Smart and Sustainable Electric Mobility
In Europe, Zeekr's first official brand stores will open in Stockholm and Amsterdam before the end of this year, then subsequently throughout Western Europe by 2026.
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Western Europe is a traditional stronghold for international carmakers, and it's difficult for Chinese brands to stand out, TrendForce said.
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Chinese brands are expected to increase their share of the Western European new energy vehicle (NEV) market to 9 percent in 2023, up from 6 percent in 2022, market research firm TrendForce said in a report today.
SAIC's MG is the dominant Chinese brand in the Western European NEV market, according to the report.
Chinese exports of NEVs are primarily aimed at Western European countries with clear timetables for phasing out fuel vehicles, as well as Southeast Asia, especially Thailand, where penetration of such vehicles is low, TrendForce noted.
Western Europe is the home base of traditional international car manufacturers, and it is difficult for Chinese brands to stand out, the report said.
However, it is worth noting that Chinese NEVs emphasize high cost-efficiency and intelligence, and affordable electric vehicles can meet demand against the backdrop of high inflation facing Western Europe, TrendForce said.
In Southeast Asia, where Chinese brands entered early, the number of NEVs here is small, in the tens of thousands range, but the share of Chinese brands is high, the report said.
In 2023, the market share of Chinese brands in the Southeast Asian NEV market is expected to rise to 63 percent from 52 percent in 2022, TrendForce said.
This is a major concern for Japanese brands, which have long had a high market share in the Southeast Asian auto market, the report said.
Entering new markets requires a significant investment of resources, including the establishment of showrooms, after-sales maintenance service systems, charging infrastructure and compliance with local regulations.
Therefore, how to maintain price advantages while adding additional costs will be key to the success of Chinese auto brands overseas, according to TrendForce.
China's NEV industry developed early and has advantages in supply chain, productivity, cost-effective lithium iron phosphate (LFP) battery technology and production capacity, the high report also noted.
Chinese battery makers have layout in global upstream lithium resources, so their cost control and component supply stability are higher, becoming an advantage for Chinese car manufacturers when expanding overseas markets, the report said.
NEVs accounted for more than 25 percent of China's auto exports in the first quarter of 2023, and NEVs will be the focus of future expansion into overseas markets, TrendForce said.
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Tesla's revamped China-made Model 3 will use CATL's new M3P lithium iron phosphate battery, with the base model battery pack capacity upgraded from 60 kWh to 66 kWh, according to 36kr.
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Tesla's revamped China-made Model 3 will have upgraded battery packs, and the rear-wheel drive base model will use CATL's new M3P lithium iron phosphate battery, with capacity upgraded from 60 kWh to 66kWh, local media 36kr reported today.
Tesla has a practice of upgrading its batteries with every facelift, previously, the standard range version of the China-made Model 3 has been upgraded from 55 kWh to 60 kWh, the report noted.
The 66-kWh pack is not only available for the upgraded Model 3, but can also be used in future revisions of the Model Y, the report said, citing sources.
The range of the China-made Model 3 rear-drive version is currently 556 kilometers. The range of the facelifted Model 3 is expected to increase after receiving a 6-kWh boost in battery capacity, the report said.
The revamped Model 3, with the project code name Highland, is expected to launch in the third quarter, the report said, citing industry chain sources.
Tesla has a factory in Shanghai that produces the Model 3 and Model Y, with an annual capacity of about 1.1 million vehicles, making it the largest Tesla factory in the world.
On March 1, Reuters reported that Tesla was working to retool its Shanghai plant for a Model 3 facelift, a project codenamed Highland by Tesla.
The Highland version of the Model 3 is expected to go into production in Shanghai in September, the Reuters report said, citing a person familiar with the matter.
With Highland, Tesla aims to cut production costs and boost the appeal of the electric sedan, which debuted in 2017, people involved in the project said.
In addition to the Highland version of the Model 3, the Reuters report also mentioned that Tesla was preparing to make production changes to the Model Y.
The changes to the Model Y -- which Tesla has codenamed Project Juniper -- involve the exterior and interior of the SUV, with the goal of starting production in 2024, according to Reuters.
On May 16, Bloomberg reported that Tesla was nearing the final stages before starting trial production of its revamped Model 3 sedan in Shanghai.
The revamped Model 3 is slightly longer, sportier and has a sleeker interior design than earlier versions, according to the report.
On the battery front, it's worth noting that there were rumors last August that CATL would supply M3P batteries to Tesla.
CATL will begin supplying M3P batteries to Tesla in the fourth quarter, and will put them in Model Y using 72 kWh packs, local media outlet LatePost reported on August 3, 2022.
The lithium manganese iron phosphate (LMFP) material used in CATL's M3P battery will be supplied by Shenzhen Dynanonic Co, which had plans to put 110,000 tons of LMFP material into production in the second half of 2022, according to the report.
Tesla was also developing LMFP batteries, but with a long development cycle, it will first source such batteries from suppliers, the report said.
LMFP batteries are an improvement on lithium iron phosphate (LFP) batteries.
Batteries are usually named after the cathode materials they use. LMFP cathode materials can be made by adding manganese to the LFP cathode materials currently used to make LMFP batteries.
The LMFP route can be divided into two types, using 100 percent LMFP material as the cathode or doping the LMFP material with other materials such as aluminum or magnesium to make the cathode.
CATL's M3P batteries' cathode materials are doped with lithium ternary materials and LMFP materials, a solution that solves the problem of short cycle life and high internal resistance of LMFP batteries, as noted in the LatePost report.
On August 18, 2022, Sina Tech cited two people familiar with the matter as saying that Tesla would soon launch a new China-made Model 3, with the biggest highlight being that the entire lineup will use M3P batteries supplied by CATL, with a range improvement of at least 10 percent.
With the new battery pack, the two versions of the China-made Model 3 are expected to have a range of more than 600 km and 700 km, up from the previous 556 km to 675 km, the report said.
Tesla starts offering insurance subsidies for car purchases in China again
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GAC Aion will set up its Southeast Asia headquarters in Thailand within this year, with local production in the country in active preparation, it said.
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GAC Aion, the electric vehicle (EV) subsidiary of GAC Group, has announced its entry into the Thai car market, becoming the latest Chinese EV maker to do so.
On June 28, GAC Aion signed a memorandum of cooperation with a Thai dealership to officially enter the Thai market, kicking off the brand's internationalization, said an announcement yesterday.
The signing is the first step in the overseas strategy of GAC Aion, which will set up its Southeast Asian headquarters in Thailand within this year, it said.
Meanwhile, local production of models offered in Thailand is in active preparation, GAC Aion said.
Going forward, GAC Aion will deepen its efforts in the Thai market and expand its presence in Southeast Asia, it said.
GAC Aion sold a record 45,003 vehicles in May, its third consecutive month of more than 40,000 units, according to figures it released earlier this month.
In a ranking released earlier this month by the China Passenger Car Association (CPCA), GAC Aion ranked second among the top 10 NEV retail sales, behind BYD's 220,735 units.
GAC Aion plans to produce and sell 500,000 pure electric vehicles this year and launch overseas business efforts, GAC Group spokesman Yin Jie said at a June 27 press conference held by the Guangzhou municipal government.
GAC Aion is the latest local car company to announce its entry into Thailand. As competition in China's EV market grows fiercer, several car companies have set their sights on overseas markets.
Nio (NYSE: NIO) and Xpeng (NYSE: XPEV) are currently focusing their overseas efforts on Europe, in terms of choosing their first overseas market.
Other Chinese EV makers, including Neta Automobile and Leapmotor, are targeting less economically developed markets in Southeast Asia or the Middle East.
On August 24, 2022, Neta announced the launch of the right-hand-drive version of the Neta V EV at a launch event in Thailand, as its first model offered there.
On March 10 this year, Neta laid the foundation stone for its factory in Bangkok, Thailand, which will be its main manufacturing base for building right-hand-drive electric vehicles for export to ASEAN.
GAC Aion aims to sell 500,000 all-electric vehicles this year
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Xpeng will hold an official launch event for the G6 today starting at 8 pm Beijing time, where the official pricing will be announced.
Xpeng's (NYSE: XPEV) highly anticipated new SUV, the G6, a Tesla (NASDAQ: TSLA) Model Y competitor, will go on sale in China in about 10 hours. Ahead of that, investors are clearly excited.
Xpeng's Hong Kong-traded stock was up 4.72 percent to HK$46.90 as of press time, giving it a cumulative gain of more than 18 percent since Monday.
The Chinese electric vehicle (EV) company's US-traded ADRs rose 7.29 percent to $11.78 at yesterday's close, giving it an 18.99 percent gain for the week.
The biggest catalyst driving the rally in Xpeng shares this week is the upcoming launch of the G6.
Xpeng will hold the launch event of the G6 starting at 8 pm Beijing time (8 am US Eastern time) on June 29, and it posted a Weibo early this morning saying that everything is in place for the event.
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Xpeng gave the G6 its debut on the first day of the Shanghai auto show on April 18, saying the G6 is the ultimate form of car before full autonomous driving is achieved.
The model is based on the 800 V high-voltage platform and can get a 300-kilometer range in as little as 10 minutes of charge, Xpeng said at the time. The company's other 800 V-based model is the flagship SUV G9.
Xpeng began pre-sales for the G6 on June 9, with pre-sale prices starting at RMB 225,000 ($31,090), significantly lower than the Tesla Model Y's starting price of RMB 263,900 in China.
The Xpeng G6 received more than 25,000 orders within 72 hours of the start of pre-sales, the company announced on Weibo on June 12.
The G6 show cars were already available at Xpeng stores, and the model would officially launch on June 29 with deliveries starting in July, the company said earlier this month.
Referring to the practices of other local Chinese EV companies, Xpeng will likely announce a lower final pricing than the pre-sale price when the G6 officially launches today, thus providing consumers with a surprise that exceeds expectations.
The Xpeng G6 is an all-electric mid-size SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing from March showed.
For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm and 1,624 mm, respectively, and a wheelbase of 2,890 mm.
The G6 will be a hot seller in China's new energy SUV market priced in the RMB 200,000 to 300,000 range and will enable Xpeng's total deliveries to grow well above the industry in the third quarter, the company's management said in a call with analysts after announcing its first-quarter earnings on May 24.
In the view of Wall Street analysts, the G6 will be critical to boosting Xpeng's sluggish sales.
"With margins and cash burn looking materially worse following 1Q earnings, we believe management may be making its last stand with the G6," Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on May 30.
Xpeng management said in a May 24 conference call that it had set aside about two months between the start of production and delivery of the G6, and that Xpeng wanted the model to reach more than twice the sales of the P7i.
This means, according to Yu's team, that Xpeng management expects the G6 to sell 6,000-8,000 units a month.
The G6 needs to be successful for XPeng to be truly relevant to the market again, the team said.
($1 = RMB 7.2379)
XPeng says G6 gets over 25,000 orders 72 hours after pre-sale starts
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GAC Aion sold 271,156 vehicles for the full year 2022, and the latest target implies an 84.4 percent increase.
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GAC Aion, the electric vehicle (EV) subsidiary of Guangzhou-based GAC Group, is targeting sales of about 500,000 vehicles this year, implying an almost doubling of growth from last year.
GAC Aion plans to produce and sell 500,000 pure-play EVs this year and launch its overseas business efforts, GAC Group spokeswoman Yin Jie said at a June 27 press conference held by the Guangzhou municipal government.
GAC Aion will aim to exceed 1 million vehicles in annual production and sales by 2025, Yin said, adding that the company is now moving full steam ahead with its initial public offering (IPO) efforts.
For the full year 2022, GAC Aion sold 271,156 vehicles, according to data monitored by CnEVPost.
This year's sales target of 500,000 vehicles would represent an 84.4 percent increase.
GAC Aion sold a record 45,003 vehicles in May, its third consecutive month of more than 40,000, figures it released earlier this month show.
This represents a 113.73 percent increase over the 21,056 vehicles sold in the same month last year and a 9.73 percent increase over the 41,012 vehicles sold in April.
In a ranking released earlier this month by the China Passenger Car Association (CPCA), GAC Aion ranked second among the top 10 new energy vehicle (NEV) retail sales, behind BYD's 220,735 units.
From January to May, GAC Aion sold 166,323 vehicles, which was an increase of 118.44 percent from 76,142 units in the same period last year.
This makes GAC Aion the No. 3 player in retail sales in China from January to May, behind BYD with 923,343 units and Tesla with 219,893 units.
GAC Group aims to see NEVs contributing 25 percent of sales by 2025, with its own brands contributing 50 percent of those NEV sales, Yi said in the press conference.
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