Li Auto flat, Nio 13% up, Xpeng 40% up.
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Category: China
China’s foreign ministry says welcome as Musk arrives in Beijing
China has always been welcoming visits by business people from various countries, including Mr. Musk, to better understand China and promote mutually beneficial cooperation, the Chinese Foreign Ministry said.
(Image credit: CnEVPost)
The Chinese Foreign Ministry expressed its welcome as Tesla (NASDAQ: TSLA) CEO Elon Musk has just arrived in China.
China has always been welcoming visits by business people from various countries, including Mr. Musk, to better understand China and promote mutually beneficial cooperation, Chinese Foreign Ministry spokeswoman Mao Ning said at a regular press briefing held today.
China is firmly pushing forward a high level of opening up to the outside world and is committed to creating a market-oriented, rule of law and international business environment, Mao said.
China is happy to see foreign companies invest and set up businesses in China, deepen their involvement in the Chinese market and share development opportunities, she said.
Earlier today, a Reuters witness said a private jet used by Musk had arrived in Beijing.
Musk's private jet, a 2015 Gulfstream G650ER, was shown leaving Alaska on Tuesday morning Asian time and then crossing over Japan and South Korea, the report noted.
The witnesses for Reuters said the plane with its identifying tail number could be seen at Beijing Capital International Airport on Tuesday.
Musk is expected to meet with senior Chinese officials and tour Tesla's Shanghai factory in what is his first trip to China in three years.
The Tesla CEO last visited China in January 2020, when he showed off a dance during the delivery of Tesla's first China-made Model 3 vehicles.
China is Tesla's second-largest market after the United States, and its Shanghai plant is the electric vehicle maker's largest production center, producing the Model 3 sedan as well as the Model Y crossover.
For all of 2022, the Chinese market contributed $18.1 billion in revenue to Tesla, or 22 percent of its $81.5 billion in total revenue, according to its 10-K filing with the SEC on January 31.
The US market contributed $40.6 billion, or 49.8 percent, of Tesla's revenue in 2022.
Musk once laughed at BYD, but now thinks 'their cars are highly competitive'
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Evergrande NEV’s plant restarts production after 1-month pause
Evergrande NEV will accelerate production and deliveries of the Hengchi 5 and advance the development and production of subsequent models, an executive said.
The plant of Evergrande New Energy Vehicle Group (Evergrande NEV), the electric vehicle unit of China's Evergrande Group, has resumed production after a month-long hiatus.
Evergrande NEV's Hengchi Auto plant in Tianjin resumed full production on May 23, according to an article posted by Hengchi on its official WeChat account today.
Officials from Tianjin Binhai New Area visited the plant on May 29, where production lines are running normally and thousands of workers are working, Hengchi said.
Hengchi president Liu Yongzhuo said the company will speed up the production and delivery of Hengchi 5 and push forward the development and production of subsequent models.
Here is a video accompanying Hengchi's article.
Hengchi's Tianjin plant had previously suspended production for a month because of financial difficulties.
On March 23, Evergrande NEV said in a Hong Kong Stock Exchange announcement that it had continued its cost-saving initiatives to focus its financial resources on supporting mass production of the Hengchi 5, with job cuts at its Swedish subsidiary National Electric Vehicle Sweden AB.
However, Evergrande NEV will be at risk of shutting down production if it is unable to secure additional liquidity, the announcement said.
In a new HKEX announcement on April 24, Evergrande NEV said it had already delivered more than 900 Hengchi 5 units to consumers, but would suspend production of the model at its Tianjin plant due to a lack of funds.
The group plans to resume production of the model in May, the announcement added.
The Hengchi 5 is the first model of Hengchi Auto to be mass-produced, and it started deliveries on October 29, 2022.
The model is currently available in only one version with a starting price of RMB 179,000 ($25,240).
Trading of Evergrande NEV's shares traded in Hong Kong has been suspended since April 1, 2022, and a date for restarting trading has not yet been set.
($1 = RMB 7.0914)
Evergrande NEV puts Hengchi 5 production on hold due to lack of funds
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Elon Musk landed in Beijing, according to sources
Musk will visit Giga Shanghai a potentially meet with Chinese Premier Li Qiang
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Blue Bird, the largest taxi operator in Indonesia: Most EVs will be purchased from BYD this year
The company may purchase 500 EVs this year. About 80% of the EVs will be BYD, including BYD E6 and BYD T3.
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Die another day: Hengchi 5 resumed production in the Tianjin plant
Hengchi 5 will be a valauble collector's item one day, the most adventurous story off all EVs.
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Indonesia’s largest taxi operator to buy 80% of its EVs from BYD
Most of the 500 EVs to be delivered to Blue Bird this year will be filled by BYD, particularly the E6 and T3 models, an executive with the Indonesian company said. BYDDY.US | BYD HK
(A 2018 file photo shows the BYD E6 as taxis in China. Image credit: BYD)
BYD (OTCMKTS: BYDDY) will be the main supplier of Indonesia's largest taxi operator's electric vehicle (EV)fleet, as the Chinese new energy vehicle (NEV) giant continues to expand in overseas markets.
PT Blue Bird will buy 80 percent of its EVs from BYD while reviewing its Tesla orders as lower-cost models win out in the country, Bloomberg said in a report today.
Most of the 500 EVs to be delivered to Blue Bird this year will be filled by BYD, especially the E6 and T3 models, because they are better suited to the Indonesian market, its President Director Sigit Priawan Djokosoetono said in an interview.
"If the price is too expensive, it would be unreasonable for us to then charge it to customers, so we need to consider this," he said, adding, "We use a lot of imported BYD models as the price is supportive for us to operate in Indonesia."
It is worth noting that this is not the first time BYD has supplied EVs to Blue Bird.
On April 22, 2019, Indonesia released an electric taxi trial program in which Blue Bird first introduced the BYD E6 as its all-electric taxi, according to a previous BYD press release.
BYD sold 210,295 NEVs in April, up 98.31 percent from 106,042 units in the same month last year and up 1.55 percent from 207,080 units in March, according to data released earlier this month.
The company stopped production and sales of vehicles powered entirely by internal combustion engines in March last year and switched to focus on producing plug-in hybrids and pure electric vehicles.
In April, BYD sold 14,827 NEVs in overseas markets, up 11.38 percent from 13,312 units in March.
From January to April, BYD sold 53,550 units in overseas markets, according to data monitored by CnEVPost. The company first announced its overseas sales figures for NEVs in July 2022.
On May 25, BYD signed a memorandum of understanding with Indonesia at its Shenzhen headquarters aimed at exploring the potential for investment in Indonesia, particularly in the EV sector, according to a statement from the Southeast Asian country.
"The signing of this MoU reflects the importance of future steps in realizing the ambition for electric vehicles in Indonesia. We want to develop the electric vehicle ecosystem in Indonesia to become the largest automotive market in Southeast Asia, and we appreciate BYD's initiative to further explore these opportunities," said Luhut B. Pandjaitan, Indonesia's Coordinating Minister for Maritime Affairs and Investment.
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Buick begins delivery of Electra E5 electric SUV in China
The Electra E5 received more than 8,000 orders after 12 days on the market, Buick previously said.
(Image credit: CnEVPost)
Buick Electra E5 -- the brand's first model based on GM's Ultium platform -- has begun deliveries in China, where the electric SUV's aggressive pricing previously gave it a good initial reception.
SAIC-GM, a joint venture between GM and SAIC, said on Monday that the first deliveries of the Electra E5 have begun, but did not announce the number of vehicles delivered.
Buick will improve its energy replenishment system by adding nearly 1,000 Ultium supercharging terminals by the end of this year, and is on track to reach more than 400,000 charging posts provided by mainstream operators, SAIC said.
(Image credit: SAIC-GM)
Orders for the Electra E5 have continued to grow in different regions since its launch, and SAIC-GM's Ultium plant in Wuhan will optimize production scheduling to meet more consumer demand, the company said.
The model, officially launched in China on April 13, is a mid-to-large-size five-seat SUV with a length of 4,892 mm, a width of 1,905 mm and a height of 1,655 mm, respectively, and a wheelbase of 2,954 mm.
The Electra E5 is available in five versions with starting prices of RMB 208,900 ($29,530), 222,900, 225,900, 239,900 and 278,900 respectively.
That pricing is very aggressive for an electric SUV of that size.
BYD's Tang EV starts at RMB 282,800 and measures 4,900 mm in length, 1,950 mm in width and 1,725 mm in height, with a wheelbase of 2,820 mm.
The Tesla Model Y, the best-selling electric SUV in China, measures 4,750 mm in length, 1,921 mm in width, 1,624 mm in height and has a wheelbase of 2,890 mm, and it currently has a starting price of RMB 261,900.
On April 25, Buick announced that the Electra E5 received more than 8,000 orders after 12 days on the market.
Of those who ordered the Electra E5, 78 percent opted for versions priced at RMB 225,900 and 239,900, Buick said at the time.
($1 = RMB 7.0739)
Buick Electra E5 gets over 8,000 orders in less than 2 weeks after launch in China
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French auto parts maker Valeo to invest in Didi’s autonomous driving unit
Valeo and Didi Autonomous Driving will set up a joint R&D team to work on safety systems for L4 robotaxis.
(Image credit: Didi)
French auto parts maker Valeo will invest in Didi Global's autonomous driving division to bet on the fast-growing segment in China.
On May 29, Valeo and Didi Autonomous Driving entered into a strategic partnership and investment agreement in which Valeo intends to invest in the latter and will jointly develop safety solutions for L4 robotaxis.
Valeo and Didi revealed the development in their respective press releases but did not mention the amount of the planned investment.
"Today, we are proud to sign this agreement to invest in DiDi Autonomous Driving and join our R&D efforts to develop safety solutions," Geoffrey BOUQUOT, Valeo Executive Vice President Strategy and CTO, said.
Valeo and Didi Autonomous Driving will form a joint R&D team to work on safety systems for L4 robotaxis.
To provide additional safety to users, Valeo and Didi Autonomous Driving will complement the main system of L4 standard technology with another set of hardware and software that will enable robotaxi to navigate autonomously and safely, according to their press releases.
This Automated Safety Pilot will provide redundancy for the primary system in the event of a sudden failure, as well as customized safety features designed for specific operating scenarios.
The customized intelligent safety solution will be able to take over and control the robotaxi to perform actions that ensure the safety of passengers and other road users.
This intelligent safety solution will initially be deployed on Didi Autonomous Driving's L4 robotaxis, according to their press releases.
Didi's autonomous driving team was founded in 2016, and the ride-hailing giant opened its first overseas AI lab in California in March 2017.
In 2019, Didi began ramping up its bet on autonomous driving, upgrading its autonomous driving division to a standalone company on August 5, 2019.
On April 13, Didi unveiled its driverless concept vehicle Didi Neuron at its autonomous driving open day event, eliminating the driver's seat and expanding the passenger space compared to Didi's first custom car, the D1, which was released in 2020.
Didi's autonomous driving team reached nearly 1,000 people, which is a threefold increase from 2020, Didi Autonomous Driving COO Meng Xing said at the time.
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Ultium-based Buick Electra E5 started deliveries in China
First Buick's electric car hits the market. Max CLTC range 620 km.
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