Chinese travelers use EVs with beds during holidays to save on lodging

Shares of New Gonow RV (00805.HK) rose 9.37% on August 6, lifting its market capitalization to HK$8.515 billion. The rally comes amid poor financial performance and active selling by shareholders.

Chinese startup Squirrel Power has completed Series A and A+ rounds totaling about 200 million yuan, bringing cumulative funding to over 300 million yuan. The funds will be used to scale production and deliveries. The company develops hybrid electric travel trailers for the North American market, targeting outdoor enthusiasts. Investors include industrial and financial institutions such as Yuanhe Puhua, Yuanhe Houwang, Jinshajiang Capital, and others.

In July, the RV town at Qianshan Xiushui Scenic Area in Puding County officially opened, offering personalized long-term rental sites. Currently, over 40 tourists reside long-term, with more than 200 having experienced summer stays. Located 2.4 km from the county seat, the town features full amenities, with each site measuring 6 meters wide and 7 meters deep, allowing for canopies, trailers, or pod units. Positive word-of-mouth via short videos has boosted its reputation, fostering a new summer retreat model.

In Delingha, tourists in converted vehicles overnight at hotel parking lots, using facilities for free. Hoteliers report revenue drops. In 2025, 7,376 new campers were registered.

Squirrel Power, founded by a former Anker executive, secured over 200 million yuan in Series A funding. The funds will support development and 2027 launch of the Evotrex-PG5 smart trailer, priced from $120,000.

Bloomberg analysts link a decline in hotel occupancy in China to the growing trend of sleeping in electric vehicles. For the week of July 6-12, average hotel occupancy was 62.3%, down 3% year-on-year. RevPAR fell to 209.6 yuan. Budget hotels saw an 8.2% drop in revenue per available room, and mid-range hotels 7.8%. Tourist numbers did not decline, but spending shifted from accommodation to camping in EVs.