IM LS6 is also equipped with an 800V fast-charging system.
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Category: China
NIO starts delivery of ET5 Touring in China
The ET5 Touring vehicles currently being delivered by NIO are produced in advance, and consumers who customize the model will have to wait about 3-4 weeks.
(Image credit: NIO)
NIO (NYSE: NIO) today began delivery of the ET5 Touring, which was officially launched in China and Europe yesterday.
The first owners from several cities across China took delivery of the ET5 Touring on June 16, NIO said in an article posted on its mobile app.
NIO did not announce the number of ET5 Touring deliveries today, though it shared images showing deliveries in cities including Xiamen, Suzhou, Chengdu and Guangzhou.
NIO officially launched the ET5 Touring yesterday, and its pricing is identical to that of the regular ET5.
Including the battery, the version with the 75-kWh battery pack starts at RMB 298,000 ($41,860) and the 100-kWh version at RMB 356,000.
Chinese consumers who choose to purchase the model using the BaaS (battery as a service) service will see the prices start at RMB 228,000 for both versions, with monthly battery rental costs of RMB 980 and RMB 1,680 respectively.
It is worth noting that the ET5 Touring vehicles delivered today are not customized, but were produced by NIO in advance based on designer-recommended configurations to enable quick first delivery.
Consumers who currently customize the ET5 Touring are expected to receive delivery in about 3-4 weeks after locking in their orders, as shown by the information on the configurator for the model in the NIO App.
This is the same approach NIO took when it launched the new ES6 on May 24, when it began deliveries of the SUV the night of the launch.
The pricing of the ET5 Touring was a surprise, as it was previously widely seen to be priced RMB 10,000 to 20,000 higher than the regular ET5.
"Pricing of ET5 Touring is more competitive than we thought -- on par with the incumbent ET5 sedan at Rmb 298k+," Morgan Stanley analyst Tim Hsiao's team said in a research note sent to investors yesterday.
With NIO's broad price cut and the rapid rollout of the new NT 2.0 model, its sales can rebound considerably in the second half of the year, paving the way for 20,000 units per month, Deutsche Bank's Edison Yu's team said in a research note sent to investors today.
Here are more images of the first ET5 Touring deliveries shared by NIO on its mobile app.
(1 $= RMB 7.1193)
NIO ET5 Touring pricing 'a pleasant surprise,' says Morgan Stanley
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Huawei-backed AITO to launch flagship SUV M9 in Q4
The AITO M9 will be built on a new 800 V high-voltage platform, on which Huawei will place its new technologies in the cockpit and smart driving areas, according to Richard Yu.
AITO, the car brand backed by Chinese tech giant Huawei, will launch its flagship SUV, the M9, later this year, which will be its third model after the M5 and M7.
The AITO M9 will hit the market in the fourth quarter and will go beyond expectations in terms of luxury, comfort, quietness and intelligence, Richard Yu, CEO of Huawei's intelligent vehicle solutions business, said in a speech at an automotive industry conference in Shenzhen today.
"We have confidence that the M9 will be the most luxurious, highest-end and smartest car in the entire market," he claimed.
The AITO M9 will be built on a new 800 V high-voltage platform on which Huawei will place its new technologies in the cockpit and smart driving areas, according to Yu.
The model will be available in both an extended-range electric vehicle (EREV) version and a battery electric vehicle (BEV) version, he said.
The AITO M5 is currently available in both EREV and BEV versions, while the M7 is only available in an EREV version.
The M9 will be a mobile smart home, office, and mobile smart bedroom, he said, adding that Huawei has very new technologies and experiences to bring to consumers.
AITO is the premium car brand that Huawei and Seres launched on December 2, 2021. It announced the AITO M5 on December 23, 2021, and the AITO M7 on July 4, 2022.
Deliveries of the AITO M5 begin in March 2022 and the first deliveries of the AITO M7 took place on August 24, 2022.
The M5 currently has a starting price range of RMB 259,800 ($36,530) to RMB 331,800 and the M7 is RMB 289,800 to RMB 379,800.
The brand saw strong deliveries in the second half of last year, but this year has been weak.
AITO delivered 5,629 vehicles in May, up 22.77 percent from April. From January to May, it delivered 21,873 vehicles.
In his speech today, Yu gave his view of the Chinese auto industry, saying that competition will become more intense and there will be a big reshuffle in the future.
(1 $= RMB 7.1118)
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BYD rolls out 4 models in Italy as it expands presence in European passenger car market
BYD held a brand and product launch event in Italy, introducing the BYD Atto 3, Han, Dolphin and Seal to local consumers.
(Image credit: BYD)
BYD (OTCMKTS: BYDDY) has officially entered the Italian passenger car market, as it expands its presence in Europe.
The Chinese new energy vehicle (NEV) giant held a brand and product launch event in Italy on June 13, introducing the BYD Atto 3, Han, Dolphin and Seal to local consumers, according to a press release today.
Italy is an important European automotive market and holds a significant position in BYD's efforts to enter overseas markets, BYD said, adding that it introduced new energy commercial vehicles to Italy in 2013.
In the passenger car segment, BYD will work with a number of core local dealers, with the first five stores opening in cities including Milan, Turin and Florence, it said.
The Atto 3, BYD's first global model, is known in China as the Yuan Plus and is already available in multiple overseas markets.
At the Monza Motor Show in Milan, to be held in mid-June, the Atto 3 will be open to the Italian public for test drives, BYD said.
In the future, BYD will continue to increase its localization investment in the Italian market and expand its passenger car model matrix, the company said.
BYD, China's largest NEV maker, stopped production and sales of vehicles powered entirely by internal combustion engines last March to focus on plug-in hybrids and pure electric vehicles.
The company sold 240,220 NEVs in May, up 108.99 percent from 114,943 units a year earlier and up 14.23 percent from 210,295 units in April, according to figures it announced earlier this month.
In May, BYD sold 10,203 NEVs in overseas markets, down 31.19 percent from 14,827 units in April.
In Europe, BYD entered the passenger car markets including Germany, Sweden and Denmark last year and came into the UK in March this year.
BYD officially names F brand Fang Cheng Bao, initial model to be launched this year
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NIO ET5 Touring pricing ‘a pleasant surprise,’ says Morgan Stanley
While touring cars might be relatively niche compared to sedans, some comparable offerings in the market can still deliver monthly sales of about 10,000 units on a consistent basis, Tim Hsiao's team said.
(Image credit: CnEVPost)
NIO (NYSE: NIO) officially launched the ET5 Touring yesterday, and its pricing looks competitive to analysts.
"Pricing of ET5 Touring is more competitive than we thought -- on par with the incumbent ET5 sedan at Rmb 298k+," Morgan Stanley analyst Tim Hsiao's team said in a research note sent to investors yesterday.
While the segment could be relatively niche, NIO management believes the ET5 Touring is likely to outsell its sedan version, the team noted.
In China, the available versions and pricing of the ET5 Touring are identical to those of the regular ET5 sedan.
Including the battery, the 75-kWh version starts at RMB 298,000 ($41,890) and the 100-kWh version at RMB 356,000.
Chinese consumers who choose to purchase the model using the BaaS (battery as a service) service will see the prices start at RMB 228,000 for both versions, with monthly battery rental costs of RMB 980 and RMB 1,680 respectively.
Compared to the regular ET5, the ET5 Touring has more rear-seat headroom, and more vertical space in the trunk, while it also has a lower driving position, and the option for electrochromic sunroofs, Hsiao's team noted.
"Such retrofits will help increase the TAM of the ET5 family by attracting users who attach greater value to the in-car space," the team said.
It's worth noting that in China, derivatives of sedans are a niche market.
However, the unexpected success of the Zeekr 001, the first model of Geely's Zeekr brand, has made such models increasingly popular.
For the full year 2022, Zeekr delivered 71,941 Zeekr 001s, reaching its goal of delivering 70,000 vehicles for the year.
While touring cars might be relatively niche compared to sedans, some comparable products in the market still manage to deliver monthly sales of about 10,000 units on a consistent basis, according to Hsiao's team.
In China, the competitive landscape in the touring market is relatively benign, with the main comparables coming mainly from foreign brands such as the Audi S4, Mercedes-Benz CLA and Volvo V60, according to the team.
Whether NIO can successfully ramp up sales of the ET5 Touring in the coming months to meet its goal of reaching 20,000 units per month in the second half of the year remains to be seen, the team said, adding that the company's management expects the ET5 family to contribute about 30 percent of sales.
The ET5 sedan, ET5 Touring and the new ES6 will dominate NIO's sales, Hsiao's team said.
NIO launched the new ES6, the most important model in its history, in China on May 24, with deliveries starting on launch night.
As with the new ES6, NIO produced some ET5 Touring vehicles in advance based on a combination of designer-recommended configurations, and its deliveries officially began today.
($1 = RMB 7.1136)
NIO launches ET5 Touring in China with same pricing as regular ET5
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NIO’s urgency to capture volume and cut expenses finally here, says Deutsche Bank
With NIO's broad price cuts and the rapid rollout of new NT 2.0 models, it could see a considerabe sales rebound in the second half of the year, according to Edison Yu's team.
NIO (NYSE: NIO) management expressed a rare cautious approach to future spending during last week's earnings call, and this week let the purchase threshold for the entire lineup drop. To Deutsche Bank, this series of moves suggests that NIO is finally starting to show real urgency.
"Our main takeaway following 1Q earnings and hosting NIO management (CFO in person in NYC this week) is that the urgency to capture volume and cut back spending is finally here," analyst Edison Yu's team said in a research note sent to investors today.
With NIO's broad price cut and the rapid rollout of the new NT 2.0 model, its sales can rebound considerably in the second half of the year, paving the way for 20,000 units per month, the team said.
In addition, as NIO reduces spending on non-core initiatives, its operating expenses and capital expenditures should be much more controlled, the team added.
NIO reported weaker-than-expected first-quarter results on June 9, with gross margins falling to just 1.5 percent due to promotional activities.
The company's management said during the earnings call that NIO will manage its cash flow carefully, postpone some of its fixed asset investments and focus on the countries it has already entered in Europe.
NIO is confident that it will see sales of more than 20,000 units per month in the second half of the year, William Li, the company's founder, chairman and CEO, said at the time.
On June 12, NIO lowered the starting prices of its entire new model lineup by RMB 30,000 yuan ($4,200), but the previously free battery swap service several times a month became a paid option.
Yu's team said in the research note today that they applaud the move as demand for NIO's existing models, particularly sedans, has been struggling in recent months.
"In our view, pricing is an issue for getting incremental buyers considering premium BEVs in general have sold poorly this year," the team wrote.
Despite the ongoing platform changeover for NIO's three first-generation SUVs, combined sales of the Avatr 11, IM LS7 and XPeng G9 averaged only about 4,500 units per month this year, about half of what the Audi Q5 sells locally in China, the team noted.
NIO's pricing is the highest among the upstart brands. In addition to price adjustments, the company must effectively compete with internal combustion engine vehicle makers, and extended-range electric vehicle (EREV) makers, and enhance its brand appeal, Yu's team said.
The electrification of China's premium car market appears to be proceeding more slowly, which may be counterintuitive to those outside of China, the team said.
They explained further:
Based on our analysis of the premium SUV market (>300k RMB), the BEV mix is only 12% YTD, compared with PHEV (includes EREV) at 18%, leaving 70% for ICE.
This compares with the overall market that is 21% BEV and 10% PHEV, showing customer preferences are quite different depending on the sub-segment.
The team's interpretation of this is that the EREV value proposition is resonating with a broader audience than expected, and Li Auto has done a very effective job at maximizing.
In addition, Yu's team believes that NIO's brand appeal has hit a wall of sorts as it struggles to gain momentum outside of Shanghai and surrounding provinces and outside of financial and tech social circles.
The performance of NIO's best-selling ET5 is a case in point. Nearly 40 percent of the model's sales come from Shanghai and surrounding provinces, and while the ET5 theoretically has the broadest appeal among NIO's offerings, sales in the south have been quite poor, the team said.
"Moreover, based on our channel checks, affluent older customers simply are not buying into the brand (yet) and still prefer traditional BBA cars (i.e., greater loyalty)," the team said.
For investors, they are shifting to a less negative view as NIO's sales and cash burn trajectory appears to be reversing, the team said.
Depending on how the second half of the year plays out, NIO's stock price could remain volatile until there is a clear upward trajectory in sales, according to the team.
($1 = RMB 7.1236)
BREAKING: NIO cuts starting prices by $4,200 for all models and makes battery swap benefits optional
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Li Auto files for Li L9 variant without LiDAR
The price of the Li L9 without LiDAR could be at least RMB 40,000 less than the Li L9 Max at RMB 459,800.
(Image credit: CnEVPost)
When Li Auto (NASDAQ: LI) launched its flagship SUV, the Li L9, a year ago, it was only offered in the Max variant. Now, a lower-priced version may not be far off from release.
China's Ministry of Industry and Information Technology announced on June 15 the latest batch of models that will soon be allowed to be sold, as well as details on configuration changes to some existing models, with a Li Auto model included in the latter.
The public can submit feedback between June 16 and June 25.
The model number for the Li Auto vehicle is LXA6520SHEVX4, which is the same as the model number in the previous filing for the Li L9.
In the model's latest filing, LiDAR becomes optional, while other information remains the same.
Li Auto's naming of its models is similar to Apple's naming of the iPhone, using Max, Pro, and Air to distinguish different versions of the same model.
On June 21, 2022, Li Auto launched the Li L9, the company's second model after the Li ONE SUV.
Li Auto founder, chairman and CEO Li Xiang mentioned the model name Li L9 Max at the end of the launch event at the time when announcing the price, implying that the company could launch other variants based on it in the future, a report by CnEVPost at the time noted.
The other two Li Auto models currently on sale are the Li L8 and Li L7, both offered in Max, Pro and Air versions, with only the Max version equipped with a roof-mounted LiDAR supplied by Hesai Technology.
Both the Max version of the Li L8 and Li L7 cost RMB 40,000 ($5,620) more than the Pro version, while the Pro version is RMB 20,000 more expensive than both Air versions.
This means that the Li L9 without LiDAR, which may be launched in the future, will cost at least RMB 40,000 less than the Max version at RMB 459,800.
The current Max version of Li Auto vehicles use two Qualcomm Snapdragon 8155 chips as the cockpit chip, while its assisted driving system is based on two Nvidia Orin X chips, with a total computing power of 508 TOPS.
The Li L8 Pro's cockpit uses two Qualcomm Snapdragon 8155 chips and uses one Horizon Robotics Journey 5 chip in the assisted driving system.
The cockpits of the Li L8 Air, Li L7 Pro, and Li L7 Air all use one Qualcomm Snapdragon 8155 chip for the cockpit and one Journey 5 chip for the assisted driving system.
Li Auto says confident it will outsell German luxury brands in China in 2024
($1 = RMB 7.1233)
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Niutron NV finally got production green light in China. But under another brand and name
The Niutron NV is ready to hit the production line with 381 hp and 560 km of range. But it is called Docan V07 now.
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NIO ET5 Touring has 3-4 weeks delivery wait time in China after launch
NIO has produced some ET5 Touring vehicles based on designer-recommended configurations, and deliveries of these non-customized vehicles will officially begin on June 16.
(Image credit: CnEVPost)
NIO (NYSE: NIO) launched the ET5 Touring, a derivative of the ET5 sedan, in China yesterday, and consumers who want to order a customized vehicle will have to wait about a month to get delivery.
Consumers who currently customize the ET5 Touring are expected to get delivery about 3-4 weeks after locking in their orders, information on the configurator for the model in the NIO App shows.
Pricing for the ET5 Touring in China is identical to that of the regular ET5, starting at RMB 298,000 ($41,760) for the version with the 75-kWh battery pack and RMB 356,000 for the 100-kWh version, including the battery.
Chinese consumers who choose to purchase the model using the BaaS (battery as a service) service will see the prices start at RMB 228,000 for both versions, with monthly battery rental costs of RMB 980 and RMB 1,680 respectively.
NIO began allowing consumers to lock in their orders for the ET5 Touring after the model's launch, and the company has already produced some ET5 Touring vehicles based on designer-recommended configuration combinations, with deliveries set to begin on June 16.
The wait information for other NIO models is unchanged today from what was shown previously.
The expected delivery time for the new ES8, which was launched at NIO Day 2022 on December 24 last year, remains June.
The wait time for the ES7 remains about 3 weeks. The model was launched on June 15, 2022, with first delivery on August 28, 2022.
The wait time for the new ES6 is still about 5 weeks, the model was launched on May 24 and deliveries started that night.
The wait time for the EC7 is about 4 weeks, the model was launched on NIO Day 2022 on December 24, 2022, and the first delivery was on April 28 this year.
The wait time for the ET7 is about 3 weeks. NIO launched the 2023 ET7 on the first day of the Shanghai auto show on April 18, with deliveries starting on May 19.
The wait time for the regular ET5 is about 3 weeks. The model was launched on NIO Day 2021 in December 2021, and the first delivery was on September 30, 2022.
($1 = RMB 7.1356)
NIO launches ET5 Touring in China with same pricing as regular ET5
(Screenshots on June 16.)
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Tesla starts offering insurance subsidies for car purchases in China again
From June 16 to June 30, Chinese consumers can receive an RMB 8,000 insurance subsidy if they purchase a rear-wheel drive version of the Model 3 that has already been produced.
(Image credit: CnEVPost)
Tesla (NASDAQ: TSLA) first started offering insurance subsidies in China last September, and cut its prices about a month later.
Now the electric vehicle (EV) maker is offering the subsidy again, but this time the situation may be more complicated.
From June 16 to June 30, Chinese consumers who buy and complete delivery of an already produced rear-wheel drive version of the Model 3 will be eligible for an insurance subsidy of RMB 8,000 ($1,120), according to a poster by Tesla on Weibo today.
Tesla has a factory in Shanghai that produces the Model 3 sedan and the Model Y SUV. The Model 3 is available in two versions -- a rear-wheel drive version and a dual-motor all-wheel drive Model 3 Performance, starting at RMB 231,900 and RMB 331,900 respectively.
For customized vehicles, the expected delivery dates for both versions of the Model 3 are 1-4 weeks, consistent with previous information on Tesla's China website.
In addition to the RMB 8,000 insurance subsidy, Chinese consumers who purchase the Model 3 rear-wheel drive version in stock now can also receive a loan option with a lower interest rate, Tesla's poster shows, without providing details.
On September 16, 2022, Tesla began offering subsidies for owners to purchase vehicle insurance in China after the wait times for Model 3 and Model Y custom vehicles saw multiple reductions in the previous two months.
At that time, the subsidy was valid from September 16 to September 30, and consumers who chose to purchase insurance in a Tesla store could receive a subsidy of RMB 8,000 for new Model 3 and Model Y vehicles.
On October 1, 2022, as the subsidy expired, Tesla extended it to the end of last year.
On October 24, 2022, Tesla cut the prices of the entire Model 3 and Model Y lineup in China, with the entry-level Model Y dropping below RMB 300,000 to take advantage of the then-available state subsidy.
It is worth noting that the latest move by Tesla may involve the upcoming launch of an improved version of the model.
On March 1, Reuters reported that Tesla was working to retool its Shanghai assembly plant for a revamped version of the Model 3, a project codenamed Highland by Tesla.
The Highland version of the Model 3 is expected to go into production in Shanghai in September, the Reuters report said, citing a person familiar with the matter.
With Highland, Tesla aims to cut production costs and boost the appeal of the electric sedan, which debuts in 2017, people involved in the project said.
On May 16, a Bloomberg report cited people familiar with the matter as saying that Tesla was nearing the final stages before starting trial production of its updated Model 3 sedan in Shanghai.
Tesla sold 42,508 units at retail in China in May, ranking third in the country's new energy vehicle market with a 7.3 percent share, according to data released by the China Passenger Car Association (CPCA) on June 9.
Model 3 retail sales in China in May were 11,454 units, up 189.97 percent year-on-year, but down 13.20 percent from April.
Model Y retail sales in China in May were 31,054 units, up 428.58 percent year-on-year and up 16.05 percent from April.
The Model Y was the best-selling SUV in China in May, ahead of the second-place BYD Yuan Plus with 26,072 units and the third-place BYD Song Plus with 22,079 units.
Tesla Model Y best-selling SUV in China in May with 31,054 units sold
($1 = RMB 7.1301)
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