The Zeekr X, an electric SUV from Geely, was released in April. Geely plans to sell the car in Europe at a later date.
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Category: China
ET5 Touring said to be available at NIO showrooms in China starting Jun 10
The ET5 Touring has arrived at NIO stores and will be available in NIO showrooms on the evening of June 9, and those interested can check it out on June 10, according to a blogger who has been following NIO for a long time.
(Image credit: @肉肉爸比ev)
The ET5 Touring, a derivative of NIO's (NYSE: NIO) ET5 sedan, hasn't been officially launched yet, but it's no longer a secret.
The ET5 Touring has quietly arrived in NIO stores, longtime NIO follower and car blogger @肉肉爸比ev said on Weibo today.
The model will enter NIO's showrooms on the evening of June 9 and those interested can check it out on June 10, the blogger said, without providing any more information.
Notably, NIO has not yet announced an official launch date for the ET5 Touring, and the electric vehicle (EV) maker will announce first-quarter earnings before the US stock market opens on June 9 and then hold an analyst call.
On June 2, car blogger Wu Ying, who has about 1 million followers on Weibo, said the ET5 Touring will be launched on June 15.
On June 5, the first slide on the front page of NIO's English website showed a picture of part of the interior details of a model, with the text "Inspired By Life."
The date on the image implies that the event will take place on June 15.
The information on NIO's website does not suggest that the model is the ET5 Touring, but the image shows that it does not appear to have a HUD (heads-up display), and the ET5 is currently the only one in NIO's product lineup that does not support HUD.
NIO plans to launch a new model based on NT 2.0, the ET5 Touring, a midsize smart electric wagon that will begin deliveries to customers in June, it said when it announced May deliveries on June 1.
The ET5 Touring will be launched globally in June and deliveries will begin in China, it said in a separate press release.
For the ET5 Touring, Deutsche Bank analyst Edison Yu's team expects pricing of RMB 335,000 ($47,030) - RMB 345,000, which would be slightly higher than the regular ET5's RMB 328,000.
NIO management aims to capitalize on the success of the Zeekr 001, which proves there is a sizable local market for luxury sport EV wagons, the team said in a research note sent to investors on June 5.
The ET5 Touring has been seen frequently in Europe as well as China over the past two months.
($1 = RMB 7.1232)
NIO Q1 earnings preview: Struggling along for another quarter
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BYD begins pre-sales for 2023 Song Plus series SUVs as its model changeover continues
Pre-sales for the new Song Plus DM-i start at RMB 169,800 and the Song Plus EV at RMB 179,800.
(Image credit: BYD)
BYD (OTCMKTS: BYDDY) has been rolling out updated versions of its existing models over the past few months, and now it's the turn of the Song Plus line of SUVs.
BYD today began pre-sales of the 2023 Song Plus DM-i and Song Plus EV, and as it has done previously, the new energy vehicle (NEV) giant is naming these improved models Champion Editions.
BYD stopped production and sales of vehicles powered entirely by internal combustion engines in March 2022 to focus on plug-in hybrid models and pure electric models, the former being the DM series and the latter being the EV series.
Its product array includes the Dynasty series and the Ocean series, while the Song family models include both the Song Pro DM-i and Song Max DM-i in the Dynasty series and the Song Plus models in the Ocean series.
The new Song Plus DM-i is available in four versions with starting prices of RMB 169,800 ($23,810), RMB 179,800, RMB 189,800 and RMB 199,800 respectively.
The previously available BYD Song Plus DM-i was offered in seven versions with starting prices ranging from RMB 154,800 to RMB 218,800.
This means that the starting price of the 2023 Song Plus DM-i has been increased by RMB 15,000.
It is worth noting, however, that the Song Plus DM-i's two previously least expensive versions had an NEDC battery range of just 51 kilometers, which BYD has eliminated on the improved versions of the model.
The entry-level version of the new Song Plus DM-i has a battery range of 110 km and costs slightly more than the previous 110 km range version at RMB 167,800.
Nevertheless, BYD is likely to let the price drop when the model is officially launched, as is its usual practice.
The Song Plus EV Champion Edition also comes in four versions, starting at RMB 179,800, RMB 189,800, RMB 199,800 and RMB 219,800 respectively.
The previously available 2022 Song Plus EV has only two versions, with starting prices of RMB 186,800 and RMB 203,800 respectively. They both have an NEDC range of 505 km.
This represents a RMB 7,000 reduction in the starting price of the 2023 Song Plus EV.
The length, width and height of the new BYD Song Plus are 4,775 mm, 1,890 mm and 1,670 mm respectively, with a wheelbase of 2,765 mm.
For comparison, the old Song Plus has a length, width and height of 4,705 mm, 1,890 mm and 1,680 mm, respectively, and a wheelbase of 2,765 mm.
This means that the new Song Plus is longer but lower than the previous model.
The Song Plus DM-i Champion Edition is powered by an engine with a maximum power of 81 kW and uses an electric motor with a maximum power of 145 kW and a top speed of 170 km/h.
Compared to the old Song Plus DM-i, the engine power of the new model remains the same, but the electric motor power is higher than the 135 kW of its predecessor.
The Song Plus DM-i Champion Edition is available in two pure electric range versions with NEDC ranges of 110 km and 150 km and battery pack capacities of 18.3 kWh and 26.6 kWh, respectively.
The 2022 Song Plus DM-i has an NEDC range of 51 km, 100 km and 110 km and a battery pack capacity of 8.3 kWh and 18.3 kWh, respectively.
The Song Plus EV Champion Edition has two range versions with NEDC ranges of 520 km and 650 km, and a blade battery capacity of 71.8 kWh and 87.04 kWh, respectively.
The older Song Plus EV has an NEDC range of 505 km and a battery pack capacity of 71.7 kWh.
($1 = RMB 7.1304)
BYD confident of gaining higher market share in next 3-5 years, says president
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China launches nationwide promotions to boost auto consumption
The moves include holding auto festivals in 100 cities and promoting consumption of NEVs in rural areas.
(Image credit: CnEVPost)
China has launched a nationwide promotion covering the rest of the year to boost auto consumption, which is critical to economic growth.
The Ministry of Commerce (MOC) announced specific arrangements in a notice issued today on a campaign to promote auto consumption, including holding auto festivals in 100 cities and promoting new energy vehicle (NEV) consumption in rural areas.
The MOC will promote local governments and enterprises to introduce initiatives to support auto consumption, use local financial resources, and encourage financial institutions to introduce auto credit financial support measures, according to the notice.
The MOC will organize the launch of the NEV consumption season campaign in the near future and guide various NEV consumption promotion activities in rural areas.
Car companies are encouraged to launch practical models suitable for rural areas, and the MOC will coordinate and promote the improvement of charging infrastructure systems in rural areas.
The China Association of Automobile Manufacturers (CAAM) was asked to organize auto companies to participate in these activities and to introduce preferential initiatives for car purchases, according to the notice.
At the same time, the notice stressed that local government departments should do their part in reviewing fair competition for support policies, including subsidies, that are planned to be introduced to ensure they are universally applicable to all enterprises.
The campaign will run from June to December, according to the notice.
The move comes at a time of weak growth in Chinese auto sales, with the sector facing challenges after state subsidies expired at the end of last year.
China's retail sales of passenger cars rose 28.6 percent to 1.74 million units in May, up 7.3 percent from April, according to data released earlier today by the China Passenger Car Association (CPCA).
From January to May, China's passenger car retail sales were 7.63 million units, up 4.39 percent year-on-year.
NEVs fared slightly better, but at a significantly lower rate than last year.
Retail sales of new energy passenger vehicles in China were 580,000 units in May, up 60.9 percent year-on-year and up 10.5 percent from April, according to the CPCA.
From January to May, retail sales of passenger NEVs in China were 2.42 million units, up 41 percent year-on-year. For comparison, last year's January-May passenger NEV retail sales grew 117.21 percent year-on-year.
China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show
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China contributes 56% of global EV sales in Q1, Counterpoint says
The US overtook Germany as the world's second-largest EV market in the first quarter, while China remained in the lead, Counterpoint said.
(Image credit: CnEVPost)
In the first quarter, the US overtook Germany as the world's second-largest electric vehicle (EV) market, while China still holds the lead, market research firm Counterpoint Research said in a report yesterday.
Global passenger EV sales grew 32 percent year-on-year in the first quarter, with one in seven vehicles sold in the quarter being electric, the report said.
Global EV sales were largely driven by China with 56 percent of total EV sales in the first quarter coming from this market, said Abhik Mukherjee, a research analyst at Counterpoint.
In China, while overall passenger vehicle sales fell 12 percent in the first quarter, EV sales rose a remarkable 29 percent year-on-year, the report said.
The removal of subsidies for NEV purchases in China led to lower-than-expected EV sales in January.
Tesla cut prices on its models globally in January, and then other car brands announced similar price cuts on their models starting in February, which led to improved sales of EVs, the report said.
During the February-March period, nearly 40 automakers, including BYD, NIO, XPeng, Volkswagen, BMW, Mercedes-Benz, Nissan, Honda and Toyota, cut the prices of their vehicles by hundreds to tens of thousands of dollars, which eventually stoked a competitive price war in China, the report noted.
Initially, it was thought that the price war would soon be over and the automakers would benefit from increased sales. However, as the price war continues to stretch, several Chinese automakers have reported reduced earnings or even losses, according to the report.
Globally, battery electric vehicles (BEVs) accounted for 73 percent of all EV sales in the first quarter, while plug-in hybrid electric vehicles (PHEVs) made up the rest.
The top 10 EV models accounted for 37 percent of total passenger EV sales in the first quarter, with Tesla's Model Y remaining the world's best-selling model, followed by Tesla's Model 3 and BYD's Song, Counterpoint said.
In the first quarter, Tesla's Model Y became the world's best-selling passenger car model, even surpassing traditional fuel cars, according to the report.
By the end of 2023, global EV sales are expected to exceed 14.5 million units, said Soumen Mandal, senior analyst at Counterpoint, adding that US EV sales are expected to grow significantly this year with the implementation of the tax credit subsidy.
China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show
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China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show
NEV penetration at retail in China was 33.3 percent in May, up 6.7 percentage points from 26.6 percent a year earlier and up from 32.3 percent in April.
Retail sales of new energy passenger vehicles (passenger NEVs) in China were 580,000 units in May, up 60.9 percent year-on-year and up 10.5 percent from April, according to data released today by the China Passenger Car Association (CPCA).
This is higher than the preliminary figure of 557,000 units announced by the CPCA on June 7, and in line with its estimate released on May 23.
Battery electric vehicles (BEVs) accounted for 388,000 in May, or 66.9 percent of all NEV retail sales. This was up 44.9 percent year-on-year and up 7.5 percent from April.
Plug-in hybrid vehicles (PHEVs) accounted for 192,000 units in May, contributing 33.1 percent of NEV retail sales, an increase of 109.1 percent year-on-year and up 17.22 percent from April.
Retail sales of all passenger vehicles in China were 1.742 million units in May, up 28.6 percent year-on-year and up 7.3 percent from April.
NEV penetration at retail in China was 33.3 percent in May, up 6.7 percentage points from 26.6 percent in the same month last year and up from 32.3 percent in April.
The penetration rate of NEVs was 57.1 percent for local brands, 23.0 percent for luxury brands and 4.0 percent for mainstream joint venture brands.
From January to May, retail sales of passenger NEVs in China were 2.42 million units, up 41 percent year-on-year.
Wholesale sales of passenger NEVs in China were 673,000 units in May, up 59.4 percent year-on-year and up 11.5 percent from April.
This means that the penetration of NEVs at wholesale in May was 33.7 percent, up 7.2 percentage points from 26.5 percent a year ago and down from 33.9 percent in April.
The penetration of Chinese domestic brands' NEVs at wholesale in May was 50.4 percent, compared to 33.6 percent for luxury brands and 4.3 percent for mainstream joint venture brands.
From January to May, wholesale sales of passenger NEVs in China were 2.78 million units, up 48 percent year-on-year.
In May, China exported 92,000 passenger NEVs, of which BEVs accounted for 92.6 percent. This represents a year-on-year increase of 135.7 percent, up 1.2 percent from April, and contributed 30.5 percent of all passenger vehicle exports.
Looking ahead, the CPCA believes it would be normal if Chinese passenger car sales in June were lower than a year ago, as China halved the purchase tax on major fuel vehicles starting June 1 last year, allowing for a big increase in sales that month.
BYD confident of gaining higher market share in next 3-5 years, says president
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Power battery industry faces serious overcapacity in China, says Changan chairman
China will need 1,000-1,200 GWh of power battery capacity by 2025, but the industry is already planning for 4,800 GWh of capacity, according to Changan's chairman.
The chairman of one of China's largest automakers has warned about oversupply in the power battery industry, at a time when the risk is a growing concern.
China's power battery industry is currently suffering from a serious overcapacity and the sector is bound to return to a rational state, Zhu Huarong, chairman of Changan Automobile, said today in a speech at an automotive forum in the southwestern Chinese city of Chongqing.
China will need 1,000-1,200 GWh of power battery capacity by 2025, but the industry is currently planning for 4,800 GWh of capacity, Zhu said.
In a speech at the 2022 China Auto Forum on November 9 last year, Zhu said the tight supply of chips and batteries facing China's new energy vehicle (NEV) industry had eased, but their expensive prices stand out, seriously affecting the profits and production of NEV companies.
High battery prices were caused by factors including raw material price increases, capital speculation, sellers' hesitation to sell and middlemen hoarding, Zhu said at the time.
Zhu's latest comments come as the issue of power battery overcapacity is a growing concern.
In a research note yesterday, Morgan Stanley analyst Jack Lu's team said that despite a near-term recovery in orders for China's battery industry, there will still be excess battery capacity and price competition is inevitable.
More and more second-tier battery suppliers are adopting increasingly aggressive pricing strategies, and CATL may have to do the same, Lu's team said.
Power battery overcapacity is an industry consensus, but in the first quarter, expansion of power and storage batteries continued, the official Economic Information Daily said in a report yesterday.
In 2022, China's power battery shipments were about 480 GWh, while the installed power battery capacity was only about 260.94 GWh. Even counting the export volume and the installed power battery capacity in the segment including construction machinery, the current inventory pressure of the whole industry is still high, the report said, citing industry research institute GGII.
In the next few years, the structural overcapacity of power batteries will intensify, and the industry will enter a deep reshuffling stage, with a degree of competition that may be more severe than imagined, the report said.
China's power battery installed capacity in April was 25.1 GWh, up 89.4 percent year-on-year and down 9.5 percent from March, according to data released by the China Automotive Battery Innovation Alliance (CABIA) on May 11.
The power battery production in April was 47.0 GWh, up 38.7 percent year-on-year and down 8.3 percent sequentially, according to the CABIA.
May's data is expected to be available in a few days.
China EV battery installations in Apr: BYD regains top spot over CATL in LFP market
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BYD confident of gaining higher market share in next 3-5 years, says president
Wang believes that the NEV change is a technological revolution, and only companies with core technologies will survive.
BYD is confident of gaining a higher market share in the next 3-5 years, said Wang Chuanfu, chairman and president of the Chinese new energy vehicle (NEV) giant, at its 2022 annual shareholders meeting today.
Commenting on the price war in China's auto industry, Wang said BYD's scale, brand and technology advantages will help it outperform its peers in future competition.
From January to April, BYD retail sales in China rose 79.2 percent to 702,608 units, taking the No. 1 spot with an 11.9 percent share, according to a ranking released last month by the China Passenger Car Association (CPCA).
FAW-Volkswagen sold 509,774 units at retail during the period, up 1.4 percent year-on-year, and ranked second with an 8.6 percent share, according to the ranking.
BYD sold 240,220 NEVs in May, up 108.99 percent from 114,943 units in the same month last year, according to data it released on June 1. The CPCA is expected to release its May sales rankings in the coming days.
On March 29, Wang said BYD aims to become the largest automaker in China by the end of this year.
The NEV industry is poised for big changes in the next 3-5 years, and the pace of change is now accelerating, Wang said today, adding that this is expected to accelerate further in the future and could exceed expectations.
For BYD, the toughest period is over and it will have a strategic opportunity period, Wang said.
BYD will leverage its existing industrial chain advantages, cost advantages, technology advantages and product advantages to further optimize its brand image and lead China's NEVs to the world, he said.
BYD has been vigorously expanding its production capacity in various regions since last year, and has now basically solved the problem of imbalance between supply and demand, Wang said.
The company's current production capacity and output of components can meet future market demand, he said, adding that BYD has made arrangements to meet the growing demand in overseas markets.
Wang believes that the NEV change is a technological revolution, and only companies with core technologies will survive.
If a company simply assembles, the probability of surviving is small, he said.
Companies that survive will also have a good strategic direction, because the industry's opportunity window is only 3-5 years, and the choice of models and technology lines is important, according to Wang.
He highlighted the importance of quick decision-making mechanisms, saying that auto companies tend to be large and have long decision-making mechanisms, but the NEV market is like a battlefield, requiring quick decisions.
Wang also mentioned his views on smart driving, saying that in the absence of changes in laws and regulations, smart driving technology is likely to be only an assist and difficult to commercialize.
In fully autonomous driving, any one safety accident will expose car companies to great responsibility and may drag down the sales of the whole model, he said.
Full CPCA rankings: Top-selling models and automakers in China in Apr
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Baojun Yunduo more specs and interior shots leaked. To rival BYD Dolphin
The Baojun Yunduo is ready for pre-sales in China with 400 km of range, 136 hp and the starting price of 14,000 USD. BYD Dolphin rival.
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Tesla asks Chinese suppliers to build plants in Mexico, report says
Tesla is asking several Chinese supply chain companies to build factories in Mexico in order to replicate a Giga Shanghai and its supply chain system there, according to local media.
(Image: Tesla China video screenshot)
China's well-established electric vehicle (EV) industry chain is one of the key factors in Tesla's success in the country. Now, the US EV maker is reportedly looking to replicate it in Mexico.
Tesla is asking several Chinese supply chain companies to build factories in Mexico to replicate a Giga Shanghai and its supply chain system there, local media outlet 36kr reported today.
Tesla's pace is urgent and suppliers could lose orders amounting to hundreds of millions of yuan if they don't respond in time, the report said, citing a person familiar with the matter.
On March 1, Tesla unveiled plans to build a factory in Mexico for the production of next-generation cars at an Investor Day event.
Mexican Foreign Ministry officials had said the plant would invest more than $5 billion and have a planned capacity of 1 million vehicles.
Some of Tesla's suppliers in China have announced plans to build factories in Mexico since the beginning of this year.
Ningbo Xusheng Group said in late March that it would build a production base in Mexico, with a total investment of no more than $276 million. Late May, the construction of the project was officially launched in Mexico's Coahuila state.
If all goes well, the plant will be ready for production in July or August next year, 36kr said, citing a source close to the project.
According to the report, a number of Chinese manufacturers of production line equipment have already set up offices in Mexico to take charge of design, after-sales support and other business aspects.
Mexico is now a hotbed of investment, many customers are coming over, and there are even supply chain companies bringing production line workers to Mexico to build factories, the report quoted a Tesla supplier source as saying.
Low labor costs, and industrial chain support are Mexico's advantages. However, there are supply chain sources said that Mexico is not as mature as the European and American markets, social and geopolitical risks are relatively high, the report noted.
On July 18 last year, Bloomberg reported that Chinese power battery giant CATL was considering building a manufacturing plant in at least two locations in Mexico, possibly to supply Tesla and Ford.
The CATL sites would help Mexico cement its role in the region's electric vehicle production, which has long been a major part of the auto industry's supply chain, the Bloomberg report noted.
Tesla's revamped Model 3 nears final trial production in Shanghai, report says
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