The EV doubled US registrations in January-April 2023, becoming America's No. 1 passenger car and second best selling vehicle overall.
Monthly Archive: June 2023
China may introduce NEV support measures soon
China's State Council Information Office will hold a briefing at 10 am Beijing time on June 21 on promoting the development of the NEV industry.
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China is expected to introduce policy initiatives to promote the "high-quality development" of the new energy vehicle (NEV) industry in recent days, local media China Securities Journal said in a report today.
The report did not mention details about the possible policies.
A notice posted on the website of China's State Council Information Office today shows it will hold a regular briefing at 10 am Beijing time on Wednesday, June 21, to introduce the promotion of "high-quality development" of the NEV industry and answer reporters' questions.
China's current policy to support the NEV industry is mainly the exemption of purchase tax.
In order to support the development of energy-efficient vehicles, China first started to exempt NEVs from purchase tax in 2014.
The policy originally expired at the end of 2017, but was renewed before its expiration until the end of 2020. In March 2020, China renewed the policy again until the end of 2022.
On September 26, 2022, several Chinese government departments announced in an official announcement that the purchase tax exemption for NEVs would continue until the end of 2023.
On June 2, a Bloomberg report said that China was considering extending the tax exemption for cheaper NEVs for another four years.
One of those measures could be extending the purchase tax exemption for electric and plug-in hybrid vehicles that cost less than 300,000 yuan ($42,910), according to the Bloomberg report.
Hours after that Bloomberg report was published, state broadcaster CCTV reported that a State Council meeting mentioned that China would extend and optimize the vehicle purchase tax exemption for NEVs.
The upcoming press conference on June 21 may be related to the extension of the NEV purchase tax exemption policy.
Before this year, China also offered state subsidies for NEV purchases, and they were not renewed when they expired at the end of last year, although some local governments have offered subsidies to local residents for their purchases from time to time.
Following the withdrawal of state subsidies, growth in China's NEV industry has slowed significantly so far this year.
From January to May, retail sales of NEVs in China were 2.42 million units, up 41.45 percent year-on-year, according to the China Passenger Car Association (CPCA). For comparison, the growth rate for the same period last year was 117.21 percent.
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China to extend and optimize NEV purchase tax exemption policy, says State Council meeting
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See Thousands Of Tesla EVs Bound For Canada Waiting In Shanghai Port
We counted at least 3,000 cars waiting to board a ship to North America.
BYD Yangwang U8 expected to be officially launched in Aug
Yangwang will have separate sales channels from BYD and is in the process of building its first stores in 16 cities, and they are expected to start trial operations gradually in August.
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The Premium Edition of Yangwang's first model, the U8, is expected to be officially launched in August, and the final price will be announced at that time, the BYD-owned premium brand said today.
Deliveries of the Yangwang U8 Premium Edition are expected to begin in September, it said.
Yangwang began pre-sales of the U8 on the first day of the Shanghai auto show on April 18, saying at the time that the model would be offered in two versions -- a Premium Edition and an Off-road Master Edition.
Both versions of the Yangwang U8 have the same pre-sale price of 1,098,000 yuan ($153,400), with the difference being that the former has more features and the latter has more room for modifications.
For BYD, its pattern for launching a new model is to start pre-sales first and offer a lower price when it finally goes on sale.
Yangwang will not use BYD's sales channels and will build its own showrooms, it said in a post posted today on its social media platforms.
Yangwang is currently building its first stores in 16 cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and Chengdu, and they are expected to start trial operations gradually in August.
Yangwang uses an online booking model, where consumers can book through channels including the brand's mobile app and get delivery at offline stores.
Buyers of the Yangwang U8 Premium Edition will not have to pay a luxury car tax, as the tax is only available in China for models with a retail price of RMB 1.3 million or more, Yangwang said.
For the Yangwang U8 Off-road Master Edition, whether consumers will have to pay the luxury tax will be subject to their additional options.
The Yangwang U8 is currently only available in a five-seat version, and its interior is expected to be officially revealed in July.
On January 5, BYD officially launched the Yangwang brand and unveiled the Yangwang U8 and Yangwang U9, both of which will be equipped with BYD's e⁴ technology.
e⁴ is China's first mass-produced quad-motor independent drive technology platform, able to achieve precise control of vehicle four-wheel dynamics by virtue of quad-motor independent vector control technology, BYD said at the time.
The Yangwang U8 has a maximum output of over 1,100 horsepower, takes 3.6 seconds to accelerate from 0 to 100 kilometers per hour and has a CLTC pure electric range of 180 kilometers, the brand previously said.
The Yangwang U9 is not yet available for pre-order, and its official launch date is unknown.
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Tesla Cybertruck Spotted In New Zealand, Possibly For Final Winter Testing
Snow isn’t usually the first thing that pops into our minds when we think of New Zealand.
NIO Capital ups bet on ARM CPU startup CIX Technology
NIO Capital participated in a RMB hundreds of millions Series A round of funding for CIX Technology, after previously co-leading the company's Pre-A round.
(Image credit: NIO Capital)
CIX Technology, a Chinese startup that builds computer CPUs based on ARM architecture, recently closed new funding from several investors, including NIO Capital.
NIO Capital said today that it participated in CIX Technology's multi-hundred-million-yuan Series A funding round after co-leading the company's Pre-A round.
Following the completion of this round, CIX Technology will continue its efforts in the general-purpose CPU space to accelerate the design and development of next-generation CPU chips, according to NIO Capital.
Founded in 2021, CIX Technology is focused on developing general-purpose CPUs for scenarios including personal computing, in-vehicle computing, and metaverse infrastructure.
NIO Capital's press release today does not mention the amount or valuation of CIX Technology's Series A funding.
According to CIX Technology's press release, the financing was co-led by Tongge Venture Capital, 37Games, and followed by NIO Capital as an existing shareholder.
On July 18, 2022, LatePost reported that CIX Technology closed a new round of funding of about $50 million at that time, co-led by NIO Capital and Qiming Venture Partners.
It was also CIX Technology's fourth funding round in its nine months of existence, giving it a post-round valuation of about $300 million, according to the report.
While most startups want to enter the chip manufacturing market from server CPUs, CIX Technology's first product is a computer CPU, similar to Apple's M1 chip.
CIX Technology's founder, Sun Wenjian, was the former head of AMD's customer customization division in China. He saw the time as ripe to start a business in the field of CPUs based on the ARM architecture after Apple released the M1 chip in November 2020, according to LatePost.
CIX Technology joined Linaro's Windows on Arm Group in July last year.
CIX Technology will be responsible for native Arm development, native application support and localization to help build the global Windows on Arm ecosystem, NIO Capital said in a press release at the time.
NIO Capital reportedly leads investment in local computer CPU maker CIX Technology
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Stellantis To Launch Sub-$27,000 EV With Over 186 Miles Of Range
The affordable all-electric hatchback will debut later this year.
US can’t yet compete with China in EV production, says Ford chairman
"They developed very quickly, and they developed them in large scale. And now they're exporting them," Bill Ford said.
(Image credit: Ford China Weibo)
The US is not ready to compete with China in electric vehicle (EV) production, Ford executive chairman Bill Ford said on CNN's "Fareed Zakaria GPS" Sunday program.
"They developed very quickly, and they developed them in large scale. And now they're exporting them," Ford said, adding, "They're not here but they'll come here we think, at some point, we need to be ready, and we're getting ready."
Ford CEO Jim Farley said in May that Chinese EV makers are its main competitors in the segment and that Ford would need a unique brand or lower cost to beat them.
"I think we see the Chinese as the main competitor, not GM or Toyota. The Chinese are going to be the powerhouse," Farley said.
China has a well-established EV industry chain that Ford is trying to tap into in its electrification transformation efforts.
On February 13, Ford announced it is investing $3.5 billion to build a lithium iron phosphate (LFP) battery plant in Marshall, Michigan.
The plant, which is wholly owned by Ford, is the first battery plant in the US to be wholly owned by an automaker and will introduce LFP battery solutions for Ford's EV products.
Notably, Ford will use technology provided by Chinese power battery giant CATL.
Ford has a new agreement with CATL, which will provide technical and service support for the production of the LFP battery plant, and Ford engineers will work on cell and vehicle integration, it said at the time.
In China, Ford appears to be scaling back its efforts on electrification, after initial attempts didn't yield the desired results.
Earlier this month it was reported that Ford was making organizational changes that would see the Mustang Mach-E team integrated back into Ford China, and that the separate entity running the program would be written off in the future.
That's because Mustang Mach-E sales were too poor for the separate company to sustain losses for long, Jiemian said on June 8, citing a person familiar with the matter.
The reshuffling of the team does not mean the Mustang Mach-E will be withdrawn from China, and the project will continue to be produced by Changan Ford, Ford's joint venture in China, according to the report.
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Ford scaling back ambitions for Mustang Mach-E in China amid poor sales
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China auto exports expected to reach 4.4 million in 2023, over 30% to be NEVs, says Canalys
Chinese car penetration is expected to rise to 16.5 percent in Europe and 12.8 percent in Southeast Asia by 2025, according to Canalys.
China's total vehicle exports are expected to reach 4.4 million units in 2023, with new energy vehicles (NEVs) expected to account for more than 30 percent of the total, market research firm Canalys said in a report today.
China's auto exports have been climbing since 2020, surpassing Germany as the world's second-largest exporter in 2022. In the first quarter, China surpassed Japan as the world's largest auto exporter, with growth in NEVs exports the main reason for the overall increase, Canalys said.
In April, China's vehicle exports rose 142.40 percent to 424,200 units, up 9.61 percent from March, according to the China Passenger Car Association (CPCA).
In January-April, China's auto exports were 1.49 million units, up 71 percent year-on-year, according to the CPCA.
The core regions of China's auto export destinations are shifting from Africa, Central Asia and South Asia to more developed regions, including Europe and Southeast Asia, the report noted.
China's light vehicle exports to these two core regions contributed 5.9 percent and 7.6 percent of the country's vehicle exports in 2020, respectively. In 2022, the share was 22 percent and 14.3 percent, respectively, according to Canalys.
The average selling price of Chinese car exports increased from RMB 112,000 ($15,670) in 2021 to RMB 140,000 in 2022, up by more than 25 percent. In the European market, the figure was RMB 210,000 in 2022.
In 2022, Chinese automotive products had a penetration rate of 2.6 percent in the Southeast Asia region. By 2025, that figure is expected to rise to 12.8 percent, Canalys said.
In Europe, the penetration of Chinese cars is expected to rise to 16.5 percent by 2025, according to the report.
The average selling price of mainstream products in the European market is highly aligned with the average price of Chinese automotive exports, and consumers here are more aware of the NEV market, according to Canalys.
The overall light vehicle market volume in Europe and Southeast Asia is expected to grow to 13.7 million and 3.8 million units, respectively, by 2025, with NEVs penetrating more than 40 percent in Europe, Canalys said.
In 2021, the Covid pandemic caused instability in overseas supply chains and was the core reason for the growth of Chinese vehicle exports. After 2022, the growth of the overseas NEV market presents new opportunities, according to the report.
Chinese automakers have a first-mover advantage in electrification and vehicle intelligence, and have sufficient capacity and short product delivery times, Canalys said, adding that brands in other countries are lagging behind in the NEV transition and are falling short of expectations in core technology development.
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NIO testing new EC6 as its product changeover continues
The EC6 is the last remaining piece of the puzzle as NIO switches models from the NT 1.0 platform to the NT 2.0 platform.
(Image credit: Weibo @肉肉爸比ev)
The EC6 is the last remaining piece of the puzzle as NIO (NYSE: NIO) switches models from the NT 1.0 platform to the NT 2.0 platform. Now, the revamped version of the coupe SUV may not be far from being available.
Long-time NIO follower and car blogger @肉肉爸比ev shared several pictures of the new EC6 on Weibo yesterday, saying that the model is undergoing testing.
The daytime running lights on the front of the new EC6 are the biggest difference between it and other models, the blogger noted.
On February 13, China's Ministry of Industry and Information Technology announced a new batch of catalogs of models that will be allowed to be sold in China, and the new EC6 was included.
The page for the new EC6 shows that it uses the same LiDAR and camera setup on the roof as the rest of the NT 2.0-based platform, and the front and taillight designs are similar to the other latest models.
The model is 4,849 mm long, 1,995 mm wide, 1,697 mm high and has a wheelbase of 2,915 mm.
For comparison, the old EC6, based on the NT 1.0 platform, is 4,850 mm long, 1,965 mm wide and 1,731/1,714 mm high, with a wheelbase of 2,900 mm.
The old EC6 was previously offered in three versions, priced at RMB 396,000 ($55,566), 436,000 and 496,000 respectively.
The new EC6 is equipped with dual motors produced by NIO's electric drive systems division in Hefei, Anhui province, with a maximum power of 150 kW and 210 kW, respectively, and can support a top speed of 200 km/h, according to the regulatory filing in February.
The two lower-priced versions of the EC6 on the NT 1.0 platform carry dual motors both with a maximum power of 160 kW, while the highest-priced version carries a maximum power of 160 kW for the front motor and 240 kW for the rear motor.
The new EC6 will support the option of retractable electric tow hooks and will be equipped with an electric rear wing.
NIO is launching new models at a very tight pace this year. The company unveiled the EC7 and new ES8 on NIO Day 2022 on December 24, 2022, with deliveries of the former already starting on April 28 and the latter due to begin later this month.
The EC7 is also a coupe SUV and is currently offered in two versions with starting prices of RMB 458,000 and RMB 548,000 respectively.
The EC7 is not the NT 2.0 version of the EC6, which is expected to offer a lower price point to meet the needs of the group that prefers this type of vehicle.
On April 18, NIO launched the 2023 ET7 and unveiled the new ES6 on the NT 2.0 platform on the first day of the Shanghai auto show.
Deliveries of the 2023 ET7 began on May 20, and the new ES6 was officially launched on May 24 and deliveries began that night.
On June 15, NIO launched the ET5 Touring in China and its deliveries started on June 16.
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