Videos of U8 doing a tank turn in public on the street in China also appeared
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Videos of U8 doing a tank turn in public on the street in China also appeared
The post BYD YangWang U8 with 1,180 HP spotted on the trailer in China. Deliveries to start in September appeared first on CarNewsChina.com.
NIO has accused a blogger of deliberately misleading readers by saying it discriminates against Chinese consumers.
This article by Doug Young was first published in The Bamboo Works, which provides news on Chinese companies listed in Hong Kong and the United States, with a strong focus on mid-cap and also pre-IPO companies.
(Image credit: CnEVPost)
Key Takeaways:
We start our week with a spin into the electric vehicle (EV) realm, where NIO Inc. (NIO.US; 9866.HK), one of China's homegrown leaders, has sued a blogger for writing a misleading post about the company.
In this case, NIO accused the blogger, named Cheshiji, of deliberately writing the post to give the erroneous impression that it charges Chinese higher prices for its cars compared with consumers in other markets.
The story contains many elements about a risk that's relatively unique to China, namely the potential for falling victim to negative publicity, often with a hidden agenda, from media and key opinion leaders (KOLs).
In many instances, the hidden agenda is an effort by a rival to bad-mouth its competitor. Another underlying agenda could simply be efforts by Chinese nationalists to attack a company or individual whom they perceive as being too pro-foreign.
When something like that happens, there really aren't too many options for the company under attack. Contrition is always the easiest, especially when the negative publicity comes from official state-run media.
We've written about such instances involving names like retailer Miniso (MNSO.US; 9896.HK) and sportswear maker Li Ning (2331.HK), which both came under attack last year for doing things perceived as too pro-foreign.
Another option is to sue the person or media behind the story, though the damage awards in such cases are usually quite small. The most extreme step is to complain to police, and in a few cases such complaints have resulted in high-profile arrests of rogue writers. But by the time such arrests happen, the damage to a company's reputation has already been done.
The latest case involving NIO included many of these elements. It dates back to early June last year, when the blogger Cheshiji, who has 6.5 million followers, published a story on his account on the hugely popular short-video site Douyin, the Chinese version of TikTok.
In the story, Cheshiji accused NIO of discriminating against Chinese by selling its ES8 SUV model for 470,000 yuan ($68,000) to 630,000 yuan in China, compared with a range of 410,000 yuan to 460,000 yuan in Norway.
In its lawsuit, NIO called the story misleading, characterizing it as an apples-to-oranges comparison. It noted that the models sold in China include batteries, whereas the Norway models don't; and it said the blog post also ignored the fact that Norway exempts NIO's cars from import duties and value-added tax.
NIO said it believed the blogger was aware of the differences and deliberately wrote the story to create the impression the company discriminates against Chinese buyers.
NIO is seeking 2 million yuan in damages and a public apology.
It's impossible to precisely quantify how the story may have affected NIO's reputation. But the company's US-listed American depositary shares (ADSs) peaked at $24.08 shortly after the story came out and have moved steadily downward since then.
They now trade at about one-third of that, closing Monday at $7.81, meaning they have lost about $25 billion in market value since the original story was published.
Hired gun?
While NIO doesn't say it outright, its suggestion that Cheshiji's efforts were intentional raises the question of the blogger's motivation. In this case the implication is that the influential blogger was paid by someone to publish the story, almost certainly a rival EV maker that could profit from the damage to NIO's reputation.
Obviously, the loss of $25 billion in NIO's market value can't be attributed to a single negative blog post. And the fact that other Chinese EV makers like Li Auto (LI.US; 2015.HK) and BYD (1211.HK; 002594.SZ) peaked around the same time indicates a broader industry trend.
But the post-peak declines have been far milder for Li Auto and BYD, showing the post may have cost NIO billions of dollars in additional loses due to reputational damage.
Price discrimination against Chinese consumers is a touchy subject in China, and even has some foundation in truth. Major global luxury brands charged Chinese consumers much higher prices for their goods than in other global markets for years, justifying their policies by saying they were simply capitalizing on Chinese consumers' willingness to pay higher prices.
Starbucks (SBUX.US) faced similar allegations about a decade ago when China's main TV broadcaster came out with an investigative story showing how the chain was charging higher prices for an identical cup of coffee in China compared with most other global markets.
In that case Starbucks stayed mostly silent, and let China's online community come to its defense by calling the TV report petty and biased.
In terms of rivals paying for coverage to smear their competitors, another famous case, also about a decade ago, saw a reporter paid to write negative stories about construction equipment maker Zoomlion (1157.HK).
That case ultimately resulted in the reporter's high-profile arrest and jailing. Yet another similar case saw a rival of leading bottled water maker Nongfu (9633.HK) use the media to accuse the company of failing to meet certain quality standards.
And the list goes on.
The main point is that China is still a bit of a “Wild West” when it comes to the country's media, both official state-owned outlets and also hugely influential newer social media. Both types wield large influence over public opinion, and are often used by companies and other organizations to spread misinformation that works to their benefit.
China's court systems aren't very well equipped to punish the scoundrels, as reflected by the relatively small 2 million yuan that NIO is seeking for a case that may have cost the company billions of dollars in market value.
The criminal justice system could provide bigger deterrents to such behavior. But in this case, public prosecutors are playing an increasingly conservative role for what is really a matter of civil, and not criminal, offenses.
NIO sues vlogger for $290,000 for spreading false information
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In Q1 2023, 1,041,000 EVs and 460,000 PHEVs were sold in China, sales up 25% to Q1 2022, accounting for 28% of China's vehicle sales.
The post China sold 1.5 million EVs&PHEVs in Q1 2023, accounting for 59% of the world appeared first on CarNewsChina.com.
BYD also exported 14,827 NEVs, and BYD Dolphin sold over 30,000 units. BYD Seal's 6,212 units sold could have been better, as it had the ambition to compete with Model 3. BYD Seagull sold 1500 units.
The post BYD sold 104,346 all-electric vehicles globally in April, including 1,500 Seagulls and 6,212 Seal EVs appeared first on CarNewsChina.com.
Last year's edition saw over 120 automakers and 1,600 vehcles on display but was halted prematurely due to Covid-19 concerns.
The post 2023 Chengdu Auto Show scheduled to hold from August 25 – September 3 appeared first on CarNewsChina.com.
The BYD Chaser 07 (Destroyer 07) interior was exposed in China with a large screen.
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Tesla's move could help dispel the wait-and-see sentiment of some potential consumers, which could benefit sales in the near term.
Tesla (NASDAQ: TSLA) has raised prices for its entire Model 3 and Model Y lineup in China in a move that appears to be aimed at dispelling consumer wait-and-see sentiment.
Tesla has a factory in Shanghai that makes the Model 3 and Model Y, and their prices in China have all been raised by 2,000 yuan ($289), or less than 1 percent.
The company now offers two versions of the Model 3 in China -- the rear-wheel drive Model 3 and the dual-motor all-wheel drive Model 3 Performance -- and three versions of the Model Y -- the entry version Model Y, Model Y Long Range, and Model Y Performance.
The two versions of the Model 3 currently start at RMB 231,900 and RMB 331,900, respectively, and the three versions of the Model Y start at RMB 263,900, RMB 313,900 and RMB 363,900, respectively.
Expected delivery dates for all of these Tesla models remain unchanged from previous dates, with 1-4 weeks for both versions of the Model 3, 2-5 weeks for both the base Model Y as well as the Model Y Long Range, and 1-4 weeks for the Model Y Performance.
Last month, Tesla lowered the prices of the Model 3 as well as the Model Y in several markets around the world, raising concerns about whether it would lower prices in the Chinese mainland.
On April 15, Grace Tao, Tesla's vice president of external affairs, shared several charts on Weibo showing that all versions of the Model 3 and Model Y available in the Chinese mainland are priced lower than in all other markets.
Tao shared the charts without comment, although the move appears to suggest that Tesla won't be dropping prices in China in the near term.
Tesla's move today could help dispel the wait-and-see mood of some potential consumers, which could benefit sales in the near term.
The electric vehicle maker delivered 76,663 vehicles in China in March, and its Shanghai plant exported 12,206 units, according to the China Passenger Car Association (CPCA).
Retail sales of the Model 3 in China in March were 21,726 units and 54,937 units of the Model Y.
($1 = RMB 6.9121)
Tesla prices: Here's how Model 3 and Model Y compare in China vs other markets
Date | Model | Prev Price | Change (RMB) | % | Latest Price |
---|---|---|---|---|---|
May 2, 2023 | Model 3 | 229,900 | +2,000 | 0.87% | 231,900 |
May 2, 2023 | Model 3 Performance | 329,900 | +2,000 | 0.61% | 331,900 |
May 2, 2023 | Model Y | 261,900 | +2,000 | 0.76% | 263,900 |
May 2, 2023 | Model Y Long Range | 311,900 | +2,000 | 0.64% | 313,900 |
May 2, 2023 | Model Y Performance | 361,900 | +2,000 | 0.55% | 363,900 |
Feb 17, 2023 | Model Y Performance | 359,900 | +2,000 | 0.56% | 361,900 |
Feb 17, 2023 | Model Y Long Range | 309,900 | +2,000 | 0.65% | 311,900 |
Feb 10, 2023 | Model Y | 259,900 | +2,000 | 0.77% | 261,900 |
Jan 6, 2023 | Model X Plaid | New | NA | NA | 1,039,900 |
Jan 6, 2023 | Model X | New | NA | NA | 879,900 |
Jan 6, 2023 | Model S Plaid | New | NA | NA | 1,009,900 |
Jan 6, 2023 | Model S | New | NA | NA | 789,900 |
Jan 6, 2023 | Model Y Performance | 397,900 | -38,000 | -9.55% | 359,900 |
Jan 6, 2023 | Model Y Long Range | 357,900 | -48,000 | -13.41% | 309,900 |
Jan 6, 2023 | Model Y | 288,900 | -29,000 | -10.04% | 259,900 |
Jan 6, 2023 | Model 3 Performance | 349,900 | -20,000 | -5.72% | 329,900 |
Jan 6, 2023 | Model 3 | 265,900 | -36,000 | -13.54% | 229,900 |
Oct 24, 2022 | Model Y Performance | 417,900 | -20,000 | -4.79% | 397,900 |
Oct 24, 2022 | Model Y Long Range | 394,900 | -37,000 | -9.37% | 357,900 |
Oct 24, 2022 | Model Y | 316,900 | -28,000 | -8.84% | 288,900 |
Oct 24, 2022 | Model 3 Performance | 367,900 | -18,000 | -4.89% | 349,900 |
Oct 24, 2022 | Model 3 | 279,900 | -14,000 | -5.00% | 265,900 |
June 17, 2022 | Model Y Long Range | 375,900 | +19,000 | 5.05% | 394,900 |
Mar 17, 2022 | Model Y | 301,840 | +15,060 | 4.99% | 316,900 |
Mar 15, 2022 | Model Y Performance | 397,900 | +20,000 | 5.03% | 417,900 |
Mar 15, 2022 | Model Y Long Range | 357,900 | +18,000 | 5.03% | 375,900 |
Mar 15, 2022 | Model 3 Performance | 349,900 | +18,000 | 5.14% | 367,900 |
Mar 15, 2022 | Model 3 | 265,652 | +14,248 | 5.36% | 279,900 |
Mar 10, 2022 | Model Y Performance | 387,900 | +10,000 | 2.58% | 397,900 |
Mar 10, 2022 | Model Y Long Range | 347,900 | +10,000 | 2.87% | 357,900 |
Mar 10, 2022 | Model 3 Performance | 339,900 | +10,000 | 2.94% | 349,900 |
Dec 31, 2021 | Model Y | 280,752 | +21,088 | 7.51% | 301,840 |
Dec 31, 2021 | Model 3 | 255,652 | +10,000 | 3.91% | 265,652 |
Nov 24, 2021 | Model Y | 276,000 | +4,752 | 1.72% | 280,752 |
Nov 24, 2021 | Model 3 | 250,900 | +4,752 | 1.89% | 255,652 |
Nov 19, 2021 | Model 3 | 235,900 | +15,000 | 6.36% | 250,900 |
Oct 27, 2021 | Model S Long Range | 859,990 | +30,000 | 3.49% | 889,990 |
Oct 27, 2021 | Model X Long Range | 909,990 | +30,000 | 3.30% | 939,990 |
Sept 11, 2021 | Model Y Performance | 377,900 | +10,000 | 2.65% | 387,900 |
Aug 4, 2021 | Model S Long Range | 829,990 | +30,000 | 3.61% | 859,990 |
Aug 4, 2021 | Model X Long Range | 879,990 | +30,000 | 3.41% | 909,990 |
Jul 30, 2021 | Model 3 | 250,900 | -15,000 | -5.98% | 235,900 |
Jul 16, 2021 | Model S Long Range | 799,990 | +30,000 | 3.75% | 829,990 |
Jul 16, 2021 | Model X Long Range | 849,990 | +30,000 | 3.53% | 879,990 |
Jul 8, 2021 | Model Y | NA | New | NA | 276,000 |
May 8, 2021 | Model 3 | 249,900 | +1,000 | 0.40% | 250,900 |
Mar 24, 2021 | Model Y Long Range | 339,900 | +8,000 | 2.35% | 347,900 |
Mar 24, 2021 | Model Y Performance | 369,900 | +8,000 | 2.16% | 377,900 |
Jan 1, 2021 | Model Y Long Range | New | NA | NA | 339,900 |
Jan 1, 2021 | Model Y Performance | New | NA | NA | 369,900 |
Jan 1, 2021 | Model 3 Performance | New | NA | NA | 339,900 |
Oct 1, 2020 | Model 3 | 271,600 | -21,700 | -7.99% | 249,900 |
Oct 1, 2020 | Model 3 Long Range | 344,050 | -34,150 | -9.93% | 309,900 |
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Edison Yu's team continues to expect most automakers to be aggressive, as market share is a top priority.
China's major electric vehicle (EV) makers announced their April deliveries yesterday, and Deutsche Bank analyst Edison Yu's team provided their take, as usual.
"April sales were generally better than feared for most OEMs we track with the exception of NIO who is struggling at the moment from both weak demand for its sedans and a major production platform transition for its SUVs," the team said in a note sent to investors yesterday.
Li Auto continues to impress, setting a monthly delivery record and showing continued strong traction for its three models in the premium SUV segment, the team said.
As a backdrop, Li Auto delivered a record 25,681 vehicles in April, surpassing the 20,000-delivery mark for the second consecutive month.
NIO deliveries fell further to 6,658 in April as the product switch continued. XPeng delivered 7,079 vehicles in April, essentially unchanged from March, and the company appears to be on the cusp of emerging from the mire of weak sales that lasted about one year.
Here is the full text of Yu's team's note.
April sales were generally better than feared for most OEMs we track with the exception of NIO who is struggling at the moment from both weak demand for its sedans and a major production platform transition for its SUVs.
Li Auto continues to impress, setting a record for monthly deliveries, demonstrating continued robust traction in the premium SUV segment with its 3 models.
XPeng's volume held in about flat MoM as new P7i ramps up.
Overall, we continue to expect most OEMs to be aggressive as market share is the #1 priority. Although there were no big price cuts announced at the Shanghai Auto Show, our view is that there is likely another wave of price cuts to come as industry demand remains soft.
Moreover, the price of lithium carbonate has dropped dramatically this year which provides more cushion on the gross margin side.
April OEM recap
Li Auto delivered 25,681 vehicles (+23% MoM, +516% YoY), beating our forecast and setting a new monthly record. This includes >10,000 units of the L7 in its first full month of deliveries (vs. 7,702 in March).
XPeng delivered 7,079 vehicles (+17% MoM; -55% YoY), slightly below our expectations. The P7i mid-cycle face-lift should help volume in May/June as management expressed confidence in the order book.
XPeng officially revealed the G6 at the Shanghai Auto Show last month and this will be the most important product for the company this year to grow sales (double current monthly sales by end of 3Q), set for late June deliveries.
NIO delivered only 6,658 vehicles (-36% MoM, +31% YoY), below our forecast. Demand for ET5 and ES7 appear to be getting weaker sequentially while the rest of the portfolio is undergoing a platform transition (except for ET7 getting an interior upgrade this month).
Deliveries of the new EC7 began on 4/28, a few weeks earlier than anticipated, suggesting operational execution is on track. The new ES6 is expected to begin deliveries toward end of May (NIO's best selling SUV model).
Zeekr delivered sales of 8,101 vehicles (+22% MoM; +279% YoY). The average order value for 001 shooting break sedan is 336k RMB and 009 luxury MPV is 527k. Zeekr's upcoming X model is expected to garner higher relative volumes with starting price of just 190k (deliver in June, targeting 40,000 units for 2023).
NIO deliveries fall further to 6,658 in Apr as product switch continues
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BYD sold 104,364 passenger BEVs in April, up 1.65 percent from March, and 105,103 PHEVs, up 1.63 percent from March.
BYD sold 210,295 new energy vehicles (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 today.
The company discontinued 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.
BYD's NEVs include passenger cars as well as commercial vehicles, with sales of 209,467 new energy passenger cars in April, up 98.59 percent from 105,475 units in the same month last year and up 1.64 percent from 206,089 units in March.
BYD's new energy commercial vehicles sold 828 units in April, up 46.03 percent from 567 units in the same month last year, but down 16.45 percent from 991 units in March.
Among these passenger NEVs, battery electric vehicles (BEVs) sold 104,364 units, up 81.81 percent from 57,403 units a year ago and up 1.65 percent from 102,670 units in March.
Its passenger plug-in hybrid vehicles (PHEVs) were 105,103 units, up 118.64 percent from 48,072 units in the same month last year and up 1.63 percent from 103,419 units in March.
In April, BYD sold 14,827 NEVs in overseas markets, up 11.38 percent from 13,312 units in March.
The company first announced overseas sales figures for NEVs in July 2022.
In addition to being China's largest NEV company, BYD is also the country's second-largest manufacturer of power batteries.
BYD's installed power and energy storage battery capacity in April was about 9.954 GWh, up 59.47 percent from 6.242 GWh in the same month last year and up 0.64 percent from 8.952 GWh in March.
BYD officially launches Seagull to expand its presence in China's EV market
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From the press release: Geely is resposnible for the manufacturing and tech ... Mercedes designed a virtual assistant, Cheetah, and created to it 40 action images and 6 exclusive action images.
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