Photo: CH-Auto
Dinah Washington used to sing, “what a difference a day makes.” Two years can make even more, especially in the automotive sector. In November 2019, Mullen said it would sell a Chinese car called Qiantu K50 in the U.S. At the Los Angeles Auto Show in November 2021, Mullen presented the FIVE. If you’re asking about the Qiantu K50, it has news, but they are only financial – until now.
CH-Auto has produced the K50 since 2018 in China under the brand Qiantu. Probably tired of being limited to the Chinese market, the company decided to merge with Mountain Crest Acquisition Corp., a SPAC (Special Purpose Acquisition Company).
Instead of going public through an IPO (initial public offering), companies willing to sell shares merge with those that are already negotiated in stock markets, creating listed enterprises almost instantly. The process is much faster than an IPO, and a few automotive companies adopted it, such as Lucid, Nikola, and Lordstown Motors.
Unlike these American competitors, CH-Auto did not disclose any major expansion plans or presented products apart from the Qiantu K50. The company said it is China’s first volume-produced all-electric super sports car.
Apart from the unusual design, it offers two electric motors (one for each axle), a top speed of 125 mph (201 kph), a 0-to-60-mph time of 4.2 seconds, and 250 mi of range. CH-Auto also promised to reveal the Qiantu K20 – a more affordable EV – in the second half of 2022, but that’s about it.
We’re not sure about what CH-Auto plans to use or announce for investors to think it is a good idea to buy its stocks on Nasdaq. We wonder why Mullen's plans to sell the car in the U.S. changed: nowadays, the only vehicle presented and praised by Mullen on its website is the electric SUV that first appeared at the 2021 LA Auto Show. It may have to do with CH-Auto wanting a solo career, which the SPAC deal reinforces. What comes after this merger is what will answer any questions about that for those interested in the outcomes.
Instead of going public through an IPO (initial public offering), companies willing to sell shares merge with those that are already negotiated in stock markets, creating listed enterprises almost instantly. The process is much faster than an IPO, and a few automotive companies adopted it, such as Lucid, Nikola, and Lordstown Motors.
Unlike these American competitors, CH-Auto did not disclose any major expansion plans or presented products apart from the Qiantu K50. The company said it is China’s first volume-produced all-electric super sports car.
Apart from the unusual design, it offers two electric motors (one for each axle), a top speed of 125 mph (201 kph), a 0-to-60-mph time of 4.2 seconds, and 250 mi of range. CH-Auto also promised to reveal the Qiantu K20 – a more affordable EV – in the second half of 2022, but that’s about it.
We’re not sure about what CH-Auto plans to use or announce for investors to think it is a good idea to buy its stocks on Nasdaq. We wonder why Mullen's plans to sell the car in the U.S. changed: nowadays, the only vehicle presented and praised by Mullen on its website is the electric SUV that first appeared at the 2021 LA Auto Show. It may have to do with CH-Auto wanting a solo career, which the SPAC deal reinforces. What comes after this merger is what will answer any questions about that for those interested in the outcomes.
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