Category: China

Bridgewater cuts positions in NIO, XPeng, Li Auto in Q1

Bridgewater reduced its holdings in NIO by 40.53 percent, by 25.98 percent and by 54.69 percent in the first quarter.

Bridgewater Associates, the world's largest hedge fund founded by renowned investor Ray Dalio, reduced its position in the Chinese electric vehicle (EV) trio in the first quarter, the second consecutive quarter it did so.

Bridgewater held 2,526,156 US-traded ADRs of NIO (NYSE: NIO) at the end of the first quarter, down 1,721,751 shares, or 40.53 percent, from 4,247,907 at the end of the fourth quarter, according to a Form 13F it filed with the SEC on Friday.

The value of Bridgewater's holdings in NIO was $26.55 million at the end of the first quarter, down $14.87 million, or 35.90 percent, from $41.42 million at the end of the fourth quarter.

Bridgewater's holdings in NIO decreased by 27.91 percent in the fourth quarter of last year. Prior to that, the fund's position in NIO had grown for five consecutive quarters.

At the end of the first quarter, Bridgewater's holdings in XPeng (NYSE: XPEV) stood at 1,501,493, a decrease of 527,119, or 25.98 percent, from the end of the fourth quarter.

The fund's holdings in XPeng were last valued at $16.68 million, a decrease of 17.27 percent from the end of the fourth quarter.

Bridgewater's holdings in XPeng decreased by 6.15 percent during the fourth quarter of last year. This followed three quarters of increased or unchanged holdings.

Bridgewater's holdings in Li Auto's US-traded ADRs were 792,442 shares at the end of the first quarter, a decrease of 956,375 shares or 54.69 percent from the end of the fourth quarter.

Bridgewater's Li Auto position had a value of $19.77 million at the end of the first quarter, a decrease of 44.58 percent from the end of the fourth quarter.

NIO, XPeng, and Li Auto all gained in the first quarter, up 7.79 percent, 9.14 percent, and 22.3 percent, respectively.

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng-CnEVPost

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng

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Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng

Renaissance reduced its position in NIO by 0.16 percent, by 98.88 percent and by 20.44 percent during the first quarter.

Renaissance Technologies LLC, one of the world's most prominent hedge funds, held its position in NIO (NYSE: NIO) steady during the first quarter, but reduced its holdings in XPeng (NYSE: XPEV) and Li Auto (NASDAQ: LI).

Renaissance held 10,791,394 US-traded ADRs of NIO at the end of the first quarter, down 17,200 shares or 0.16 percent from 10,808,594 at the end of the fourth quarter, according to a Form 13F filing on Friday.

Renaissance's holdings in NIO were worth about $113 million, up $8.03 million, or 7.62 percent, from $105 million at the end of the second quarter, as NIO shares rose in the first quarter.

The fund began its holdings in NIO in the second quarter of 2021, when it bought 5,293,900 shares. It reduced its holdings in NIO by 28.63 percent and 14.77 percent in the third and fourth quarters of last year, respectively.

While maintaining a flat position in NIO, the fund reduced its holdings in XPeng and Li Auto, particularly in XPeng, in the first quarter.

At the end of the first quarter, Renaissance held 81,929 shares of XPeng's US-traded ADRs, down 7,236,771, or 98.88 percent, from 7,318,700 shares at the end of the fourth quarter last year.

The fund's holdings in XPeng were valued at $910,000, down 98.75 percent from $72.75 million at the end of the fourth quarter.

Renaissance first bought XPeng in the third quarter of 2021.

The fund owned 8,111,300 shares of Li Auto at the end of the first quarter, down 2,083,700 shares or 20.44 percent from 10,195,000 at the end of the fourth quarter.

Its holdings in Li Auto were worth $202 million, down 2.69 percent from $208 million at the end of the fourth quarter.

Renaissance first bought Li Auto in the second quarter of 2021 and increased its position in the company in each subsequent quarter until the fourth quarter of last year, when it reduced its stake in the automaker by 17.91 percent.

During the first quarter, NIO gained 7.79 percent, XPeng gained 9.14 percent and Li Auto gained 22.3 percent.

Baillie Gifford trims holdings in NIO, Tesla slightly in Q1

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Toyota’s first electric sedan, the bZ3, sold 2,342 units in the first month after launching in China

Toyota bZ3 is the first EV jointly developed by Toyota and BYD, produced by FAW-Toyota's Tianjin factory and supplied to the Chinese market.

The post Toyota’s first electric sedan, the bZ3, sold 2,342 units in the first month after launching in China appeared first on CarNewsChina.com.

NIO filming ET5 touring promo in Norway, more images revealed

NIO is filming promotional videos for the ET5 touring in Norway, and leaked images show more details of the model.  |  NIO US | NIO HK | NIO SG

NIO filming ET5 touring promo in Norway, more images revealed-CnEVPost

More images of the NIO (NYSE: NIO) ET5 touring have been revealed, as the model gets closer to its official launch.

Auto blogger Delu shared several images of the model on the NIO App today, saying that NIO is filming promotional videos for the model in Norway.

"This is one of the top three touring models in my mind, they are the Volvo V60, Audi RS6 and now the ET5 Touring," the blogger wrote.

NIO filming ET5 touring promo in Norway, more images revealed-CnEVPost

On May 9, CnEVPost obtained two spy photos of the ET5 touring appearing on the streets of Europe, showing that the car has the yellow color exclusive to the ET5 sedan sold in China.

CnEVPost has learned from a source is that the model is expected to make its official debut in Europe in June.

In January, NIO co-founder and president Qin Lihong said the company would launch the ET5 touring, a sister model of the ET5, in June or July.

That new variant of the ET5 will debut in Europe, where the model was developed primarily for European consumers, Qin said at the time.

NIO filming ET5 touring promo in Norway, more images revealed-CnEVPost

Such models have a large market in Europe, while sales of sedans are low, which is the opposite of the situation in China, Qin said at the January event.

"Derivatives of sedans are a niche market in China, but the opposite is true in Europe. We don't see many real sedans in Europe," he said at the time.

In early March, the ET5 touring appeared on a filing list from Chinese industry regulators and its key specifications were revealed.

NIO filming ET5 touring promo in Norway, more images revealed-CnEVPost

The NIO ET5 touring has a length, width and height of 4,790 mm, 1,960 mm and 1,499 mm respectively, and a wheelbase of 2,888 mm, in line with the ET5 sedan.

It will be equipped with dual motors produced by NIO's electric drive systems division in Hefei, Anhui province, with a maximum power of 150 kW and 210 kW, respectively, and can support a top speed of 200 km/h.

As with several other NIO models based on the NT 2.0 platform, the NIO ET5 touring supports the option of a retractable electric tow hook, which can tow a maximum of 1,400 kg of caravan weight.

Exclusive: NIO ET5 touring appears in Europe as local launch nears

NIO filming ET5 touring promo in Norway, more images revealed-CnEVPost

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Shanghai official hints at support for Tesla’s FSD rollout in China

Shanghai will further deepen its cooperation with Tesla to promote the EV maker's businesses including self-driving and robotics in the city, a local official said.

Shanghai official hints at support for Tesla's FSD rollout in China-CnEVPost

(Image credit: CnEVPost)

Tesla's FSD (Full Self-Driving) may be getting closer to being available in China.

Shanghai will further deepen its cooperation with Tesla to promote the electric vehicle (EV) maker's businesses including self-driving and robotics in the city, a local official said.

The city will work with Tesla to build a technology industry cluster with core technology advantages for the global market, Chen Kele, deputy director of intelligent manufacturing promotion division at Shanghai Municipal Commission of Economy and Informatization, said today.

Tesla's factory in Shanghai received a tour by local media today, and Chen mentioned this during a media briefing, according to The Paper.

Chen did not directly mention Tesla's FSD, but it was the first hint of support from a Chinese official for Tesla's FSD software.

Tesla, despite being a pioneer among EV companies in exploring autonomous driving, has been seen as slow to move in the area in China.

The EV maker is about to begin wide-scale testing of FSD in China, local media outlet Caixin said in an April 3 report.

All Tesla vehicles currently come with the free Basic Autopilot (BAP) software. In addition, Tesla also offers Enhanced Autopilot (EAP), FSD software as options.

EAP and FSD cost $6,000 and $15,000 respectively in the US and RMB 32,000 ($4,600) and RMB 64,000 respectively in China.

Tesla has made a positive contribution to the construction of a world-class automotive industry center in Shanghai, supporting the city's steady industrial economic growth, Chen said at today's event.

Tesla produced 727,000 vehicles in 2022, up 49.7 percent year-on-year, with an industrial output value of RMB 183.9 billion, Chen said, adding that this represents 23 percent of Shanghai's auto manufacturing output, driving industrial output growth by 1.3 percentage points.

($1 = RMB 6.9498)

Tesla reportedly to begin large-scale testing of FSD in China

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Chinese LiDAR maker Hesai opens its 1st European office in Germany

This will help it further expand into the European market and accelerate its globalization, Hesai said.

Chinese LiDAR maker Hesai opens its 1st European office in Germany-CnEVPost

(Image credit: Hesai)

Hesai Group has opened its first European office in Stuttgart, Germany, which will help it expand further into the European market and accelerate its globalization, the Chinese LiDAR manufacturer announced today.

Stuttgart is the automotive capital of Europe, with more than 2,000 companies in the automotive chain and many top OEMs and large Tier 1 suppliers headquartered here, Hesai said.

More than 20 automotive industry-related universities and R&D institutions provide a large talent base for the automotive industry in the region, it said.

Hesai's European office will leverage local resources in automotive and component manufacturing to enhance the company's presence and overall competitiveness in the European market, Hesai said.

Chinese LiDAR maker Hesai opens its 1st European office in Germany-CnEVPost

(The building where Hesai's European office is located. Image credit: Hesai)

The company received the TISAX AL3 assessment label, the highest level of information security, this year, passing the European automotive supply chain access requirements and being able to serve European car OEM customers, it said.

Founded in Shanghai in late 2014, Hesai initially focused on developing high-performance laser sensors and has been exploring LiDAR products since 2016.

Hesai opened an office in Palo Alto, Silicon Valley, at its inception and now operates in more than 40 countries and 90 cities worldwide.

The company went public on NASDAQ on February 9, becoming the first Chinese LiDAR manufacturer to go public in the US.

Hesai shipped 47,515 LiDAR units in the fourth quarter, up 739.2 percent from 5,662 units in the same period in 2021, it said in its earnings report on March 16.

The company shipped 80,462 LiDARs for the full year 2022, up 467.5 percent year-on-year.

Hesai's revenue in overseas markets over the past three years reached nearly RMB 1.19 billion ($170 million), accounting for more than half of the company's total revenue.

($1 = RMB 6.9520)

Hesai unveils ultra-thin LiDAR ET25 that can be placed behind windshield

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Baillie Gifford trims holdings in NIO, Tesla slightly in Q1

Baillie Gifford trimmed its holdings in NIO and Tesla by 0.77 percent and 2.83 percent, respectively, in the first quarter, but the value of its holdings in them rose.

Baillie Gifford held 120,132,616 shares of NIO's US-traded ADRs at the end of the first quarter, according to a 13F filing posted on the SEC's website on May 3.

That's down 926,459 shares, or 0.77 percent, from 121,059,075 at the end of the fourth quarter, CnEVPost's calculations show.

During the fourth quarter of last year, Baillie Gifford's position in NIO increased by 24,277,897 shares or 25.09 percent.

Baillie Gifford's holdings in NIO were worth $1.26 billion at the end of the first quarter, up 6.97 percent from $1.18 billion at the end of the fourth quarter.

NIO rose 7.79 percent in the first quarter after it fell 38 percent in the fourth quarter of last year.

In addition to reducing its position in NIO slightly, Baillie Gifford also reduced its holdings in Tesla slightly in the first quarter.

At the end of the first quarter, the fund held 26,054,483 shares of Tesla, down 759,855 shares, or 2.83 percent, from 26,814,338 shares in the fourth quarter of last year.

However, Baillie Gifford's holdings in Tesla were worth $5.4 billion at the end of the first quarter, up 63.65 percent from $3.3 billion in the fourth quarter of last year, due to a big jump in Tesla's stock price in the first quarter.

Tesla rose 68.42 percent in the first quarter after it fell 59 percent in the fourth quarter of last year.

Baillie Gifford previously held (NASDAQ: LI), but liquidated its position in the extended-range electric vehicle (EREV) maker in the fourth quarter of last year.

As of March 31, Baillie Gifford did not own Li Auto, (NYSE: XPEV) or BYD (OTCMKTS: BYDDY) shares.

NIO asks its community for advice on pricing of new ES6

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GM goes wild in China as SGMW unveils Baojun Yep with cool retro roof racks. To launch on May 25

On May 12, Baojun shared new pictures and specs of the Baojun Yep mini urban SUV on their official app. The images show Yep with retro-styled aluminum roof racks that can carry up to 30kg of load and an announcement that the car will officially launch on May 25. The EV is aimed at young […]

The post GM goes wild in China as SGMW unveils Baojun Yep with cool retro roof racks. To launch on May 25 appeared first on CarNewsChina.com.

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