Category: China

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 sells record 93,680 China-made vehicles in Jun

In the second quarter, sold 247,217 China-made vehicles, contributing 53 percent of its global deliveries.

Tesla sold a record 93,680 China-made vehicles in June, surpassing the previous record of 88,869 vehicles in March, according to data released today by the China Passenger Car Association (CPCA).

That's up 18.72 percent from 78,906 vehicles in the same period last year and up 20.57 percent from 77,695 vehicles in May.

In the second quarter, Tesla sold 247,217 China-made vehicles, contributing 53 percent of the US electric vehicle (EV) maker's global deliveries, CnEVPost's calculations show.

Tesla reported on July 2 that it delivered 466,140 EVs globally in the second quarter, up 83.02 percent year-on-year and up 10.23 percent from 422,875 vehicles in the first quarter.

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

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

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

Tesla delivers record 466,140 vehicles globally in Q2

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China NEV insurance registrations for week ending Jul 2: Tesla 17,400, Li Auto 6,500, Nio 4,100

's sales of 4,100 units last week are second only to in the table.

Li Auto (NASDAQ: LI) shares last week's sales of major new car makers in China, showing how it and its major peers fared.

For the week of June 26 to July 2, Li Auto sold 6,500 units, continuing to top the sales chart for China's new car-making brands, the company said today on Weibo.

Li Auto did not explain on what basis the weekly sales were measured, but apparently they were insurance registrations. The company had suspended sharing those numbers in May, but has since resumed sharing them.

In June, Li Auto exceeded 30,000 monthly deliveries for the first time, making it the fifth luxury brand to exceed 30,000 monthly deliveries after Mercedes-Benz, BMW, Audi and , and the only Chinese luxury brand among them, it said.

In July, Li Auto will challenge higher sales targets to become the luxury car brand of choice for more families, the company said.

Li Auto released data on July 1 showing it delivered a record 32,575 vehicles in June, the first time it has surpassed the 30,000 mark.

In the second quarter, Li Auto delivered 86,533 vehicles, up 201.65 percent year-on-year and up 64.56 percent from the first quarter, exceeding the upper end of its previously provided guidance range of 76,000 to 81,000 vehicles.

In the first half of the year, Li Auto delivered 139,117 vehicles, up 130.31 percent year-on-year, surpassing last year's full-year deliveries of 133,246.

Nio (NYSE: NIO) sold 4,100 units last week, second only to Li Auto among China's new car-making brands.

Nio delivered 10,707 vehicles in June, up 73.96 percent from 6,155 in May, although down 17.39 percent from 12,961 in the same month last year.

The deliveries included 6,383 SUVs, and 4,324 sedans, Nio said on July 1, without disclosing figures for specific models.

In the second quarter, Nio delivered 23,520 vehicles, down 6.14 percent from a year ago and down 24.23 percent from the first quarter. The deliveries were slightly above the lower end of the guidance range it provided on June 9 of 23,000 to 25,000 vehicles.

In the first half of the year, Nio delivered 54,561 vehicles, an increase of 7.35 percent year-on-year.

Nio's delivery rebound in June was helped by the start of deliveries of several new models, especially the new ES6.

The company launched the new ES6, based on the NT 2.0 platform, in China on May 24, with deliveries starting on launch night.

On June 15, Nio launched the ET5 Touring in China, with deliveries starting on June 16.

On June 28, Nio began deliveries in China for the new ES8, the flagship SUV launched on Nio Day 2022 on December 24, 2022.

Tesla (NASDAQ: TSLA) sold 17,400 units last week, ranking fourth among premium brands, according to the table shared by Li Auto.

The top-selling premium brands in China last week continued to be German luxury brands BMW, Audi and Mercedes-Benz, with 20,800, 20,500 and 19,600 respectively.

Li Auto was No. 6 in premium brand sales, behind Cadillac. Nio was No. 9, behind Volvo and Lexus.

Leapmotor was at 3,400 last week, at 3,200, at 3,100 and (NYSE: XPEV) at 2,700.

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

Denza has delivered more than 10,000 vehicles for four consecutive months, and with the N7 SUV targeting a larger market, it is expected to gain further momentum.

's (OTCMKTS: BYDDY) joint venture with Mercedes-Benz, Denza, which was unknown in China until a few years ago, gained momentum as BYD took a controlling stake in the company last year. Now, Denza is looking to build further on it.

Denza officially launched the Denza N7 at an event in Beijing on Monday, and the electric SUV targets the market where the Model Y sits with a starting price of RMB 301,800 ($41,680).

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. This Tesla model was the best-selling SUV in China from January to May.

Denza was established in 2010 as a joint venture between BYD and Daimler, with each holding a 50 percent stake at the time. In February 2022, the Daimler brand was rebranded as Mercedes-Benz. BYD increased its stake in Denza to 90 percent last year.

In August 2022, Denza launched the D9 MPV, the brand's first model after the reorganization. The Denza N7 is the second model after Denza's shareholding change and its first SUV.

Before the D9 was launched, Denza had little presence in China. With the D9 providing a new option for the MPV market, Denza has become one of the top new car-making brands in China in terms of deliveries.

In June, the Denza delivered 11,058 vehicles, marking the fourth consecutive month above the 10,000-unit mark, according to data released by BYD yesterday.

It is worth noting that these sales were contributed by the D9, while MPVs traditionally have a small total addressable market in China, only about 10 percent of the market for sedan or SUV models.

In May, retail sales of sedans in China were 851,469 units, SUVs were 795,611 units, and MPVs were only 94,983 units, according to the China Passenger Car Association (CPCA).

With the launch of the N7, Denza enters a market with significantly more space and is expected to see a further increase in sales.

The Denza N7 has received more than 20,000 pre-orders since it began accepting customer reservations on April 18, said Zhao Changjiang, general manager of Denza's sales division, at the launch event.

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 announced 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 can see the prices be reduced by RMB 18,000, resulting in two Air versions priced at RMB 301,800 and RMB 321,800, respectively.

The Denza N7 comes standard with BYD's signature blade battery based on lithium iron phosphate chemistry, all with a capacity of 91.3 kWh.

The two least expensive of these are the rear-wheel drive models with 230 kW of peak motor power and 360 Nm of peak torque, which can sprint from 0 to 100 km/h in 6.8 seconds. They both have a CLTC range of 702 km.

The other four higher-priced versions are four-wheel-drive models with 390 kW peak battery power and 670 Nm peak torque that can sprint from 0 to 100 km/h in 3.9 seconds. They have a CLTC range of 630 km.

Like the D9, the Denza N7 supports simultaneous charging with two charging guns, up to 150 kW when using one and 230 kW when using two.

In contrast to BYD's approach, Denza began the presentation by highlighting the N7's assisted driving capabilities, saying that the model is equipped with BYD's "Eyes of the God" driver-assisted driving system for the first time.

The Denza N7's assisted driving system includes two options, a standard version and an advanced version, the latter of which will use Nvidia's Orin-X chip with 254 TOPS of computing power.

The Denza N7 with the advanced version of the assisted driving solution will receive highway pilot assisted driving capability by the end of this year, while that capability in urban areas will become available in the first quarter of next year.

Denza did not mention information about the chip supplier for the standard version of the system, which is likely to be a lower-cost solution from a local manufacturer.

Denza N7 will be available for test drives on July 4, with deliveries starting in mid-July, Zhao said at the model's launch event.

($1 = RMB 7.2410)

Denza shows interior details of new SUV N8

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Deutsche Bank on China EV sales: Jun gathering momentum

After the price cut and a series of new models, sales could reach 20,000 units per month in the third quarter, according to Edison Yu's team.

China's major electric vehicle (EV) makers recently announced their June deliveries, and Deutsche Bank analyst Edison Yu's team provided their take, as usual.

"June EV sales surprised to the upside as demand picked up, likely signaling some normalization in consumer behavior and release of pent-up demand from buyers taking advantage of low prices," the team said in a research note sent to investors today.

(NASDAQ: LI) again led the way among the upstarts, setting a new monthly record, while Nio (NYSE: NIO) saw a large improvement in monthly sales, driven by the speedy ramp-up of the ES6, the team noted.

Looking ahead, pressure will be on Nio and (NYSE: XPEV) to deliver big growth in the second half with new vehicle launches, while Li Auto works to increase its already strong order book, Yu's team said.

As a backdrop, Nio delivered 10,707 vehicles in June, up 73.96 percent from 6,155 in May, though down 17.39 percent from 12,961 a year earlier.

Xpeng delivered 8,620 vehicles in June, up 14.84 percent from May and the fifth sequential growth, despite a 43.64 percent decline from the same month last year.

Li Auto delivered a record 32,575 vehicles in June, surpassing the 30,000 mark for the first time.

delivered 10,620 vehicles in June, up 146.86 percent year-on-year and up 22.38 percent from May.

Yu's team said Nio deliveries were slightly below their forecast, though the new ES6 appears to be ramping up smoothly and should be a bigger contributor in July along with the full month of production of the ET5 Touring.

After the price cut and a slew of new models, Nio could reach 20,000 units per month in the third quarter, the team said.

The team said Xpeng deliveries exceeded their expectations and, most importantly, the initial reception to the new G6 looks increasingly positive.

Looking ahead, Xpeng is on track to hit at least 10,000 deliveries in July and 15,000 in September is doable, the team said.

Here is the full text of the team's research note.

June gathering momentum

June EV sales surprised to the upside as demand picked up, likely signaling some normalization in consumer behavior and release of pent-up demand from buyers taking advantage of low prices.

Total NEV retail sales appear to be tracking around 670k according to preliminary CPCA forecasts or +16 percent MoM (+26 percent YoY).

Li Auto once again led the way among the upstarts setting a new monthly record while Nio saw a large improvement MoM driven by speedy ramp up of ES6.

Looking ahead, the pressure will be on Nio and XPEV to deliver big growth in 2H from new launches while Li Auto strives to increase its already robust order book.

June OEM recap

Li Auto delivered 32,575 vehicles (+15 percent MoM; +150 percent YoY), easily beating our forecast. Looking ahead, management is targeting L8 and L9 to be +10,000 each and L7 at 15,000 in monthly sales for 3Q and then 40,000 total in 4Q.

To support this, we are expecting a cheaper variant of the L9 to be available later in the year.

Separately, the first BEV (Li MEGA) is set to be unveiled in 4Q, catering to the >500k RMB segment.

The company exited the month with 331 retail stores and 323 servicing centers.

Nio delivered 10,707 units (+74 percent MoM; -17 percent YoY), slightly below our forecast.

The new ES6 appears to be ramping up smoothly and should be an even bigger contributor in July along with a full month of ET5 Touring production. New ES8 deliveries also began in the last few days of June.

Following the price cut and slew of new models, we think 20,000 in monthly sales is achievable during 3Q.

Nio exited the month with ~1,500 battery swap stations.

XPeng delivered 8,620 units (+15 percent MoM; -44 percent YoY), ahead of our expectations. P7 sales increased 17 percent MoM to nearly 5,200.

Most importantly, the initial reception to the new G6 is looking increasingly positive.

Starting price will be just 210k RMB and management raised its pre-sale number to +35,000 units (vs. prior +25,000), suggesting a robust pipeline of deliveries for 3Q.

Looking ahead, we expect July can reach at least 10,000 deliveries and 15,000 in September is doable.

Zeekr delivered sales of 10,620 vehicles (+22 percent MoM; +147 percent YoY). Looking ahead, Zeekr is offering some promotions through September on the 001 (likely in response to ET5 Touring competition) including free upgrade options on exterior color, larger 100 kWh battery, dual-motor 4WD, air suspension, and/or charging credits.

In addition, the company is providing special financing offers on all models.

Recall, Zeekr is targeting 140,000 in total unit sales this year (<43,000 through 6 months so far).

Nio deliveries rebound to 10,707 units in Jun as new models bring relief

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