Category: China

Li Auto Q1 earnings: Deutsche Bank’s first look

The true test will be how sustainable this run-rate is in the second half of this year, Edison Yu's team said.  |  Li Auto US | Li Auto HK

Li Auto Q1 earnings: Deutsche Bank's first look-CnEVPost

Li Auto (NASDAQ: LI) today reported first-quarter earnings that beat expectations, and Deutsche Bank analyst Edison Yu's team provided their first look in a research note sent to investors.

Without further ado, here's what the team's research note had to say.

Li Auto delivered mostly strong 1Q results along with a solid volume outlook. Deliveries were already reported for 1Q at 52,584 units, leading to revenue of 18.7bn RMB, beating our 17.7bn forecast due to higher ASPs.

Impressively, while volume was toward the low-end of guidance, sales were above the high-end despite mix headwinds.

Total gross margin of 20.4% was slightly below our 20.7% estimate on softer vehicle margin of 19.8% (-20bps QoQ; vs. our 20.5%), suggesting that launch costs were heavier and/or BOM of new models may be greater than anticipated as pricing didn't flow through.

Opex of 3.5bn was below our expectation, mainly due to lower R&D, leading to higher-than-expected net profit; adjusted EPS was 1.35, easily ahead of DBe/consensus, helped by higher interest/ investment and other income (>30c benefit).

Free cash flow came in just below 7bn, materially better than anticipated, mainly due to working capital performance on payables.

Management provided solid 2Q guidance calling for 76,000-81,000 in deliveries, ahead of our 75,000 forecast, implying a small step-up from April's 25,681 units.

The company already expressed confidence in reaching 25,000-30,000 deliveries this month once the cheaper L7 and L8 "Air" trims garner a full month of availability.

The true test will be how sustainable this run-rate is in the 2H. We have seen the L9/L8 drop off somewhat in monthly volume already.

Revenue is expected to be 24.22-25.86bn RMB in 2Q, above DBe/consensus estimates and implying slightly better ASP/mix than our model.

Li Auto sees Q1 revenue beat expectations, net income up 252% from Q4

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NEV demand in China expected to pick up in Q2, analysts say

Demand for NEVs is expected to pick up in the second quarter as lithium carbonate prices stabilize, according to analysts at CITIC Securities.

NEV demand in China expected to pick up in Q2, analysts say-CnEVPost

Chinese consumers' wait-and-see sentiment when it comes to buying new energy vehicles (NEVs) is expected to ease significantly in the second quarter, which will facilitate a recovery in demand for the sector, local analysts said.

In the first quarter, China's overall NEV sales growth slowed as demand was overdrawn before subsidies for NEV purchases were withdrawn late last year, coupled with strong consumer wait-and-see sentiment, said CITIC Securities analyst Yuan Jiancong's team in a research note today.

For consumers, the sharp drop in lithium carbonate prices and price cuts by automakers have fueled their wait-and-see, according to the team.

In the second quarter, demand for NEVs is expected to pick up as lithium carbonate prices stabilize, the team said.

China's state subsidy for NEV purchases expired at the end of last year. To take advantage of the subsidy, some consumers who had planned to buy vehicles in 2023 may have advanced their purchase plans, leading to weak NEV sales in the first quarter.

Retail NEV sales in China were about 1.32 million units in the first quarter, up 23.72 percent year-on-year, but down 26.62 percent from the fourth quarter, according to the China Passenger Car Association (CPCA).

In addition to the withdrawal of subsidies, the price of lithium carbonate, a key raw material for batteries, has continued to fall since the end of last year, with some electric vehicle companies beginning to cut prices and subsequently seeing a price war across the auto industry.

As of April 21, the price of battery-grade lithium carbonate had not seen a single-day gain this year, falling 65 percent from the beginning of the year.

After that, the price of lithium carbonate has largely stabilized, and as of today, battery grade lithium carbonate has risen for the eighth day in a row.

($1 = RMB 6.9266)

Battery grade lithium carbonate up RMB 4,000 per ton

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Tesla Apr sales breakdown in China: Model 3 at 13,196 units, Model Y 26,760

From January to April, the Model Y sold 121,407 units, making it the second-best-selling new energy SUV in China during this period.  |  TSLA.US

Tesla Apr sales breakdown in China: Model 3 at 13,196 units, Model Y 26,760-CnEVPost

Tesla's retail sales in China in April included 13,196 Model 3 electric sedans and 26,760 Model Y electric crossovers, according to data released today by the China Passenger Car Association (CPCA).

Tesla Apr sales breakdown in China: Model 3 at 13,196 units, Model Y 26,760-CnEVPost

Tesla Apr sales breakdown in China: Model 3 at 13,196 units, Model Y 26,760-CnEVPost

Figures released earlier this month by the CPCA show that Tesla sold 75,842 China-made vehicles in April, including 35,886 units exported.

That means Tesla delivered 39,956 vehicles in China in April, with 47.32 percent of the vehicles produced at the Shanghai plant being exported.

The US electric vehicle maker's plant in Shanghai currently only produces the Model 3 as well as the Model Y. Including exports, the two models sold 26,783 and 49,059 units in April, respectively, according to the CPCA.

Today's figures mean that Tesla's Shanghai plant exported 13,587 China-made Model 3s and 22,299 China-made Model Ys in April.

In China, Model Y sales in April were up 2,687.50 percent from 960 units in the same month last year, but down 51.29 percent from 54,937 units in March.

Model 3 sales in China in April were up 2,290.58 percent from 552 units a year ago, but down 39.26 percent from 21,726 units in March.

These changes are due to the fact that Tesla's sales in China fell sharply last April due to the Covid lockdown in Shanghai, and its pattern of producing vehicles primarily for export in the first half of each quarter.

In the rankings released today by the CPCA, the Model Y was the third best-selling new energy SUV in April.

Tesla Apr sales breakdown in China: Model 3 at 13,196 units, Model Y 26,760-CnEVPost

BYD Song and BYD Yuan Plus were the top 2 best-selling new energy SUVs in April with 33,007 and 28,931 retail sales, respectively.

From January to April, the Model Y sold 121,407 units, up 60.5 percent year-on-year, and was the second best-selling new energy SUV during this period, according to the CPCA's rankings.

The BYD Song was the top-selling new energy SUV from January to April, with 174,422 units, up 83.0 percent year-on-year.

Among the top 10 new energy sedans in April, the Tesla Model 3 came in at No. 7, while NIO's (NYSE: NIO) ET5 sedan failed to make the list.

Tesla Apr sales breakdown in China: Model 3 at 13,196 units, Model Y 26,760-CnEVPost

Among the top retail sales of new energy sedans from January to April, the Tesla Model 3 ranked No. 5, while the BYD Qin ranked No. 1 with 130,602 units.

Tesla Apr sales breakdown in China: Model 3 at 13,196 units, Model Y 26,760-CnEVPost

Tesla hikes Model 3, Model Y prices slightly in China

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Li Auto sees Q1 revenue beat expectations, net income up 252% from Q4

Li Auto expects to deliver between 76,000 and 81,000 vehicles in the second quarter, meaning a total of 50,319 to 55,319 vehicles for May and June.  |  Li Auto US | Li Auto HK

Li Auto sees Q1 revenue beat expectations, net income up 252% from Q4-CnEVPost

Li Auto (NASDAQ: LI) saw revenue beat expectations in the first quarter and net income rose sharply from the previous quarter.

The company reported revenue of RMB 18.79 billion yuan ($2.74 billion) in the first quarter, beating analysts' estimates of 18.68 billion yuan in a Bloomberg survey, according to unaudited financial results released today.

That's up 96.55 percent from a year ago and up 6.46 percent from the fourth quarter, and also above the upper end of the previous guidance range of 17.45 billion yuan to RMB 18.45 billion.

Previous data show that Li Auto delivered a record 52,584 vehicles in the first quarter, which is near the lower end of the 52,000 to 55,000 vehicle guidance range it previously provided.

Li Auto reported a net income of RMB 933.8 million in the first quarter, compared to a net loss of RMB 10.9 million in the same period last year, an increase of 252.0 percent from a net income of RMB 265.3 million in the fourth quarter.

Li Auto sees Q1 revenue beat expectations, net income up 252% from Q4-CnEVPost

It reported non-GAAP net income of RMB 1.41 billion in the first quarter, an increase of 196.4 percent year-on-year and up 46.1 percent over the fourth quarter.

Li Auto had net cash from operating activities of RMB 7.78 billion in the first quarter, an increase of 324.3 percent from the same period last year and up 58.0 percent from the fourth quarter.

The company's vehicle sales for the first quarter were RMB 18.33 billion, up 96.9 percent from the same quarter last year and 6.1 percent from the fourth quarter of 2022.

Li Auto's gross margin was 20.4 percent in the first quarter, compared to 22.6 percent in the first quarter of 2022 and 20.2 percent in the fourth quarter. The decrease in gross margin compared to the same period of last year was primarily caused by a decrease in vehicle margin.

Li Auto sees Q1 revenue beat expectations, net income up 252% from Q4-CnEVPost

It had a vehicle margin of 19.8 percent in the first quarter compared to 22.4 percent in the same quarter last year and 20.0 percent in the fourth quarter of 2022.

The decrease in vehicle margin from the first quarter of 2022 was primarily due to a different product mix between the two quarters, Li Auto said.

It reported a gross profit of RMB 3.83 billion for the quarter, up 77.0 percent year-on-year and up 7.4 percent from the fourth quarter.

Li Auto expects second-quarter vehicle deliveries to be in the range of 76,000 to 81,000 units, implying a year-on-year increase of 164.9 percent to 182.4 percent.

It expects total revenue for the second quarter to be between RMB 24.22 billion and RMB 25.86 billion, representing a year-on-year increase of 177.4 percent to 196.1 percent.

Considering that Li Auto delivered a record 25,681 vehicles in April, the guidance implies that it expects to deliver a total of 50,319 to 55,319 vehicles in May and June.

As of March 31, Li Auto's balance of cash and cash equivalents, restricted cash, time deposits and short-term investments was RMB 65 billion.

Li Auto CEO predicts China NEV penetration to exceed 80% by Dec 2025

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Chinese battery maker Eve Energy to build plant in Hungary

Eve Energy sealed a battery cell supply relationship with BMW last September to supply large cylindrical lithium-ion cells for the latter's Neue Klasse line of vehicle models.

(Image credit: Eve Energy)

Chinese lithium battery maker Eve Energy will build a power battery factory in Hungary, possibly in preparation for its supply to BMW.

Eve Energy subsidiary EVE Power Hungary signed an agreement on May 9 with Debreceni, a subsidiary of Hungary's Debrecen government, to buy land owned by the latter in the city's northwest industrial zone for the production of cylindrical power cells, according to a Shenzhen stock exchange announcement yesterday.

The land covers 45 hectares and the purchase price is 22.5 euros per square meter plus VAT, for a total price of about 12.86 million euros ($14.1 million), according to the announcement.

The deal will meet the company's need for production land for future growth and further scale up production capacity for power and energy storage batteries, Eve Energy said.

Eve Energy's announcement provided no further information, though the move appears to be in preparation for supplying BMW.

On September 9, 2022, Eve Energy announced that it had finalized a cell supply relationship with BMW Group to supply large cylindrical lithium-ion cells for the latter's Neue Klasse line of models.

BMW also said at the time in a post on its official WeChat account that it had awarded contracts worth more than 10 billion euros to and Eve Energy to meet the demand for battery cells for the new generation of models.

The two partners will each build two battery cell plants in China and Europe, each with an annual capacity of 20 GWh, BMW said at the time, adding that it will also look for partners to build two more core plants in the North American Free Trade Area.

BMW will first use cylindrical cells in new-generation models starting in 2025, and that sixth-generation lithium-ion cell will bring a major technological leap forward, allowing more than 20 percent higher energy density, up to 30 percent higher range and up to 30 percent faster charging, it said at the time.

Eve Energy, one of the world's largest manufacturers of power batteries, installed 2.4 GWh of batteries in the first quarter, up 75.5 percent year-on-year, according to data released by South Korean market research firm SNE Research on May 3.

This puts Eve Energy in 9th place globally with a 1.8 percent share, while CATL and BYD are in the top two with 35.0 percent and 16.2 percent shares respectively.

($1 = 0.9119 Euro)

NIO sees first swap station roll off line in Europe as Hungarian plant goes into operation

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BYD launches revamped Seal with lower prices

The new BYD Seal starts at RMB 189,800, down RMB 23,000 from its predecessor's RMB 212,800.  |  BYDDY.US | BYD HK

(Image credit: BYD)

When price cuts are tricky, making the price lower by releasing a facelift becomes a better option to stimulate sales.

BYD (OTCMKTS: BYDDY) today officially made an improved version of its all-electric Seal sedan available for a starting price of 23,000 yuan ($3,320) less than the previous model on sale.

The new energy vehicle (NEV) giant calls the new Seal the "Champion Edition," in line with what it did earlier this year when it launched improved versions of several other models.

The new BYD Seal comes in five variants with starting prices of RMB 189,800, 202,800, 222,800, 239,800 and 279,800 respectively, marking the first time the model has been priced below RMB 200,000.

By comparison, the BYD Seal was previously available in four versions, with starting prices of RMB 212,800, 225,800, 262,800 and 289,800 respectively.

Previously the model was offered in three rear-wheel drive versions and one four-wheel drive version, with the former offering two with a CLTC range of 550 km and one with a range of 700 km, and the latter with a range of 650 km.

The latest BYD Seal has an additional, less expensive, rear-wheel-drive version with a range of 700 km. Its performance is lower, however, with a peak motor power of 170 kW and peak torque of 330 Nm.

The previously available rear-wheel drive version with a range of 700 km has been renamed the 700 km Performance Edition and is priced at RMB 239,800, down from RMB 262,800. It has a peak motor power of 230 kW and peak torque of 360 Nm.

The core specifications of the other versions remain unchanged from the previous version, but new features have been added, including support for the iPhone NFC digital car key.

The BYD Seal measures 4,800 mm in length, 1,875 mm in width and 1,460 mm in height, and has a wheelbase of 2,920.

It can accelerate from 0 to 100 km/h in 7.5 seconds for the entry version and 3.8 seconds for the 4WD version.

Both versions of the 550 km model are equipped with a battery pack with a capacity of 61.4 kWh, while all other versions have a capacity of 82.5 kWh.

The BYD Seal was originally launched in China on July 29, 2022 and is seen as one of the strongest rivals to the Model 3 in China.

Deliveries of the model began in August last year, with more than 15,000 units delivered in both November and December, data monitored by CnEVPost show.

But this year, with the overall weak performance of China's NEV market following the withdrawal of some stimulus policies and a price war, sales of the Seal have slumped, selling only about 6,000 units in each of the past two months.

BYD Apr sales breakdown: Qin 42,202, Yuan 39,160-CnEVPost

To boost sales, BYD began offering discounts for the Seal as well as the Song in early March and extended them through the end of April after that offer expired at the end of March.

BYD did not lower the official prices of the model, as such a move could easily lead to a bigger price war and protests from owners.

In fact, BYD isn't the only one to get prices down by releasing a facelift.

Hozon Auto's electric vehicle brand Auto yesterday launched two new variants of its flagship sedan Neta S, lowering the model's starting price by RMB 13,000 to under RMB 200,000.

The two new variants -- the all-electric Neta S 520 Lite and Neta S 520 -- start at RMB 189,800 and RMB 199,800 respectively.

The previously lowest-priced battery electric vehicle (BEV) version of the Neta S was the version with a CLTC range of 715 km, starting at RMB 248,800.

The Neta S is also available in an extended-range version with a starting price of RMB 202,800.

($1 = RMB 6.9273)

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Regulatory filing: Here comes BYD Chaser 07

The Chaser 07 is about the same size as the BYD Han PHEV and will target the RMB 200,000 to 250,000 hybrid market.

Regulatory filing: Here comes BYD Chaser 07-CnEVPost

BYD (OTCMKTS: BYDDY) unveiled the Chaser 07 hybrid sedan at the Shanghai auto show, and now a regulatory filing reveals more information about the model.

China's Ministry of Industry and Information Technology released the latest batch of models that will be allowed to be sold in a catalog for public comment on May 9, and the BYD Chaser 07 was included.

The public can submit feedback between May 10 and May 16. Entry into the catalog is the last major regulatory process for a model to be allowed to be sold in China.

There are four versions of the Chaser 07 in the catalog, all of which are plug-in hybrid electric vehicles (PHEVs).

Regulatory filing: Here comes BYD Chaser 07-CnEVPost

Two of them have a 1498 ml displacement engine with a peak power of 81 kW, and they are equipped with an electric motor with a peak power of 145 kW.

The other two versions have a 1497 ml displacement engine with a peak power of 102 kW. They both have an electric motor with a peak power of 160 kW.

The length, width and height of the BYD Chaser 07 are 4,980 mm, 1,890 mm and 1,495 mm, respectively, with a wheelbase of 2,900 mm, according to the filing.

For comparison, the hybrid version of BYD Han has a length, width and height of 4,975 mm, 1,910 mm and 1,495 mm, respectively, and a wheelbase of 2,920 mm.

On the first day of the Shanghai auto show on April 18, BYD officially unveiled the Chaser 07, a new model of its Ocean series, with a starting price of RMB 200,000 ($29,090) to RMB 250,000.

The Chaser 07's NEDC pure electric range will have two options of 121 km and 200 km, according to the information BYD announced at the time.

The model will be officially launched in the third quarter.

($1 = RMB 6.9244)

BYD unveils Song L concept SUV, Chaser 07 hybrid sedan at Shanghai auto show

Regulatory filing: Here comes BYD Chaser 07-CnEVPost

Regulatory filing: Here comes BYD Chaser 07-CnEVPost

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Regulatory filing: Key specs of BYD Yangwang U8 off-road SUV revealed

The Yangwang U8 has a total weight of 3,985 kg and is equipped with four electric motors, each having a maximum power of 220 kW.

Regulatory filing: Key specs of BYD Yangwang U8 off-road SUV revealed-CnEVPost

Yangwang, the premium brand of BYD (OTCMKTS: BYDDY), started pre-sales of its first model, the U8, at the Shanghai auto show last month, but did not reveal much about the off-road SUV's specifications. Now, a regulatory filing has revealed more information.

China's Ministry of Industry and Information Technology released the latest batch of models that will soon be allowed to be sold in a catalog for public comment on May 9, and the Yangwang U8 was included.

The public can submit feedback between May 10 and May 16. Entry into the catalog is the last major regulatory process for a model to be allowed to be sold in China.

The Yangwang U8 has only one model, the "QCJ2040ST6HEV", in the catalog, which includes information on its exterior, dimensions and powertrain.

The model has a length, width and height of 5,319 mm, 2,050 mm and 1,930 mm, respectively, and a wheelbase of 3,050 mm, according to its filing page.

It has a total weight of 3,985 kg and a top speed of 200 km/h.

Regulatory filing: Key specs of BYD Yangwang U8 off-road SUV revealed-CnEVPost

The Yangwang U8 uses a plug-in hybrid system with a 2.0 T displacement engine and a maximum power of 200 kW.

It is powered by four electric motors, each with a peak power of 220 kW.

The model has 5-seat and 7-seat versions and supports the option of tow hook, according to the filing.

Yangwang U8 will be equipped with lithium iron phosphate batteries provided by BYD's power battery division FinDreams, although the capacity information is currently unknown.

BYD officially launched the Yangwang brand on January 5 and unveiled the first two models -- Yangwang U8 and Yangwang U9 supercar.

The U8, the first production model of the Yangwang brand, was available for pre-sale on April 18, the day of the Shanghai auto show, with a pre-sale price of RMB 1,098,000 ($158,700).

The model takes 3.6 seconds to accelerate from 0 to 100 km/h and has a CLTC pure electric range of 180 km, according to information previously announced by Yangwang.

The Yangwang U8 is available in two versions for pre-order -- the Premium Edition, which will begin deliveries in September, and the Off-road Master Edition, which will start deliveries later.

($1 = RMB 6.9204)

BYD Yangwang begins pre-sale of U8 off-road SUV at $160,000

Regulatory filing: Key specs of BYD Yangwang U8 off-road SUV revealed-CnEVPost

Regulatory filing: Key specs of BYD Yangwang U8 off-road SUV revealed-CnEVPost

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