Category: China

Tesla delivers 42,508 vehicles in China in May, taking 7.3% share of NEV market

ranked third in the CPCA's NEV retail sales rankings, with and in first and second place with 38.1 percent and 7.8 percent shares, respectively.

Tesla (NASDAQ: TSLA) retail sales in China in May were 42,508 units, ranking third in the country's new energy vehicle (NEV) market with a 7.3 percent share, according to data released by the China Passenger Car Association (CPCA) on June 9.

That's up 332.65 percent from 9,825 units in the same month last year and up 6.39 percent from 39,956 units in April, according to data monitored by CnEVPost.

BYD's retail sales in May were 220,735 units, up 94.0 percent year-on-year, placing it first in the NEV market with a 38.1 percent share, according to the CPCA's ranking.

Tesla has a factory in Shanghai, its largest in the world, producing the Model 3 and Model Y, with an annual capacity of more than 1.1 million units.

Model 3 and Model Y breakdown sales figures in China are not yet available. Tesla's pattern is to produce vehicles in the first half of each quarter primarily for export and in the second half for the local market.

China's new energy passenger vehicle retail sales in May were 580,000 units, including 388,000 battery electric vehicles (BEVs) and 192,000 plug-in hybrids (PHEVs), data released by the CPCA on June 8 showed.

This means that Tesla's share of the BEV market in China was 10.96 percent in May, slightly higher than April's 10.8 percent. It had a slightly lower share of the NEV market in May than the 7.58 percent it had in April.

Tesla's Shanghai plant exported 35,187 vehicles in May, considering the CPCA said on June 5 that Tesla sold 77,695 China-made vehicles in May.

That export figure was up 57.51 percent year-on-year but down 1.95 percent from April, CnEVPost's calculations show.

In the ranking released yesterday by the CPCA, GAC Aion came in second with a 7.8 percent share of May retail sales at 45,003 units, up 113.7 percent year-on-year.

SAIC-GM-Wuling ranked fourth with a 6.3 percent share of May retail sales, up 13.7 percent to 36,253 units.

ranked fifth with a 4.9 percent share of May retail sales, up 146.0 percent to 28,277 units.

ranked sixth with a 4.4 percent share, Changan Auto ranked seventh with a 4.2 percent share, Great Wall Motor ranked eighth with a 3.6 percent share, Leapmotor ranked ninth with a 2.1 percent share and Auto ranked 10th with a 1.9 percent share.

CPCA rankings: Top-selling automakers in China in May

The post Tesla delivers 42,508 vehicles in China in May, taking 7.3% share of NEV market appeared first on CnEVPost.

For more articles, please visit CnEVPost.

NIO Q1 earnings: Deutsche Bank’s first look

reported weak first-quarter underlying results but showed surprising Opex discipline to start the year and also presented a better-than-feared outlook for second-quarter sales, Edison Yu's team said.

NIO (NYSE: NIO) today reported weaker-than-expected first-quarter earnings, but emphasized on the analyst call that more prudent cash management will follow, as well as expressing confidence in delivering 20,000 vehicles per month in the coming months.

As usual, Deutsche Bank analyst Edison Yu's team provided their first impressions of the earnings report.

Here's what the team had to say.

1Q23 Earnings First Look

NIO reported soft underlying 1Q results, largely as previewed but showed surprising opex discipline to start the year, and also initiated a better than feared 2Q volume outlook.

Deliveries for the first quarter were already reported at 31,041 units, leading to revenue of 10.7bn RMB, vs. our/consensus 10.9bn/11.7bn forecasts, hurt by lower ASP.

Gross margin of 1.5% was below our 2.5% forecast (consensus >7%), driven by downside in vehicle margin (5.1% vs. our 6.5%), partially offset by better "other" margin (-21.0% or +870bps QoQ).

Opex of 5.5bn was materially below our expectations, both on R&D and SG&A.

All together, adjusted EPS of (2.51) came in better than our/consensus estimates.

Management provided a stronger than expected outlook for 2Q23, calling for 23,000-25,000 deliveries. This compares to our 23,000 unit forecast and suggests June will be up materially QoQ (~11,000 at mid-point vs. just 6,155 in May) as the new ES6 ramps up quickly.

We suspect there were concerns June may see some supply chain constraints that don't appear to be materializing. This translates into 8.7-9.4bn RMB in revenue, vs. our 9.0bn forecast.

Looking beyond, management is targeting >20,000 deliveries per month in 2H including 10,000 of new ES6 in July. This will likely be difficult to achieve (sustain at least), in our view, given underperformance of the sedans (ET5, ET7) and we don't think management will get credit for this.

On vehicle margin, 2Q will still be under pressure with 3Q recovering back to double digits and 4Q >15%.

R&D is expected to still trend around 3-3.5bn (non-GAAP basis) per quarter and SG&A will step up sequentially in 2Q although the CEO's tone suggested certain incremental spend could potentially get pushed out at least until the performance of core NIO stabilizes.

Lastly, NIO is officially pushing out its operating profit breakeven target by a year (or less), which is long overdue based on our latest modeling.

NIO Q1 earnings miss expectations, gross margin drops to 1.5%

The post NIO Q1 earnings: Deutsche Bank's first look appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Top-selling cars in May 2023 in China – BYD first, Volkswagen second, Toyota third

According to the data released by the China Passenger Car Association (CPCA), the Chinese market witnessed the sale of 1.742 million new cars in May 2023. This represents a 7% increase compared to the previous month. Notably, among these sales, 388,000 were electric vehicles (EVs), and 192,000 were plug-in hybrid electric vehicles (PHEVs), collectively known […]

The post Top-selling cars in May 2023 in China – BYD first, Volkswagen second, Toyota third appeared first on CarNewsChina.com.

NIO Q1 earnings call: Live text updates

(Image credit: CnEVPost)

is holding a first-quarter earnings analyst call and this article will provide key highlights from the call, with the latest being at the top.

NIO is confident that the gross margin will return to double digits in the third quarter and to 15 percent in the fourth quarter.

NIO ES6's locked-in orders have met expectations and the test drive conversion rate is the highest of any model.

NIO is targeting 10,000 units of the new ES6 for both production and delivery in July.

The other models besides ES6 still have a chance to achieve the target of 20,000 units delivered per month, except that the ET5 faces a greater challenge after the withdrawal of national subsidies.

NIO will launch ET5 Touring on June 15.

The sub-brand ALPS is still on track and will start delivering products in the second half of next year. NIO will be managed more carefully in terms of pace and efficiency.

The development of models for NIO's second-generation platform has been completed, and now we need to think about how the marketing team can better sell the cars.

NIO's goal is to obtain a fair share of the current eight vehicles in their segments.

NIO Q1 earnings miss expectations, gross margin drops to 1.5%

The post NIO Q1 earnings call: Live text updates appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Q1 earnings: How does NIO compare to XPeng and Li Auto?

and both saw net losses in the first quarter, while posted net income.

With the release of NIO's (NYSE: NIO) financial results, the trio of US-listed Chinese electric vehicles all reported first-quarter earnings.

With this article, we try to give readers a quick look at how the financials of NIO, XPeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) compare in a few charts.

It should be noted that NIO and XPeng currently offer only battery electric vehicles (BEVs), a fast-growing but small market in China that currently accounts for about 30 percent of all passenger car sales.

Li Auto's full range of vehicles are extended-range electric vehicles (EREVs), essentially plug-in hybrids, targeting a much larger market.

In terms of quarterly deliveries, all three companies are essentially continuing to grow in 2020-2021.

In the first quarter of 2022 so far, NIO and XPeng have had a weak delivery performance, while Li Auto's has continued to grow, especially in the last two quarters.

In the first quarter of the year, Li Auto delivered 52,584 vehicles, while NIO and XPeng delivered 31,041 and 18,230, respectively.

Since all three companies derive their revenue primarily from car sales, the change in deliveries essentially corresponds to the change in revenue.

In the first quarter, Li Auto's revenue was RMB 18.8 billion, NIO was RMB 10.7 billion and XPeng was RMB 4.03 billion.

Their gross margins have been relatively stable over the past two years, with NIO and XPeng declining significantly over the past two quarters due to promotional activities.

Li Auto's gross margin has rebounded over the past two quarters after seeing a decline in the third quarter of last year.

NIO and XPeng has been continuing to face net losses while Li Auto has been profitable for multiple quarters.

In the first quarter, NIO had a net loss of RMB 4.74 billion, XPeng had a net loss of RMB 2.34 billion, and Li Auto achieved net income of RMB 934 million.

NIO Q1 earnings miss expectations, gross margin drops to 1.5%

The post Q1 earnings: How does NIO compare to XPeng and Li Auto? appeared first on CnEVPost.

For more articles, please visit CnEVPost.

NIO reports weaker-than-expected Q1 earnings, gross margin falls to 1.5%

reported revenue of RMB 10.68 billion in the first quarter, below market expectations of RMB 12.275 billion, compared to RMB 9.911 billion in the same period last year.

Previous data showed that NIO delivered 31,041 vehicles in the first quarter, slightly above the lower end of the guidance range of 31,000 to 33,000 vehicles.

NIO's previous revenue guidance for the first quarter was between RMB 10.93 billion and RMB 11.54 billion.

Below is its press release, as the CnEVPost article is being updated.

otal revenues in the first quarter of 2023 were RMB10,676.5 million (US$1,554.6 million), representing an increase of 7.7% from the first quarter of 2022 and a decrease of 33.5% from the fourth quarter of 2022.

Vehicle sales in the first quarter of 2023 were RMB9,224.5 million (US$1,343.2 million), representing a decrease of 0.2% from the first quarter of 2022 and a decrease of 37.5% from the fourth quarter of 2022. The decrease in vehicle sales over the first quarter of 2022 was mainly due to lower average selling price as a result of higher proportion of ET5 and 75 kWh standard-range battery pack deliveries, partially offset by an increase in delivery volume.

The decrease in vehicle sales over the fourth quarter of 2022 was mainly due to a decrease in delivery volume, and lower average selling price as a result of higher proportion of ET5 and 75 kWh standard-range battery pack deliveries.

Other sales in the first quarter of 2023 were RMB1,452.0 million (US$211.4 million), representing an increase of 117.8% from the first quarter of 2022 and an increase of 11.3% from the fourth quarter of 2022.

The increase in other sales over the first quarter of 2022 was mainly due to the increase in sales of accessories, provision of repair and maintenance services, provision of auto financing services, sales of used cars and provision of power solutions, as a result of continued growth of our users.

The increase in other sales over the fourth quarter of 2022 was mainly due to the increase in provision of auto financing services, sales of accessories, provision of repair and maintenance services, provision of power solutions and sales of used cars, as a result of continued growth of our users, and partially offset by a decrease in revenue from rendering of research and development services.
Cost of Sales and Gross Margin

Cost of sales in the first quarter of 2023 was RMB10,514.2 million (US$1,531.0 million), representing an increase of 24.2% from the first quarter of 2022 and a decrease of 31.9% from the fourth quarter of 2022.

The increase in cost of sales over the first quarter of 2022 was mainly driven by the increase in (i) delivery volume, and (ii) cost from the sales of accessories, provision of repair and maintenance services, sales of used cars and provision of power solutions, associated with increased vehicle sales and expanded power and service network. The decrease in cost of sales over the fourth quarter of 2022 was mainly attributed to (i) the decrease in delivery volume, (ii) the decrease in average material cost per vehicle as a result of higher proportion of ET5 and 75 kWh standard-range battery pack deliveries, and (iii) the inventory provisions, accelerated depreciation on production facilities, and losses on purchase commitments related to the previous generation of ES8, ES6 and EC6 in the fourth quarter of 2022.

Gross profit in the first quarter of 2023 was RMB162.3 million (US$23.6 million), representing a decrease of 88.8% from the first quarter of 2022 and a decrease of 73.9% from the fourth quarter of 2022.

Gross margin in the first quarter of 2023 was 1.5%, compared with 14.6% in the first quarter of 2022 and 3.9% in the fourth quarter of 2022. The decrease of gross margin from the first quarter of 2022 and the fourth quarter of 2022 was mainly attributed to the decreased vehicle margin.

Vehicle margin in the first quarter of 2023 was 5.1%, compared with 18.1% in the first quarter of 2022 and 6.8% in the fourth quarter of 2022. The decrease in vehicle margin from the first quarter of 2022 was mainly attributed to changes in product mix and increased battery cost per unit.

The decrease in vehicle margin from the fourth quarter of 2022 was mainly due to (i) changes in product mix, and (ii) increased promotion discount for the previous generation of ES8, ES6 and EC6, which were partially offset by (iii) the inventory provisions, accelerated depreciation on production facilities, and losses on purchase commitments for the previous generation of ES8, ES6 and EC6 in the fourth quarter of 2022.

Operating Expenses

Research and development expenses in the first quarter of 2023 were RMB3,075.6 million (US$447.8 million), representing an increase of 74.6% from the first quarter of 2022 and a decrease of 22.7% from the fourth quarter of 2022.

Excluding share-based compensation expenses, research and development expenses (non-GAAP) were RMB2,711.6 million (US$394.8 million), representing an increase of 79.1% from the first quarter of 2022 and a decrease of 23.7% from the fourth quarter of 2022. The increase in research and development expenses over the first quarter of 2022 was mainly attributed to the increased personnel costs in research and development functions and the increased share-based compensation expenses recognized in the first quarter of 2023.

The decrease in research and development expenses over the fourth quarter of 2022 reflected fluctuations due to different design and development stages of new products and technologies.

Selling, general and administrative expenses in the first quarter of 2023 were RMB2,445.9 million (US$356.2 million), representing an increase of 21.4% from the first quarter of 2022 and a decrease of 30.7% from the fourth quarter of 2022.

Excluding share-based compensation expenses, selling, general and administrative expenses (non-GAAP) were RMB2,239.3 million (US$326.1 million), representing an increase of 24.3% from the first quarter of 2022 and a decrease of 31.2% from the fourth quarter of 2022.

The increase in selling, general and administrative expenses over the first quarter of 2022 was mainly attributed to (i) the increase in personnel costs related to sales and general corporate functions, and (ii) the increase in expenses related to the Company's sales and service network expansion. The decrease in selling, general and administrative expenses over the fourth quarter of 2022 was mainly due to the decrease in sales and marketing activities and professional services.
Loss from Operations

Loss from operations in the first quarter of 2023 was RMB5,111.8 million (US$744.3 million), representing an increase of 133.6% from the first quarter of 2022 and a decrease of 24.1% from the fourth quarter of 2022. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB4,522.4 million (US$658.5 million) in the first quarter of 2023, representing an increase of 163.6% from the first quarter of 2022 and a decrease of 24.8% from the fourth quarter of 2022.
Net Loss and Earnings Per Share/ADS

Net loss in the first quarter of 2023 was RMB4,739.5 million (US690.1 million), representing an increase of 165.9% from the first quarter of 2022 and a decrease of 18.1% from the fourth quarter of 2022. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB4,150.1 million (US604.3 million) in the first quarter of 2023, representing an increase of 216.9% from the first quarter of 2022 and a decrease of 18.1% from the fourth quarter of 2022.

Net loss attributable to NIO's ordinary shareholders in the first quarter of 2023 was RMB 4,803.6 million (US$699.5 million), representing an increase of 163.2% from the first quarter of 2022 and a decrease of 17.8% from the fourth quarter of 2022. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO's ordinary shareholders (non-GAAP) was RMB 4,141.8 million (US$603.1 million) in the first quarter of 2023.

Basic and diluted net loss per ordinary share/ADS in the first quarter of 2023 were both RMB2.91 (US$0.42), compared with RMB1.12 in the first quarter of 2022 and RMB3.55 in the fourth quarter of 2022. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per share/ADS (non-GAAP) were both RMB2.51 (US$0.36), compared with RMB0.79 in the first quarter of 2022 and RMB3.07 in the fourth quarter of 2022.

Balance Sheet

Balance of cash and cash equivalents, restricted cash, short-term investment and long-term time deposits was RMB37.8 billion (US$5.5 billion) as of March 31, 2023.

Business Outlook

For the second quarter of 2023, the Company expects:

Deliveries of vehicles to be between 23,000 and 25,000 vehicles, representing a decrease of approximately 8.2% to 0.2% from the same quarter of 2022.

Total revenues to be between RMB8,742 million (US$1,273 million) and RMB9,370 million (US$1,364 million), representing a decrease of approximately 15.1% to 9.0% from the same quarter of 2022.

The post NIO reports weaker-than-expected Q1 earnings, gross margin falls to 1.5% appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Eve Energy to invest up to $1.4 billion in Hungary battery plant

Eve Energy will build a project for large cylindrical batteries for passenger cars in Hungary over a four-year construction period.

(Image credit: Eve Energy)

Chinese lithium battery maker Eve Energy plans to invest more than $1 billion in a battery plant in Hungary to expand its presence in overseas markets.

Eve Energy's board of directors has given its subsidiary EVE Power Hungary Kft the go-ahead to build a large cylindrical battery project for passenger cars in Hungary, with an investment amount not exceeding RMB 9.97 billion ($1.4 billion).

The project is located in Debrecen, Hungary, and the construction period is four years, according to an announcement yesterday by the Shenzhen-listed company.

The project will help improve the company's global industrial layout and promote the smooth progress of its overseas business, the announcement said.

It will also facilitate the company's rapid response to local demand for new energy vehicle (NEV) power batteries from key customers in Hungary and take on more orders from customers in Europe, Eve Energy said.

EVE Power Hungary signed an agreement on May 9 with Debreceni, a subsidiary of Hungary's Debrecen government, to purchase land owned by the latter in the city's northwest industrial zone for the production of cylindrical power batteries, according to a Shenzhen Stock Exchange announcement at the time.

The land has an area of 45 hectares and the purchase price is 22.5 euros per square meter plus VAT, for a total price of about 12.86 million euros, according to the announcement.

The deal will meet the company's need for production land for future growth and further scale up its production capacity for power and energy storage batteries, Eve Energy said.

Eve Energy's announcement provided no further information, though the move appears to be in preparation for supplying BMW.

On September 9, 2022, Eve Energy announced that it had finalized a battery supply relationship with BMW Group to supply large cylindrical lithium-ion cells for the latter's Neue Klasse line of models.

BMW also said at the time in a post on its official WeChat account that it had awarded contracts worth more than 10 billion euros to and Eve Energy to meet the demand for cells for the new generation of models.

The two partners will each build two battery plants in China and Europe, each with an annual capacity of 20 GWh, BMW said at the time, adding that it will also look for partners to build two more battery plants in the North American Free Trade Area.

Eve Energy is one of China's largest battery makers, with 1.33 GWh of batteries installed in May, ranking fourth with a 4.71 percent share, according to the China Automotive Battery Innovation Alliance (CABIA) earlier today.

($1 = RMB 7.1227)

China EV battery installations in May: BYD extends lead in LFP market

The post Eve Energy to invest up to $1.4 billion in Hungary battery plant appeared first on CnEVPost.

For more articles, please visit CnEVPost.

China EV battery installations in May: BYD extends lead in LFP market

remains the largest power battery maker in China, but 's lead in the LFP market expanded in May.

After regaining the top spot in the lithium iron phosphate (LFP) market over CATL in April, BYD extended its lead in this segment in May.

In May, China's power battery installations were 28.2 GWh, up 52.1 percent year-on-year and up 12.3 percent from 25.1 GWh in April, according to data released today by the China Automotive Battery Innovation Alliance (CABIA).

CATL's power battery installed base in May was 11.67 GWh, ranking first with a 41.31 percent share, up from 40.83 percent in April.

BYD's power battery installed base in May was 8.68 GWh, ranking second with a 30.72 percent share, up 1.61 percentage points from 29.11 percent in April.

CALB ranked third with a 7.76 percent share of 2.19 GWh in May, down 0.98 percentage points from 8.74 percent in April.

Eve Energy ranked No. 4 in May with 1.33 GWh installed base and 4.71 percent share, down 0.77 percentage points from 5.48 percent in April.

Gotion High-tech ranked 5th in May with 1.01 GWh of installed base and a 3.58 percent share.

Gotion ranked fourth in March with 4.51 percent share, but was overtaken by Eve Energy in April.

China's ternary battery installed base in May was 9.0 GWh, accounting for 32.0 percent of total installed base, up 8.7 percent year-on-year and up 12.8 percent from April.

The installed base of LFP batteries was 19.2 GWh, accounting for 67.8 percent of the total installed base, up 87.2 percent year-on-year and up 11.8 percent from April.

In the LFP battery market, BYD installed 8.68 GWh in May, topping the list with a 45.30 percent share, up from 42.68 percent in April.

CATL's installed base in the LFP battery market in May was 5.90 GWh, ranking second with a 30.81 percent share, down from 33.65 percent in April.

In March, CATL's share of the LFP market was 39.47, higher than BYD's 38.88 percent, marking the first time it has overtaken BYD in this segment during the year.

BYD's share of the LFP market rebounded to 42.68 percent in April, regaining the lead over CATL's 33.65 percent.

Eve Energy and CALB ranked third and fourth in the LFP battery market with 6.33 percent and 6.14 percent shares, respectively.

In the ternary battery market, CATL ranked first with 63.87 percent of the installed base in May with 5.77 GWh.

CALB and LG Energy Solution ranked second and third in the ternary battery market with 11.26 percent and 7.48 percent shares, respectively.

China EV battery installations in May: 28.2 GWh

The post China EV battery installations in May: BYD extends lead in LFP market appeared first on CnEVPost.

For more articles, please visit CnEVPost.

driive.com
All about Smart and Sustainable Mobility

Archives

October 2024
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031