Category: China

China NEV retail at 320,000 in Jun 1-18, up 5% from same period last month, CPCA data show

So far this year, China's retail sales of passenger NEVs were 2,741,000 units, up 35 percent year-on-year.

China NEV retail at 320,000 in Jun 1-18, up 5% from same period last month, CPCA data show-CnEVPost

(Image credit: CnEVPost)

From June 1 to June 18, retail sales of passenger new energy vehicles (NEVs) in China were 320,000 units, up 1 percent year-on-year and up 5 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).

So far this year, China's retail sales of passenger NEVs were 2.74 million units, up 35 percent year-on-year.

From June 1 to June 18, wholesale sales of passenger NEVs in China were 308,000 units, down 8 percent year-on-year and up 7 percent from the same period last month, according to the CPCA.

So far this year, wholesale sales of passenger NEVs were 3.09 million units, up 38 percent year-on-year.

Between June 1 and June 18, retail sales of all passenger vehicles in China were 828,000 units, down 6 percent year-on-year and down 8 percent from the same period last month, the CPCA said.

So far this year, cumulative retail sales of passenger cars in China were up 3 percent year-on-year to 8.46 million units.

This means that from June 1 to June 18, the penetration of NEVs at retail in China was 38.6 percent, and 32.39 percent so far this year.

In the first week of June -- June 1-4 -- the average daily retail sales of passenger cars in China were 31,000 units, down 9 percent from a year ago and 42 percent lower than the same period last month.

In the second week -- June 5 to 11 -- average daily retail sales of passenger cars were 43,000 units, down 10 percent year-on-year and down 14 percent compared to the same period in May.

In the third week -- June 12 to 18 -- average daily retail sales of passenger cars were 58,000 units, down 2 percent year-on-year and up 21 percent compared to the same period in May.

China began halving purchase taxes on mainstream internal combustion engine vehicles last June, causing sales to shift toward the beginning of the month, the CPCA said. The policy was not renewed when it expired at the end of last year.

By comparison, this June is a normal sales month, so a dip at the beginning of the month is normal, the CPCA said, adding that auto sales are expected to decline year-on-year for the entire month of June.

Data Table: China auto sales from June 1-18

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XPeng to equip its vehicles in Europe with Twine4Car infotainment system for better experience

This will start with the all-electric P7 sedan, with European deliveries set to begin this summer.

(Image credit: XPeng)

Providing a localized infotainment system is a challenge for Chinese electric vehicle (EV) startups entering the European market, and XPeng (NYSE: XPEV) has chosen to work with a supplier that offers a proven solution to meet the needs of local consumers.

XPeng has selected the ACCESS Twine for Car (Twine4Car) in-car infotainment solution to provide apps and games for its new range of EVs, including prominent streaming services, the Chinese EV company announced today.

This will start with the all-electric XPeng P7 sedan, with European deliveries set to begin this summer, the company said.

(Image credit: CnEVPost)

Moving forward, existing XPeng drivers will also have the option to upgrade their cars with an over-the-air (OTA) software update to include Access' Twine4Car.

XPeng has ramped up its expansion into overseas markets this year, after slowing that effort last year.

On February 3, XPeng announced the launch of its two newest EVs to the European market, the G9 flagship SUV and the new P7 sports sedan, and allowed consumers in Denmark, Norway, the Netherlands and Sweden to order them.

On June 18, XPeng chairman and CEO He Xiaopeng said on Weibo that the company will launch "version 2.0" of its efforts in overseas markets starting in the third quarter with the delivery of the P7 and G9.

After that, XPeng will accelerate its entry into more countries, he said.

Unlike most of the exported models, XPeng expects to bring high-quality, high-tech vehicles to overseas markets and expects to see more and more Chinese brand vehicles around the world, he said.

The Twine4Car platform is the industry's leading automotive content and application services solution for connected car infotainment, enabling car companies to offer branded entertainment services, according to XPeng.

"We selected ACCESS Twine4Car as our in-vehicle infotainment provider to create a mobility experience that's more intuitive and enjoyable—our vehicles are designed to move people emotionally as well as physically," said Eric Xu, vice president of international markets at XPeng.

By using a more thoughtful approach to mobility, XPeng hopes to provide a higher level of sophistication and ease for drivers in Europe, said Xu.

The Twine4Car app store includes some of the most used and easily recognizable social and productivity apps that allow drivers and passengers to work and play in the car while parked or charging, according to an XPeng press release.

(Image credit: XPeng)

ACCESS also offers a new game portal for XPeng that includes console-grade games with the latest high-compression streaming technology, allowing users to play even on low-speed connections.

"Whether its drivers wanting to stream their favorite songs and podcasts, or passengers looking to watch their favorite videos and access their favorite social media platforms, we look forward to enabling connected infotainment experiences that match the beauty and quality of XPeng's exciting new electric vehicles," said Masahiro Aono, CEO, ACCESS Europe.

Twine4Car acts as a central hub for all in-car services, bringing together content from global media partners to provide XPeng's cars with a wide range of apps, TV services, games and VOD offerings, according to its press release.

XPeng launches G9 and new P7 in Europe, restarts efforts to build presence overseas

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NIO welcomes China’s move to extend tax breaks for NEV purchases

From now until 2027, pure electric vehicles will continue to enjoy purchase tax incentives, which will give vehicles a significant advantage over fuel-powered luxury vehicles in terms of purchase costs, NIO said.

(Image credit: CnEVPost)

China today announced details of an extension of tax incentives for new energy vehicle (NEV) purchases, and NIO (NYSE: NIO) welcomed the move.

From now until 2027, pure electric vehicles (EVs) will still enjoy purchase tax incentives, which will give NIO vehicles a huge advantage over fuel-powered luxury vehicles in terms of purchase costs, the electric vehicle (EV) maker said in a comment shared with CnEVPost.

With the new EV purchase tax policy in place, NIO's body-battery separation model could significantly help consumers lower the cost of purchasing a vehicle and reduce spending on purchase tax, it said.

The continuation of the purchase tax incentives is a great boon to the shift from fuel vehicles to NEVs and to stimulate auto consumption, NIO said.

Earlier today, China's Ministry of Finance announced that NEVs with a purchase date between January 1, 2024, and December 31, 2025, will be exempt from vehicle purchase tax, but the tax exemption will not exceed 30,000 yuan ($4,170) 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 the tax reduction not exceeding RMB 15,000 per vehicle.

The latest policy continues to provide additional support for models like NIO that are battery swap enabled.

When consumers purchase a NEV, if the invoice for the car and the battery are separate, the taxable price is the price of the body without tax, according to the Ministry of Finance's announcement.

NIO's (NYSE: NIO) peer (NASDAQ: LI) also voiced support for the new policy earlier today.

Li Auto aims to reach annual sales of 1.6 million vehicles and annual revenue of RMB 500 billion by 2025, Li Xiang, the company's founder, chairman and CEO, wrote on Weibo.

China has provided an additional four years of stable policies, which is great and leaves Li Auto's team with no excuse not to meet its strategic goals for 2025, Li said.

By early 2026, Li Auto's ability to meet the goal will be proven, he said.

($1 = RMB 7.1935)

BREAKING: China extends full purchase tax exemption for NEVs until end of 2025

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Li Auto CEO reaffirms goal of reaching 1.6 million annual sales by 2025

aims to reach annual sales of 1.6 million vehicles and annual revenue of RMB 500 billion by 2025, its CEO said.

The CEO of Li Auto (NASDAQ: LI) welcomed the clarification of China's new energy vehicle (NEV) purchase tax exemption policy for the next few years and reiterated the company's ambitious goals.

Li Auto aims to reach annual sales of 1.6 million vehicles and annual revenue of RMB 500 billion ($70 billion) by 2025, Li Xiang, the company's founder, chairman and CEO, wrote on Weibo today.

China has provided stable policies for the next four years, which is great and gives Li Auto's team no excuse not to accomplish its strategic goals for 2025, Li said.

By early 2026, Li Auto's ability to meet that goal will be verified, he said.

Li Auto originally set that aggressive goal in February 2021, saying the company aims to be the No. 1 smart electric vehicle company in China with a 20 percent market share, or 1.6 million units sold annually, by 2025.

For reference, sold 1,804,624 retail units in China for the full year last year, ranking first with an 8.8 percent share, according to the China Passenger Car Association (CPCA).

Li Auto delivered 133,246 vehicles last year, up 47.25 percent year-on-year, but did not make the CPCA's top-selling automaker ranking.

All three models currently sold by Li Auto are extended-range electric vehicles (EREVs), which are essentially plug-in hybrid vehicles (PHEVs) that are still equipped with internal combustion engines.

Recently, there has been some concern that China may be scaling back support for PHEVs in order to accelerate the auto industry's transition to battery electric vehicles (BEVs).

Earlier today, China's Ministry of Finance released details of the policy to extend the purchase tax exemption for NEVs, with equal treatment for BEVs, PHEVs, EREVs, and fuel cell vehicles.

The country exempts NEVs with a purchase date between January 1, 2024 and December 31, 2025 from vehicle purchase tax, the tax exemption will not exceed RMB 30,000 per new energy passenger 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 the tax reduction not exceeding RMB 15,000 per new energy passenger vehicle.

To achieve its 2025 target, Li Auto announced two months ago its plan to launch new models in the next two years.

On the first day of the Shanghai auto show on April 18, Li Auto unveiled its all-electric solution, based on the 800 V high-voltage platform, capable of giving a BEV a 400 km range on a 10-minute charge.

With the launch of the solution, Li Auto officially enters a phase of parallel development of its EREV and BEV product lines, it said at the time.

By 2025, Li Auto's product array will include one super flagship model, five EREVs, and five BEVs, the company said.

By then, Li Auto's models for the market priced above RMB 200,000 will fully meet the needs of family users, it said.

($1 = RMB 7.1945)

Li Auto Family Tech Day: 1st BEV named Li MEGA, aims to be top seller above $70,000 in China

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China’s vehicle purchase tax exemptions expected to reach $72 billion in 2024-2027

China's cumulative tax exemptions for NEVs exceed RMB 200 billion by the end of 2022.

China's vehicle purchase tax exemptions expected to reach $72 billion in 2024-2027-CnEVPost

(Image credit: CnEVPost)

China today clarified its future purchase tax policy for new energy vehicles (NEVs), which is expected to exempt the industry from paying more than $70 billion in taxes over the next four years.

According to preliminary estimates, China's vehicle purchase tax exemptions will total RMB 520 billion yuan ($72 billion) from 2024-2027, Vice Minister of Finance Xu Hongcai said at a press conference today.

China will exempt NEVs with a purchase date between January 1, 2024 and December 31, 2025 from vehicle purchase tax, but the tax exemption for each new energy passenger vehicle will not exceed RMB 30,000, according to an announcement released today by the Ministry of Finance.

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 the tax reduction not exceeding RMB 15,000 per new energy passenger vehicle.

To support the development of energy-efficient vehicles, China first began exempting NEVs from purchase tax in 2014, a policy that has been extended several times in the past few years.

The standard vehicle purchase tax in China is 10 percent, which is what traditional internal combustion engine (ICE) vehicles currently face.

By the end of 2022, the cumulative size of China's tax exemption for NEVs exceeded RMB 200 billion, and the annual tax exemption is expected to exceed RMB 115 billion in 2023, Xu said in the press conference.

The vehicle purchase tax exemption policy brings more direct feelings to consumers and has a clear effect on promoting the development of the NEV industry and expanding consumption, he said.

The latest policy will have no effect on NEVs priced below RMB 300,000, and the parts exceeding RMB 300,000 will be subject to vehicle purchase tax, he said.

According to 2022 data, new energy passenger vehicles priced at RMB 300,000 and below account for roughly 87 percent of production, and these limits, in general, will have little impact on consumers and the market, according to Xu.

In addition, Chinese Vice Minister of Industry and Information Technology Xin Guobin said in the press conference that the country welcomes investment from companies from various countries and supports their cooperation with Chinese companies in areas such as solid-state batteries and autonomous driving.

At the same time, China also supports local companies to invest and build factories outside the country to bring China's advanced technologies and products abroad, so that people in more countries can enjoy the fruits of technological progress, Xin said.

($1 = RMB 7.1941)

BREAKING: China extends full purchase tax exemption for NEVs until end of 2025

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NIO says Abu Dhabi investment took just 3 weeks from talk to deal

The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, said.

(Image credit: CnEVPost)

NIO (NYSE: NIO) announced yesterday that it has received an investment of about $1.1 billion from CYVN Holdings, an Abu Dhabi government fund, to strengthen its balance sheet and support business growth.

In an article posted on its mobile app, William Li, founder, chairman and CEO of NIO, provided some details about the deal.

The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, and ultra-efficient decision-making and execution, Li said in an article posted on the NIO App yesterday.

They have a vision and execution that is highly aligned with NIO's Vision, Action philosophy, Li said.

"I believe the partnership will further drive the vision of Blue Sky Coming to fruition at a sooner date," Li added.

NIO signed a share subscription agreement on June 20 with CYVN Holdings, which will invest a total of about $1.1 billion in the Chinese electric vehicle (EV) company through the purchase of additional new shares in NIO and the transfer of shares from an existing shareholder.

In addition to the investment, the two companies will also strategically collaborate on NIO's international business, Li said.

The investment reflects NIO's unique value in the global smart EV industry and will provide continued momentum for the company's long-term growth, Li said in the NIO App article.

CYVN Holdings' investment in NIO comes at a time when the global EV market, particularly in China, is growing rapidly, resulting in a diminishing reliance on oil.

Oil nations, particularly Saudi Arabia, are already actively embracing this change.

On December 7, 2022, Chinese new energy vehicle (NEV) startup Enovate Motors signed a deal in Saudi Arabia with local company Sumou Holding to jointly build a NEV production plant there.

The two parties will spend a total of about $500 million in two phases in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs, and the facility will be the first Chinese-branded NEV production base in the country, Enovate said at the time.

On June 12, a statement from Saudi Arabia's state news agency said the Saudi Arabian Ministry of Investment had signed a $5.6 billion deal with Chinese EV company Human Horizons to collaborate on developing, manufacturing and marketing vehicles.

BREAKING: NIO secures $1.1 billion investment from Abu Dhabi fund

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BREAKING: China extends NEV purchase tax exemption until end of 2025

(Image credit: CnEVPost)

China today released details of its policy to extend the purchase tax exemption for new energy vehicles (NEVs), clarifying the timeline for the policy's withdrawal.

China will exempt the purchase tax on NEVs with a purchase date between January 1, 2024, and December 31, 2025, but the tax exemption will not exceed RMB 30,000 yuan per vehicle, according to an announcement issued today by China's Ministry of Finance.

For NEVs with a purchase date between January 1, 2026 and December 31, 2027, the vehicle purchase tax will be reduced by half, with the tax reduction not exceeding RMB 15,000 per vehicle.

China NEV insurance registrations for week ending Jun 18: Tesla 14,500, Li Auto 7,800, NIO 2,000

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NIO’s William Li attends high-level Sino-German meetings as Chinese Premier visits Europe

was invited to attend a roundtable of Sino-German entrepreneurs and was the only smart electric vehicle company present.

(Image credit: CnEVPost)

William Li, founder, chairman and CEO of NIO (NYSE: NIO), was one of the entrepreneurs who accompanied the Chinese Premier to Europe and participated in high-level Sino-German meetings.

On June 20 local time, 15 Chinese and German companies, including NIO, State Grid, Industrial and Commercial Bank of China and SenseTime, were invited to attend a roundtable of Sino-German entrepreneurs in Berlin, NIO Europe vice president Zhang Hui announced yesterday on the company's mobile app.

NIO is the only smart electric vehicle (EV) company among them, and Li participated in the roundtable, Zhang said, adding that the NIO CEO also attended the 11th China-Germany Economic and Technical Cooperation Forum on the same day.

As an EV company that insists on global development, NIO has developed a deep presence in Germany, Zhang said.

The company set up a global design center in Munich in 2015 and an innovation center in Berlin in 2022 to explore smart cockpits, autonomous driving and energy technologies.

NIO currently employs more than 1,300 people in Europe, mostly in Germany, Zhang said, adding that the company is creating more jobs in Germany as its research and development business deepens.

Meanwhile, NIO has established good relationships with German companies, including ZF, Continental and Bosch, and is actively seeking opportunities for broader supply chain cooperation, he said.

NIO has now entered five European countries -- Germany, the Netherlands, Denmark, Sweden and Norway -- and is delivering models locally including the ES8, ET7, EL7 and ET5.

The company has six NIO Houses, five NIO Spaces and 49 service centers overseas. It also has 16 battery swap stations, 8 charging stations, 26 charging piles overseas, and access to over 400,000 overseas third-party charging piles overseas.

In Germany, NIO has three NIO Houses, located in Berlin, Frankfurt and Dusseldorf, Zhang noted.

Chinese Premier Li Qiang is visiting Europe, his first trip since the formation of the new Chinese government. Li was previously the party chief in Shanghai, where NIO is headquartered.

Premier Li and German Chancellor Olaf Scholz jointly attended the Sino-German entrepreneur roundtable on June 20, local time, and exchanged views with more than 30 business representatives, according to a report by Xinhua.

The governments of both sides should create a favorable environment and stable expectations for business operations so that enterprises can study and respond to risks in accordance with market and economic laws, and achieve mutual benefits and win-win situations in open cooperation, Li said.

China will continue to expand its opening to the outside world and continue to build a market-oriented, rule of law and international business environment, Li said, adding that he hopes Germany will continue to keep its market open and create a fair, transparent and non-discriminatory business environment for Chinese companies to invest in Germany.

There is a vast space for Sino-German cooperation in fields including the digital economy, artificial intelligence, and green development, and with the joint efforts of entrepreneurs from both countries, Sino-German cooperation will surely continue to achieve new results, he said.

BREAKING: NIO secures $1.1 billion investment from Abu Dhabi fund

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