsidiary plans to establish private equity fund focusing on solid-state batteries, domestic chips, and more

On February 13, SAIC Motor announced that its wholly owned subsidiary, SAIC Financial Holdings, plans to jointly establish Shanghai Shangqishangcheng No. 2 Private Equity Investment Fund Partnership (Limited Partnership) with Guotou Xian Dao, Hunan Jinfurong, Guofu Linghang, among others. The initial committed capital of the fund is 2.5 billion yuan, with SAIC Financial Holdings contributing 1 billion yuan. The fund will focus on key areas such as solid-state batteries, full-stack electronic architecture, digital chassis, domestic chip localization, and will actively explore frontier technologies like artificial intelligence, embodied intelligence, and computing chips.

Cailian News Auto: Striving to dominate the core technologies of next-generation vehicles like solid-state batteries and chips.

Xiaomi Auto: Cumulative deliveries exceed 600,000 units

On February 13, Xiaomi Auto announced its latest delivery progress, stating that since April 3, 2024, cumulative deliveries have exceeded 600,000 units.

Cailian News Auto: Setting new industry records.

WeLion completes 1 billion yuan Series C3 financing

On February 13, WeLion announced the completion of its Series C3 equity financing, amounting to 1 billion yuan. To date, WeLion’s Series C round has raised nearly 2 billion yuan. Building on additional investments from founding shareholders and the introduction of Haikou Economic Development, Hainan Chengmai, and several state-owned capital shareholders from Meishan, the company further brought in Hefei Construction Investment and Hefei Economic Development as key shareholders during this round.

Cailian News Auto: BaaS business model highly recognized by capital markets.

(Reporter Zhang Yipeng compiled/commented)