Smart and Sustainable Electric Mobility
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.
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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.
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Last year's edition saw over 120 automakers and 1,600 vehcles on display but was halted prematurely due to Covid-19 concerns.
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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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Leapmotor's higher-priced C-series models contributed more than 83 percent of April deliveries.
Leapmotor saw significant sequential sales growth last month, and most importantly, the higher-priced models are starting to dominate sales.
The electric vehicle (EV) maker delivered 8,726 vehicles in April, down 3.97 percent from 9,087 a year ago, but up 41.38 percent from 6,172 in March, according to data released today.
Leapmotor did not release model-specific breakdown sales figures, but said the higher-priced C-series models contributed more than 83 percent of deliveries.
The company's full lineup is in the process of accelerating deliveries, it said.
Founded in 2015, Leapmotor's models on sale include the minivan T03, the coupe sports model S01, the flagship SUV model C11, and the flagship sedan C01.
The company's previous sales were mainly contributed by the cheap EV T03, which led Leapmotor to be seen as a budget EV maker.
The T03 currently has a starting price range of RMB 59,900 ($8,670) to RMB 89,900, the C11 extended-range electric vehicle (EREV) is RMB 149,800 to RMB 185,800, the C11 battery electric vehicle (BEV) is RMB 155,800 to RMB 219,800, and the C01 is RMB 149,800 to RMB 228,800. The Leapmotor website does not currently show prices for the S01.
As of June 30, 2022, Leapmotor had delivered a cumulative total of 79,220 T03s, 2,729 S01s, and 22,880 C11s, according to its Hong Kong IPO prospectus published in September 2022.
The C11 BEV, which was launched on September 29, 2021, and the C01, which was launched on September 28, 2022, are Leapmotor's flagship models, targeting the RMB 150,000 to 300,000 range.
On March 1, Leapmotor officially launched the C11 EREV, with hopes that the model will target a larger market than BEVs and thus turn around its weak sales performance.
($1 = RMB 6.9121)
Leapmotor would have to sell at least 400,000 units a year to break even, CEO says
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Wuling Bingo is a 59,800 yuan (8,600 USD) EV made by SGMW - a joint venture between GM, SAIC and Wuling.
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