Author: Lei Kang/CnEVPost

Denza N7 gets 11,687 firm orders in 24 hours after launch

Denza officially launched the Denza N7 on July 3, targeting the market where Model Y is located with a starting price of RMB 301,800.

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The first SUV model of 's premium new energy vehicle (NEV) brand Denza seems to have gained good initial acceptance.

The Denza N7 SUV received 11,687 firm orders 24 hours after its official launch, Denza announced on Weibo late yesterday night.

Denza is a joint venture between BYD and Mercedes-Benz, each holding a 50 percent stake at the time of its inception. BYD increased its stake in Denza to 90 percent last year.

The brand officially launched the Denza N7, its second model since rebranding, at a launch event in Beijing on July 3, with a starting price of RMB 301,800 ($44,220) aimed at the market where the Tesla Model Y is located.

Prior to the launch of the N7, Denza was offering only the D9, an MPV that went on sale in August 2022 and was officially delivered in October last year.

The Denza N7 is a 5-seat mid-size SUV with a length, width and height of 4,860 mm, 1,935 mm and 1,602 mm, respectively, and a wheelbase of 2,940 mm.

For comparison, the Tesla Model Y is slightly smaller, measuring 4,750 mm in length, 1,921 mm in width and 1,624 mm in height, with a wheelbase of 2,890 mm.

The Model Y is currently offered in three versions in China with starting prices of RMB 263,900, RMB 313,900 and RMB 363,900 respectively. The Tesla model was the best-selling SUV in China from January to May.

The Denza website currently shows four versions of the N7 with starting prices of RMB 319,800, RMB 339,800, RMB 349,800 and RMB 379,800 respectively.

All four versions are equipped with DiSus-A, an intelligent air body control system, which was unveiled by BYD on April 10 and is similar to the air suspension currently used in many high-end vehicles.

Customers who do not need the system reduce the price of the vehicle by RMB 18,000, resulting in these two Air versions priced at RMB 301,800 and RMB 321,800.

On the first day of the Shanghai auto show on April 18, Denza started pre-sales for the N7, although pricing information had not been released at that time.

In early June, Zhao Changjiang, general manager of Denza's sales division, said the Denza N7 had over 20,000 pre-orders before specifications and pricing were announced, and that 55 percent of these order holders were owners of luxury brands including Mercedes-Benz, BMW and Audi, and 35 percent were existing owners of BYD and Denza.

The Denza N7 opened for test drives on July 4 and deliveries are set to begin in mid-July.

In June, Denza delivered 11,058 vehicles, the fourth consecutive month to exceed the 10,000-unit mark, according to BYD data released on July 2.

($1 = 7.2323 RMB)

Denza launches N7 SUV to take on Tesla Model Y as brand gains momentum

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GAC Aion’s Hyper brand launches Hyper GT sedan, offers battery swap-enabled version

The battery swap-enabled trim of the Hyper GT starts at RMB 239,900, which Hyper claims can replace the battery in as little as two minutes.

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Hyper -- a new brand launched by last September -- has introduced the Hyper GT sedan, one version of which supports battery swap.

Hyper officially rolled out the Hyper GT in China on Monday, the brand's first production model and the 20 millionth new energy vehicle produced in China.

The Hyper GT is available in five versions with starting prices of RMB 219,900 ($30,370), RMB 245,900, RMB 239,900, RMB 259,900, and RMB 339,900 respectively.

The version with a starting price of RMB 239,900 supports battery swap, which Hyper claims can replace the battery in as little as two minutes.

Consumers can purchase the car using a battery rental model similar to , which reduces the price of the car by RMB 70,000, and pay a monthly battery lease fee of RMB 980.

The Hyper GT is an all-electric mid-size sedan based on the new AEP 3.0 platform from GAC Group, of which GAC Aion is a subsidiary.

The model measures 4,880 mm in length, 1,885 mm in width and 1,455 mm in height, and has a wheelbase of 2,920 mm.

The Hyper GT is powered by a single electric motor with a maximum power of 250 kW and a peak torque of 434 Nm, and accelerates from 0 to 100 km/h in 4.9 seconds.

The two higher-priced versions of the car support 800 V high-voltage fast charging for a range of 450 km on a 15-minute charge. The model has a maximum range of 710 km.

The Hyper GT comes with the L2++ Adigo Pilot 4.0 intelligent driving system for all-weather, all-road city and highway kilometer assisted driving, Hyper said.

GAC Aion previously offered mainly the Aion series, targeting the mass market, such as the Aion S sedan with a price range of RMB 139,800 to RMB 172,800.

On September 15, 2022, the company unveiled its new premium brand Hyper, and its first model, the Hyper SSR supercar, to enter the higher end of the market.

GAC Aion is offering two versions of the Hyper SSR, with the regular version priced at RMB 1.286 million pre-sale and capable of accelerating from 0 to 100 km/h in 2.3 seconds.

The other version, Hyper SSR Ultimate, is priced at RMB 1,686,000 and can accelerate from 0 to 100 km/h in 1.9 seconds.

The model, the fastest accelerating car on the planet, will begin mass production and delivery in October 2023, GAC Aion said at the time.

($1 = RMB 7.2407)

GAC Aion sells 45,013 vehicles in Jun, 4th straight month over 40,000

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BYD’s new brand Fang Cheng Bao names debut model Leopard 5

Leopard 5 is said to be equipped with 's new powertrain DM-o, which is expected to combine the technical advantages of DM-i and DM-p.

BYD's new sub-brand Fang Cheng Bao continues to warm up with the announcement of the official name of its first model.

Fang Cheng Bao's first model is named Leopard 5 ("豹5" in Chinese), the brand said today on Weibo.

BYD officially announced the name of its Fang Cheng Bao brand on June 9, the fifth in its brand matrix after the Dynasty series, Ocean series, Denza and Yangwang.

The Fang Cheng Bao brand name literally translates to "Formula" and "Leopard," symbolizing the pursuit of a transformative rise and exploration of the digital realm, BYD said.

BYD has previously used the code SF to refer to the first model of the new brand, saying it is a hardcore SUV expected to launch this year.

BYD has not provided pricing information on Fang Cheng Bao's first model in its previews over the past few months, though CnEVPost previously learned that the model will target a market priced between RMB 400,000 ($55,410) and RMB 600,000.

Xiong Tianbo, former head of BYD auto's sales research institute, will be the general manager of the brand's sales division, leading the brand's product planning, channel sales and brand building, a company insider previously told CnEVPost.

Rumors have recently surfaced that Fang Cheng Bao's first model will be equipped with BYD's DM-o powertrain, which will be the third BYD hybrid system in addition to DM-i and DM-p.

Currently about half of BYD's monthly sales are battery electric vehicles (BEVs) and the other half are plug-in hybrid vehicles (PHEVs).

Among the PHEVs, the DM-i focuses more on fuel economy, while the DM-p focuses more on performance.

The DM-o is expected to combine the technical advantages of the DM-i and DM-p, and can provide the vehicle with a total sum range of up to 1,200 km and a total powertrain power of up to 500 kW, according to recent reports in several local media.

BYD officially names F brand Fang Cheng Bao, initial model to be launched this year

($1 = RMB 7.2185)

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China NEV wholesale at about 740,000 in Jun, CPCA estimates show

In the first half of the year, wholesale sales of passenger NEVs in China are expected to be 3.53 million units, up 44 percent year-on-year.

China's wholesale sales of passenger new energy vehicles (NEVs) are expected to be 740,000 units in June, up 10 percent from May and up 30 percent year-on-year, the China Passenger Car Association (CPCA) said in a report today.

In May, the 12 manufacturers with more than 10,000 NEVs sold at wholesale contributed 82.8 percent of all wholesale sales, the CPCA said.

These companies are expected to sell 611,000 units in June, and the normal structure would put China's June wholesale sales of passenger NEVs at around 740,000 units, the CPCA said.

In the January-June period, China's wholesale sales of passenger NEVs are expected to be 3.53 million units, up 44 percent from a year earlier, according to the report.

In China, NEVs include battery electric vehicles, plug-in hybrids and fuel cell vehicles.

China's passenger NEV market maintained strong growth in June, continuing May's trend with sales reaching an all-time high, the CPCA said.

With the launch of a large number of competitive new products and increased promotions in the second quarter, consumers' enthusiasm for buying was gradually released, the report said.

Manufacturers and dealers are actively carrying out various promotional activities to achieve their semi-annual targets, and coupled with local government subsidies, NEV retail sales continue to improve, the CPCA said.

Passenger vehicle sales in China are expected to be 23.5 million units in 2023, with 8.5 million units of NEVs sold and penetration expected to reach 36 percent, the CPCA said, repeating its previous forecast.

For the full year 2022, China's wholesale sales of passenger NEVs are expected to be 6.5 million units, up 96.3 percent year-on-year.

Here are the CPCA's June NEV wholesale sales figures for major automakers.

Tesla sells record 93,680 China-made vehicles in Jun

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Tesla delivers record 466,140 vehicles globally in Q2

Model 3 and Model Y delivered 446,915 units worldwide in the second quarter, beating market expectations of 437,400 and contributing 96 percent of deliveries.

Tesla (NASDAQ: TSLA) saw another record quarter of deliveries.

The US electric vehicle (EV) giant delivered 466,140 vehicles worldwide in the second quarter, up 83.02 percent year-on-year and up 10.23 percent from 422,875 in the first quarter, according to its overnight announcement.

It was also a new record for Tesla's EV deliveries and higher than the 448,400 units Wall Street analysts had expected.

Tesla's cheaper Model 3 and Model Y delivered 446,915 units worldwide in the second quarter, above market expectations of 437,400 units, contributing 96 percent of deliveries. A total of 19,255 Model S and Model X units were delivered, above expectations of 14,600 units.

Tesla produced 479,700 vehicles in the second quarter, including 460,211 Model 3 and Model Y, and 19,489 Model S with Model X.

Tesla's production and delivery gap was 13,560 units in the second quarter, down from 18,000 units in the previous quarter.

Tesla cut prices globally earlier this year, and its starting price for the Model 3 sedan came to an all-time low after it cut prices in China on January 6.

In early May, the company raised the prices of all Model 3s and Model Ys in China, all by 2,000 yuan ($275), an increase of less than 1 percent. The move was thought to be more aimed at dampening consumers' wait-and-see sentiment at the time.

In China, Tesla has a factory in Shanghai that produces the Model 3 and Model Y. It's the largest Tesla factory in the world, with an annual capacity of about 1.1 million units a year.

Tesla does not officially announce its deliveries in China, though the China Passenger Car Association (CPCA) publishes those numbers every month.

Tesla's retail sales in China in April and May were 39,956 and 42,508, respectively, and its Shanghai plant exported 35,886 and 35,187 units in the two months, according to the CPCA.

The company's June sales figures in China are expected to be available in a few days.

(OTCMKTS: BYDDY), one of Tesla's main competitors in China, delivered 703,561 new energy vehicles (NEVs) in the second quarter, including 700,244 passenger cars and 3,317 commercial vehicles, according to data released yesterday.

BYD's passenger vehicle sales in the second quarter included 352,163 battery electric vehicles (BEVs) similar to Tesla vehicles and 348,081 plug-in hybrid vehicles (PHEVs).

($1 = RMB 7.2523)

BYD sells record 253,046 NEVs in Jun, sales in H1 exceed 1.25 million

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GAC Aion sells 45,013 vehicles in Jun, 4th straight month over 40,000

The Hyper GT, the second model of 's Hyper brand, will be launched on July 3.

GAC Aion, the electric vehicle (EV) subsidiary of GAC Group, sold a record 45,013 vehicles in June, the fourth consecutive month above the 40,000 mark, according to figures released today.

That's up 86.71 percent from 24,109 units a year ago and basically flat from 45,003 units in May.

In the second quarter, GAC Aion sold 131,028 vehicles, up 136.61 percent from a year ago and up 63.16 percent from the first quarter.

It sold 211,336 units in the first half of the year, up 110.81 percent from 100,251 units in the same period last year.

The Hyper GT, the second model of GAC Aion's Hyper brand, will be launched on July 3, it said today.

The Hyper GT is a mid-to-large-size coupe that was originally unveiled at the Guangzhou auto show late last year. It measures 4,880 mm in length, 1,885 mm in width and 1,455 mm in height, and has a wheelbase of 2,910 mm.

It has a wind resistance coefficient of 0.19 Cd, the lowest of any production car in the world, GAC Aion previously claimed.

The previous production car with the lowest drag coefficient was the EQS sedan announced by Mercedes-Benz in 2021, with a drag coefficient of just 0.20 Cd.

On April 16, GAC Aion began pre-sales of the Hyper GT with a price range of RMB 219,900 ($30,320) to RMB 339,900.

Consumers can purchase the car using a battery rental model similar to , which reduces the price of the car by RMB 70,000 and requires a monthly rental fee of RMB 980.

On September 15, 2022 GAC Aion announced its new premium brand Hyper to enter the higher end of the market, with the first model being a supercar, the Hyper SSR.

GAC Aion is offering two versions of the Hyper SSR, with a pre-sale price of RMB 1,286,000 for the regular version, capable of accelerating from 0 to 100 km/h in 2.3 seconds.

The other version, Hyper SSR Ultimate, is priced at RMB 1,686,000 and can accelerate from 0 to 100 km/h in 1.9 seconds.

The model, the fastest accelerating car on the planet, will begin mass production and delivery in October 2023, GAC Aion said at the time.

($1 = RMB 7.2523)

GAC Aion sales in Jun: 45,013

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Nio adds 30 new stores, 224 charging and swap stations in Jun

As of June 30, had 125 Nio Houses and 271 Nio Spaces worldwide.

(Image credit: Nio)

Nio (NYSE: NIO) ramped up its offline store and charging facilities in June.

The company added 30 stores in June, including seven Nio Houses, 10 Nio Spaces, 11 service centers and two delivery centers, according to information it announced today.

The seven Nio Houses include five in China and two overseas.

As of June 30, Nio had 125 Nio Houses worldwide, including 119 in China and 6 overseas.

Nio's showrooms include the flagship Nio Houses as well as the smaller Nio Spaces. The former is a space where Nio gives owners a quality lifestyle, in addition to displaying vehicles and selling them.

The company's 10 new Nio Spaces added in June include eight in China and two overseas. The total number of the facility now stands at 271 globally, including 263 in China and eight overseas.

In June, Nio added 11 new service centers, including four in China and seven overseas. This brings the total number of the facility to 307, including 258 in China and 49 overseas.

The two new Nio delivery centers added in June are all located in China.

Nio also added 97 battery swap stations in June, including 95 in China and 2 overseas.

As of June 30, Nio had 1,561 battery swap stations worldwide, with 1,543 in China and 18 overseas.

Nio also added 127 charging stations in June, including 79 supercharging stations and 48 destination charging stations.

As of June 30, Nio had 2,775 charging stations, with 2,767 in China and 8 overseas.

Nio's charging map had access to 125,750 new third-party charging piles in June, including more than 100,000 added overseas.

Nio's charging map now has access to more than 1,240,000 third-party charging piles, including more than 500,000 overseas.

Nio puts 29 swap stations into operation, most ever in single day

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Zeekr delivers 10,620 vehicles in Jun, begins offering large purchase benefits

is offering customers who buy the Zeekr 001 at least RMB 28,000 worth of option benefits in the third quarter, as it aims to deliver about 140,000 vehicles this year.

's premium electric vehicle (EV) brand Zeekr is back above the 10,000-unit mark in monthly deliveries and is starting to offer limited-time benefits for its flagship model to meet annual delivery targets.

Zeekr delivered 10,620 units in June, up 146.86 percent year-on-year and up 22.38 percent from May, according to data released today.

This is the fifth sequential increase in monthly deliveries for Zeekr. It delivered above 10,000 units each month in the fourth quarter of last year, but deliveries fell to 3,116 units in January, due in part to a plant shutdown for an upgrade.

In the second quarter, Zeekr delivered 27,399 vehicles, up 154.42 percent year-on-year and up 79.85 percent from the first quarter.

In the first half of the year, Zeekr delivered 42,633 vehicles, up 124.27 percent from 19,010 vehicles in the same period last year.

Zeekr aims to double its deliveries this year from last year to about 140,000 units, which means it will need to deliver an average of about 16,230 vehicles per month in the second half of this year.

At the end of June, Zeekr's cumulative deliveries since its inception stood at 120,581 vehicles, according to data monitored by CnEVPost.

Zeekr was officially launched as an independent company in March 2021, with its first model, the Zeekr 001, launched on April 15, 2021, and deliveries beginning in October 2021.

On November 1, 2022, Zeekr's second model, the Zeekr 009 MPV, was launched, and its deliveries began on January 15.

On April 12, Zeekr launched its third model, the Zeekr X, and its deliveries in China began on June 12.

To meet full-year sales targets and to address the increasingly competitive EV market, Zeekr today announced the start of a limited-time free option benefit for the Zeekr 001, valid from July-September.

Chinese consumers will receive a free blue exterior trim valued at RMB 6,000 ($830) with the purchase of the entire Zeekr 001 model line.

The Zeekr 001 is currently available in four versions -- WE with a 100-kWh battery pack, WE with an 86 kWh battery pack, ME with a 100 kWh battery pack and YOU with a 100 kWh battery pack, with starting prices of RMB 300,000, RMB 300,000, RMB 349,000 and RMB 349,000 respectively.

Customers who purchase the WE version in the third quarter will receive a free option fund worth RMB 28,000 to receive upgrades including a 100-kWh battery pack, dual-motor 4WD, or air suspension.

Customers who purchase the Zeekr 001 ME Edition will receive a free optional air suspension package worth RMB 28,000.

Customers who purchase the YOU Edition model will receive a free optional Z-Sport package worth RMB 35,000, according to Zeekr.

In addition, customers who purchase the Zeekr 001 YOU Edition can also receive free lifetime charging rights or one-time credits worth RMB 12,000.

Zeekr also offers limited-time loan offers for all models, including a 2-year 0 percent interest, or 5-year 1.99 percent low-interest finance package capped at RMB 200,000.

($1 = RMB 7.2523)

Zeekr deliveries in Jun: 10,620

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Self-driving chip maker Black Sesame files for HK listing

Black Sesame is the world's third largest supplier of automotive SoCs with high computing power by 2022 shipments.

(Image credit: Black Sesame Technologies)

Black Sesame Technologies, a self-driving chip startup, has filed for a listing on the Hong Kong Stock Exchange and is expected to be the first Chinese company to go public in the area.

Black Sesame has not yet announced the number of shares it plans to issue or the amount of capital it will raise, but has provided a detailed description of its business, according to a prospectus released today.

Founded in 2016, Black Sesame is a supplier dedicated to automotive SoCs and solutions, and was one of the first companies in China to lay out its presence in the autonomous driving chip space.

In January 2018, Black Sesame announced the completion of a Series A+ financing round of nearly RMB 100 million, led by Capital.

The company's products include the Huashan series of autonomous driving SoCs and recently launched the Wudang series of cross-domain SoCs.

Black Sesame is the world's third largest supplier by shipments of automotive SoCs high computing power in 2022, its prospectus said, citing data from Frost & Sullivan.

Black Sesame has received intent orders for 15 models from 10 automotive OEMs and Tier 1 suppliers, and has partnered with more than 30 automotive OEMs and Tier 1 suppliers.

Black Sesame's revenue in 2020, 2021 and 2022 were RMB 53.02 million ($7.32 million), RMB 60.5 million and RMB 165 million, respectively.

It will invest RMB 255 million, RMB 594 million and RMB 766 million in R&D in these three years, respectively.

In 2020, 2021 and 2022, Black Sesame's annual adjusted net loss were RMB 273 million, RMB 614 million and RMB 700 million, respectively.

Black Sesame expects its net loss to increase significantly in 2023, as it is in the process of expanding its business and operations in the automotive SoC and solutions market and continues to invest in research and development.

The company provided products and solutions to 89 Chinese and overseas customers in 2022, shipping more than 25,000 SoC products and contributing 86 percent of annual revenue.

Based on 2022 shipments, Black Sesame's share of the market for SoCs with high computing power in China and globally were 5.2 percent and 4.8 percent, respectively, according to its prospectus.

($1 = RMB 7.2466)

Dongfeng to build smart driving platform based on Black Sesame's chips

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China’s extended tax breaks should facilitate steady EV sector growth, Fitch says

PHEVs get the same tax exemption as BEVs, and the extension of the tax break will attract more automakers to the market, Fitch said.

(Image credit: CnEVPost)

China last week extended tax incentives for new energy vehicles (NEVs) for four years, a move that in the view of international credit rating agency Fitch Ratings could help renew electrification momentum.

China's extension of tax breaks for electric vehicle (EV) purchases should facilitate steady growth in the sector, while the continued coverage of subsidies for plug-in hybrid electric vehicles (PHEVs) reinforces Fitch's view that such vehicles will be a key catalyst for China's transition to EVs, analyst Jing Yang's team said in a June 28 research note.

On June 21, China's Ministry of Finance announced that NEVs with a purchase date between January 1, 2024, and December 31, 2025, will continue to be exempt from vehicle purchase tax, but the exemption will not exceed RMB 30,000 yuan ($4,340) per vehicle.

For NEVs with a purchase date between January 1, 2026 and December 31, 2027, the vehicle purchase tax will be levied at half the normal rate, with a tax reduction of no more than RMB 15,000 per vehicle.

"We believe the renewal of tax waivers for consumers purchasing EVs until end-2025 aligns with market expectations. Purchase taxes will be halved in 2026-2027 and then return to normal levels," Fitch said.

Sales of PHEVs, including extended-range electric vehicles (EREVs), will continue to grow rapidly under the updated policy, with these vehicles receiving the same tax exemption as battery electric vehicles (BEVs), the note said.

PHEVs are a close substitutes to traditional internal combustion engine vehicles because drivers do not suffer from mileage anxiety or charging inconvenience, and are therefore widely seen as a transitional product before the market shifts completely to BEVs, Fitch said.

PHEVs' share of China's EV market soars from 17 percent in 2021 to 28 percent in January-May 2023, Fitch said.

Competition in the PHEVs segment has intensified, and the extension of tax breaks will attract more automakers to the market, according to the note.

Plug-in hybrids are an easier sub-segment for traditional automakers to compete in than BEVs, with Great Wall Motor, and Changan Automobile all launching competitively priced plug-in hybrids this year, Fitch said.

Joint venture brands, despite having a firmer foothold in the market, have been slowed due to their global parent companies' focus on BEVs and less attractive pricing, the note said.

Tax breaks for high-end EVs will remain in place, which could ease local automakers' concerns about upgrading to premium EV brands, did not expect the waivers to be renewed, and should incentivize traditional luxury carmakers to transition faster toward EVs, Fitch said.

The latest program exempts consumers who buy battery swap-enabled EVs from the battery tax for the first time, Fitch noted, saying it expects this to benefit EV brands selling high-end BEVs with battery swap capability and to encourage automakers to adopt the model.

Overall, Fitch believes the subsidy extension will have little impact on EV sales in China in 2023 and continues to forecast EV deliveries to grow by more than 30 percent during the year and EV market penetration to reach 35 percent.

However, the extension could reduce front-loaded purchases in the fourth quarter of 2023, as consumers will no longer be eager to take advantage of expiring tax breaks, Fitch said.

($1 = RMB 7.2506)

China's Ministry of Finance explains in detail how consumers will enjoy NEV tax breaks in 2024-2027

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