China Roundup: Tesla rival Xpeng to offer full driving assistance, and more

Chinese Tesla rival Xpeng to offer full driving assistance

• The company plans to implement point-to-point driver assistant functions, ranging from switching on the vehicle to parking, by the first half of 2023.
• Xpeng’s driver assistance system uses algorithms to analyze real-time traffic data collected from on-board sensors. Its sensors can also help the vehicle decide if it can overtake a slow-moving car.
• Xpilot 3.0, the company’s current system that was launched earlier this year, has recorded about 12 million kilometers of driving.

Kuaishou hits 230 million daily active users for short films

• Since 2019, short videos on the Tencent-backed platform have amassed 770 billion views.
• Last year, the number of short movie producers in Kuaishou jumped by 32% compared to the previous year. The short films also generated over 1 billion yuan (nearly US$156.6 million) worth of income for its creators.
• Earlier this year, the company raised around US$5.4 billion from its initial public offering in Hong Kong.

GGV Capital-backed CurrentCAD raises US$15.7 million

• GL Ventures led the company’s series A round, with participation from GGV Capital. Canglan Capital was the exclusive financial advisor for the deal.
• With the fresh funds, CurrentCAD will develop computer-aided design products, which are used by over 1,000 enterprise customers in China.
• The company was founded in 2014 by former senior engineers of Autodesk.