Category: China

Li Auto to report Q1 earnings on May 10

Li Auto delivered a record 52,584 vehicles in the first quarter, which is near the lower end of its guidance range of 52,000 to 55,000 vehicles.

Li Auto to report Q1 earnings on May 10-CnEVPost

Li Auto (NASDAQ: LI) will report its unaudited financial results for the first quarter on Wednesday, May 10, before the US market opens, it said today.

The company's management will hold an earnings call at 8 pm Beijing Time that day, or 8 am US Eastern Time on May 10.

Previously released figures show that Li Auto delivered a record 52,584 vehicles in the first quarter, up 65.80 percent year-on-year and up 13.53 percent from the fourth quarter of last year.

The deliveries were near the lower end of the 52,000 to 55,000 vehicle guidance range it had previously provided.

Li Auto's revenue guidance for the first quarter was RMB 17.45 billion to RMB 18.45 billion, implying a year-on-year increase of 82.5 percent to 93 percent.

The company launched the new Li L7, its first five-seat SUV, on February 8. Previously the company was delivering the higher-priced Li L9 and Li L8 models.

The Li L7 is the least expensive of its product array, with Pro and Max versions starting at RMB 339,800 ($49,090) and 379,800 respectively. In addition, the Li L7 has a lower-priced Air version available, starting at RMB 319,800.

Deliveries of the Li L7 Pro and Li L7 Max began on March 11, with deliveries of the Li L7Air beginning earlier this month.

Li Auto's vehicle margin was 20 percent in the fourth quarter, down from 22.3 percent in the year-ago quarter but up from 12 percent in the third quarter.

It posted a gross margin of 20.2 percent in the fourth quarter, a sharp rebound from 12.7 percent in the third quarter. Li Auto's accelerated phase-out of its first model, the Li ONE, in the third quarter of last year severely hurt margins.

For participants wishing to join Li Auto's earnings conference call, online registration needs to be completed prior to the scheduled start time of the call using the link provided below.

Once registered, participants will receive conference call access information including a dial-in number, password and unique access PIN.

To join the conference, you will need to dial the number provided and enter your password and PIN.

Attendees can register online at https://s1.c-conf.com/diamondpass/10030396-a6jw52.html

A replay of the conference call will be accessible by dialing the following number through May 17.

United States: +1-855-883-1031

Chinese mainland: +86-400-1209-216

Hong Kong, China: +852-800-930-639

International: +61-7-3107-6325

Replay PIN: 10030396

A live and archived webcast of the conference call will also be available at the company's investor relations website at http://ir.lixiang.com.

($1= RMB 6.9226)

Li Auto delivers 20,823 vehicles in Mar, up 25% from Feb

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NIO signs partnership deal with state conglomerate China Resources

NIO has opened 46 NIO Houses and NIO Spaces in commercial real estate projects managed by China Resources.

NIO signs partnership deal with state conglomerate China Resources-CnEVPost

(Image credit: NIO)

NIO (NYSE: NIO) signed a strategic cooperation framework agreement with China's state conglomerate China Resources to collaborate on a variety of fronts, the electric vehicle (EV) maker said yesterday.

The two signed the agreement on April 26 at an NIO House in Hefei, Anhui province, in the presence of William Li, founder, chairman and CEO of NIO, and Wang Xiangming, chairman of China Resources, according to an article posted on the NIO App.

NIO and China Resources will cooperate in areas including commercial space leasing and construction, charging and battery swap infrastructure investment and construction, campus and community energy management, new material applications, and consumer services, according to the article.

China Resources is a large state-owned enterprise with major businesses in consumer, energy, urban construction and operations, health, industrial finance, technology and emerging industries.

By the end of 2022, China Resources had total assets of more than RMB 2.3 trillion and was ranked 70th on the Fortune 500 in 2022.

NIO signs partnership deal with state conglomerate China Resources-CnEVPost

NIO started working with China Resources in 2018, opening more showrooms in the latter's operated properties than any other partner.

By the end of March 2023, NIO had opened 46 NIO Houses and NIO Spaces in commercial real estate projects managed by China Resources, according to the article in the NIO App.

The article did not provide more details on the possible future collaboration between the two. For NIO, it will need the support of partners, especially property operators, in increasing the number of showrooms as well as charging and battery swap infrastructure.

NIO has an aggressive plan to add 1,000 battery swap stations and 10,000 charging piles this year to ensure it provides a continuous energy replenishment experience for owners.

"People always think of battery swap when they think of NIO, but we're actually doing a great job with charging facilities as well … we will be determined to build the infrastructure," Li said in a speech at a forum earlier this month.

China EV 100 Forum: NIO's William Li's full speech

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NIO Capital invests in Chinese SiC chip maker

Qingchun was founded in March 2021, and the core team members have been involved in SiC semiconductor technology for over 20 years, according to NIO Capital.

(Image credit: NIO Capital)

NIO Capital has invested in a local Chinese silicon carbide (SiC) chip maker as it continues to expand its investments in the new energy vehicle (NEV) industry chain.

The company recently co-led a several hundred million yuan Series A+ round of financing for Qingchun Semiconductor (or SICHAIN), which will be used to improve the SiC chip maker's supply chain layout, expand its team and build mass production labs, according to a press release today.

Founded in March 2021, Qingchun's core team members have been involved in SiC semiconductor technology for more than 20 years and are one of the few companies in China currently capable of achieving world-class performance and reliability of SiC devices, according to NIO Capital.

The SiC chip maker is also one of the companies able to mass produce automotive SiC MOSFETs based on its production line in China, and its products have been used in new energy power generation and NEVs, according to the release.

Since its inception, Qingchun has made a series of significant advances in SiC device technology and product development, including the maturation of its 1200V SiC MOSFET platform technology and the mass production of multiple products.

The company launched the first 15V drive SiC MOSFET to be mass-produced in China, shipping nearly one million units to various industries, particularly photovoltaics and energy storage, according to the release.

Qingchun also launched the 1200V 14mΩ SiC MOSFET, which has the lowest on-resistance and is currently being validated by several vehicle companies, according to NIO Capital.

The SiC market is spacious and growing fast, with a wide range of application scenarios in areas such as NEVs, and Qingchun is one of the best startups in China for that, said Ian Zhu, managing partner of NIO Capital.

Earlier today, 's electric vehicle brand announced a long-term supply agreement with US chip maker Onsemi involving silicon carbide power devices.

Zeekr will use Onsemi's M3E 1200V EliteSiC MOSFET products to complement its expanding lineup of high-performance all-electric models, according to a press release.

The SiC module is an upgrade to the IGBT (insulated gate bipolar transistor chip) module, a third-generation power semiconductor with higher efficiency, higher temperature resistance and higher voltage characteristics.

The module will help upgrade the electrical architecture of NEVs from 400V to 800V and enable NEVs to charge from 0 to 80 percent in 10 minutes.

NIO Capital leads latest funding round in US-based suspension startup ClearMotion

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BYD applies for dual counter trading on Hong Kong exchange

The dual-currency counter model will provide BYD shareholders and potential investors with a new trading currency option that could further enhance the liquidity of its shares, BYD said.

BYD applies for dual counter trading on Hong Kong exchange-CnEVPost

BYD Company Limited (1211.HK) has applied to the Hong Kong Stock Exchange (HKEX) for a dual-currency counter that would allow investors to trade its shares in RMB in addition to the Hong Kong dollar, according to a stock exchange announcement.

The move is intended to express support for the HKEX's introduction of a dual Hong Kong dollar-RMB counter model and the nationalization of the yuan, the new energy vehicle (NEV) giant said in the announcement today.

The HKEX said in December it would introduce the new dual-counter trading model starting in the first half of 2023.

Other companies listed in Hong Kong, including Baidu, Tencent, JD.com, and have also applied to the HKEX for dual currency counters.

The HKEX said last month that the dual-currency counter was introduced to further promote the internationalization of the yuan.

The dual-currency counter model will provide BYD shareholders and potential investors with a new choice of trading currency, enhancing trading convenience and flexibility while further enhancing the liquidity of its shares, BYD said.

With the launch of the dual-currency counter model, it will be possible for investors to purchase Hong Kong shares directly in RMB.

Previously, for investors participating in the Hong Kong-mainland stock connect mechanism, they had to bear the risk of exchange rate movements of RMB against Hong Kong dollar during their holding of Hong Kong stocks.

Introducing yuan pricing in the stock connect mechanism could reduce some of the exposure to exchange rate fluctuations in Hong Kong stock investments, CICC said in a research note last month.

It is also expected to allow the trading facility to attract more yuan funds, which in turn would boost trading activity and volume, CICC said.

BYD officially launches Seagull to expand its presence in China's EV market

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BYD officially launches Seagull to expand its presence in China’s EV market

BYD has officially launched the Seagull with a starting price of just RMB 73,800, after starting pre-sales of the Yangwang U8, which costs over RMB 1 million, last week.

BYD officially launches Seagull to expand its presence in China's EV market-CnEVPost

(Image credit: CnEVPost)

The price range covered by BYD's product array is seeing an unprecedented expansion, with the official launch of a new model priced as low as RMB 73,800 ($10,660), after the Yangwang U8 started pre-sales for more than RMB 1 million.

The Chinese new energy vehicle (NEV) giant officially launched the micro battery electric vehicle (BEV) model BYD Seagull, the latest addition to its Ocean series, at a launch event today.

The car is available in three versions with starting prices of RMB 73,800, RMB 78,800 and RMB 89,800 respectively.

BYD unveiled the Seagull and started its pre-sales on the first day of the Shanghai auto show on April 18, with the three versions priced at RMB 78,800, RMB 83,800 and RMB 95,800 respectively.

The company's final pricing announced today means that the starting prices for all three versions are RMB 5,000, RMB 5,000 and RMB 6,000 lower than the pre-sale prices.

BYD officially launches Seagull to expand its presence in China's EV market-CnEVPost

(Image credit: CnEVPost)

The Seagull is an A0-class EV based on BYD's e-Platform 3.0 with a length, width and height of 3,780 mm, 1,715 mm and 1,540 mm, respectively, and a wheelbase of 2,500 mm.

The model is powered by a permanent magnet synchronous motor with a maximum power of 55 kW and peak torque of 135 Nm, accelerating from 0 to 50 km/h in 4.9 seconds.

The vehicle is available in two range versions with blade battery capacities of 30.08 kWh and 38.88 kWh, which provide a CLTC range of 305 km and 405 km, respectively.

The BYD Seagull supports fast charging, taking 30 minutes to charge from 30 percent to 80 percent.

For BYD, the Seagull will likely be a model of strategic importance, especially when compared to the high-end Yangwang models.

Prior to 2020, BYD was targeting mainly the RMB 100,000 to RMB 200,000 NEV market, as there were huge barriers for local Chinese car companies to enter the mid- to high-end market at the time.

With the launch of the BYD Han in the second half of 2020, BYD began to gradually expand its presence in the RMB 200,000 to 300,000 range.

In the fourth quarter of last year, the BYD Han, which primarily targets the RMB 200,000 to 300,000 yuan range, sold more than 30,000 units each month.

As BYD gradually gained a foothold in the mid- to high-end market, the company began to move into the higher price range, announcing the Yangwang brand and the brand's first two models, the U8 off-road SUV and U9 supercar, on January 5.

On April 18, Yangwang started the pre-sales of the U8 at the Shanghai auto show, with a pre-sale price of RMB 1,098,000.

In addition to the Yangwang brand, BYD also has the Denza and the yet-to-be-launched F brand, targeting a market with prices above RMB 300,000.

The importance of the Seagull is that it allows BYD's products to cover a lower price range and thus a broader market than these premium models.

In 2022, the price range of RMB 100,000 to RMB 150,000 accounted for 6.68 million retail sales in China, contributing 33 percent of all passenger car sales, according to data released last month by the China Passenger Car Association (CPCA).

Models in the price range of RMB 50,000 to RMB 100,000 sold 3.84 million units at retail in China last year, ranking second with a 19 percent share, according to the CPCA.

The Seagull, currently BYD's lowest-priced model, is targeting a market that the NEV maker has not previously entered but has extensive space.

BYD officially launches Seagull to expand its presence in China's EV market-CnEVPost

(Image credit: CnEVPost)

The BYD brand's product array includes the Dynasty and Ocean series, with the former's lowest-priced model being the Qin, which starts at RMB 99,800, and the latter's Dolphin, which starts at RMB 116,800, before the Seagull was launched.

BYD sold 207,080 NEVs in March, including 40,850 units of the Qin family and 30,077 units of the Dolphin, data monitored by CnEVPost showed.

The Seagull's lower prices are expected to meet the demand of younger demographics as well as some families for a second vehicle, helping BYD reach its aggressive sales target this year.

BYD sold 1,868,543 vehicles in 2022, including 1,863,494 NEVs. The company discontinued production and sales of vehicles powered entirely by internal combustion engines in March 2022.

BYD aims to sell at least 3 million vehicles this year and will strive to reach 3.6 million, the company's chairman and president Wang Chuanfu said at an investor conference late last month.

BYD aims to become the No. 1 automaker in China by the end of this year, Wang said at the time.

The Seagull is expected to be another hot seller in the Chinese EV market, judging by its pre-sale performance.

The model received more than 10,000 orders 24 hours after pre-sales began, BYD said on April 19.

($1 = 6.9212 RMB)

BYD aims to sell at least 3 million vehicles this year

BYD Seagull key specs

Launch Price (RMB)73,80078,80089,800
Pre-sale Price78,80083,80095,800
Dimensions3,780×1,715×1,540 mm
Wheelbase2,500 mm
Max Motor Power55 kW
Max Motor Torque135 Nm
0-50 km/h4.9 seconds
CLTC Range305 km305 km405 km
Battery Capacity30.08 kWh30.08 kWh38.88 kWh
30%-80% Charging30 minutes

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Pony.ai starts offering robotaxi service in Guangzhou without safety officer in vehicles

This is the first such permit issued in Guangzhou, where Pony.ai's 17 robotaxis have been approved to provide robotaxi service without safety officers.

Pony.ai starts offering robotaxi service in Guangzhou without safety officer in vehicles-CnEVPost

(Image credit: Pony.ai)

Pony.ai, a Chinese self-driving startup backed by Toyota Motor and NIO Capital, has been granted a permit for robotaxi service without safety officers in the southern Chinese city of Guangzhou, after receiving a similar permit in Beijing last month.

This is the first such permit issued in Guangzhou, where Pony.ai's 17 robotaxis were approved to provide the services, according to a press release today.

Within 803 square kilometers of Guangzhou's Nansha district, passengers will have the opportunity to call a real driverless vehicle via the mobile app PonyPilot+, Pony.ai said.

During the ride, passengers who need remote assistance can communicate in real-time with backstage personnel in the vehicle by voice, the company said.

On March 17, Pony.ai announced that it had received a permit in Beijing to operate a fully unmanned robotaxi service within 60 square kilometers of the Yizhuang Economic Development Zone.

Founded in late 2016, Pony.ai has set up R&D centers in Silicon Valley, Guangzhou, Beijing and Shanghai, and is running robotaxi operations locally.

In late 2019, NIO Capital said it invested in Pony.ai when it announced the completion of more than $200 million in fundraising. In February 2020, Pony.ai announced it had raised $400 million from Toyota.

Pony.ai starts offering robotaxi service in Guangzhou without safety officer in vehicles-CnEVPost

(Image credit: CnEVPost)

Pony.ai launched the robotaxi app PonyPilot in December 2018 and received a permit to operate the robotaxi service for a fee in Beijing in November 2021.

To date, Pony.ai has accumulated 21 million kilometers of autonomous driving, more than 1 million kilometers of fully unmanned testing and nearly 200,000 paid orders, it said today.

Baidu's robotaxi platform Apollo Go gets permit to offer fully driverless rides in Beijing

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Zeekr, chipmaker Onsemi sign SiC power device supply deal

SiC power devices offer higher powertrain efficiency, enabling improved performance, faster charging and longer driving range.

(Image credit: CnEVPost)

Zeekr, 's electric vehicle (EV) brand, announced today that it has signed a long-term supply agreement with US chipmaker Onsemi involving a partnership for silicon carbide (SiC) power devices.

Zeekr will use Onsemi's M3E 1200V EliteSiC MOSFET products to complement its expanding lineup of high-performance all-electric models, according to a press release.

SiC power devices offer higher powertrain efficiency, which enables improved performance, faster charging and longer driving range, according to Zeekr.

"With cutting-edge technologies such as advanced SiC, Zeekr will be able to offer electric vehicles with improved performance and even lower carbon emissions," said Andy An, CEO of the company.

Zeekr, which was officially launched as an independent company in March 2021, saw its 100,000th vehicle delivered yesterday, making it one of the fastest new car makers to reach the milestone in China.

Its first model, the Zeekr 001, was launched on April 15, 2021, and deliveries began in October 2021.

On November 1, 2022, Zeekr's second model, the Zeekr 009 MPV, was launched, and its deliveries began on January 15.

On April 12, Zeekr launched its third model, the Zeekr X, which it hopes will become the benchmark for luxury compact cars.

Zeekr delivered 71,941 vehicles in 2022 and aims to double deliveries to about 140,000 in 2023.

As EV makers build higher-performance models, higher voltage platforms require more advanced power devices.

SiC modules are an upgrade to IGBT (insulated gate bipolar transistor chip) modules, a third-generation power semiconductor with higher efficiency, higher temperature resistance and higher voltage characteristics.

The module will help upgrade the electrical architecture of EVs from 400V to 800V and enable vehicles to charge from 0 to 80 percent in 10 minutes.

EV makers including , BYD, NIO, and are already using SiC chips in their models.

Zeekr releases Europe strategy, 2 models to debut in Sweden and Netherlands in Q4

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