Category: China

BYD signs deal to supply 5,000 EVs to UK car rental firm Octopus EV over 3 years

The initial order will include the Atto 3, which will be available under the Salary Sacrifice program.

BYDDY.US | BYD HK

(Image credit: BYD)

BYD (OTCMKTS: BYDDY), which just last week officially announced its entry into the UK passenger car market, has signed a purchase agreement with a local car rental company.

BYD entered into a partnership with UK-based Octopus Electric Vehicles (Octopus EV) on March 10, which plans to buy 5,000 BYD electric vehicles over the next 3 years, according to a press release today.

The initial order will include the BYD Atto 3, an all-electric C-segment SUV that debuted in the UK this month.

The vehicles will be offered with the Salary Sacrifice program, one of the most affordable ways to lease BYD vehicles in the UK, according to the Chinese new energy vehicle (NEV) maker.

The start of this commercial relationship lays the foundations for Octopus EV to become a BYD partner for the Salary Sacrifice scheme in the UK, with plans for further orders in the future, the release said.

A salary sacrifice program is an agreement to reduce an employee's cash compensation entitlement, usually in exchange for a non-cash benefit.

Founded in 2018, Octopus EV is a subsidiary of Octopus Energy Group, one of Europe's largest renewable energy investors based in the UK.

Octopus EV offers services including electric vehicle leasing, charging post installation, and special discounted tariffs for electric vehicles through its parent company.

On March 8, BYD announced the official start of sales of the Atto 3 in the UK, its first passenger car offered in the country.

The model will start at £36,490 ($43,230) in the UK and local deliveries will begin on March 15, BYD said last week.

The first BYD pioneer stores will open soon, in the backbone of the U.K., including Birmingham, Manchester, Glasgow and Milton Keynes, the company said.

The Atto 3, known in China as the Yuan Plus, went on sale on February 19, 2022, and is the first SUV on BYD's all-electric platform, e-platform 3.0.

BYD to deliver 100,000 EVs to German car rental firm SIXT over next six years

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Gotion’s controlling shareholder to increase stake by up to RMB 300 million

The move is based on Gotion's controlling shareholder's recognition of the company's value and confidence in its continued rapid growth, according to an exchange announcement.

Gotion's controlling shareholder to increase stake by up to RMB 300 million-CnEVPost

The controlling shareholder of Chinese power battery maker Gotion High-tech plans to increase its stake in the company, whose stock has continued to fall over the past few months.

Gotion's controlling shareholder, Nanjing Guoxuan Holding Group, plans to increase its stake in the company by no less than RMB 200 million yuan ($29 million) and no more than 300 million yuan within six months from March 13, according to a Shenzhen Stock Exchange announcement on March 12.

The share purchase plan will not set a price range, and the controlling shareholder of Gotion will increase its shareholding at an opportune time according to the fluctuation of the share price and the overall trend of the capital market, according to the announcement.

The move is based on Nanjing Guoxuan's recognition of Gotion's intrinsic value and investment value and confidence in the company and the continued rapid development of the global lithium battery market, the announcement said.

Prior to the increase, Nanjing Guoxuan held 9.6 percent of Gotion's shares, while its two concert parties, Li Zhen and Li Chen, held 5.81 percent and 1.6 percent of the shares, respectively.

Li Zhen is the chairman of Gotion and holds 80.69 percent of Nanjing Guoxuan's shares, according to data provider Tianyancha. Li Chen is Li Zhen's son, according to Gotion's third-quarter earnings report.

Nanjing Guoxuan and its concert parties together hold 17.01 percent of Gotion's shares and have promised not to reduce their holdings within six months after completing the increase, according to the announcement.

They will execute the plan through the means permitted by the Shenzhen Stock Exchange securities trading system by September 13, according to the announcement.

Gotion ranked fourth with a 3.58 percent share of the power battery installed base in China at 0.78 GWh in February.

While Gotion's share of the China power battery market has remained stable, its shares have continued to fall over the past few months and are currently down more than 40 percent from their recent highs in early July 2022.

Gotion's controlling shareholder to increase stake by up to RMB 300 million-CnEVPost

As of Monday's close, Gotion was down 0.62 percent to RMB 28.92 in Shenzhen.

($1 = RMB 6.9014)

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China’s transition to new emission standard: How will this affect auto market?

Analysts believe the impact of the transition will not last long and will have less of an impact than the last switch in standards in 2019.

China's transition to new emission standard: How will this affect auto market?-CnEVPost

The recent price war in China's auto market has put a new emission standard that will come into effect in a few months' time in the spotlight.

CnEVPost obtained the views of several local analysts, which provide references on what impact that new emission standard will have on the auto industry.

As background, China released its final rule for stage 6 light-duty vehicle emission limits and measurement methods (China 6 standard) in December 2016, a new standard that combines best practices from European and US regulatory requirements.

The standard is being implemented in two phases, with the 6a standard already taking effect on July 1, 2020, and the 6b standard coming into effect on July 1, 2023.

CITIC Securities: Impact will not last long

From July 1, the China 6b standard will be fully implemented, which is more stringent in terms of emission standards and testing criteria compared with China 6a, especially the new RDE test that detects the actual driving emissions of the car, said Yin Xinchi, chief analyst of the auto industry at CITIC Securities, in a research note today.

There are still some old models on the market that do not meet China 6b emission regulations, and the de-stocking of these models may have an impact on the production, sales and prices of the auto industry, according to the note.

However, CITIC Securities also pointed out that the duration of the impact of the transition will not be too long, and the degree of impact will be significantly smaller than the switch of China's auto industry emission standard from China 5 to China 6a in 2019.

China Securities: Essence is the weakening competitiveness of JV brands

China's passenger car market will begin implementing the stricter China 6b emissions standard on July 1, which could exacerbate the pressure to de-stock older models, China Securities automotive industry chief analyst Cheng Siqi's team said in a research report today.

This may intensify the profitability pressure among car companies in the short term, but behind it reflects the further erosion of the competitiveness of second- and third-tier joint venture brands, according to the team.

Against the backdrop of rising market share of local Chinese brands and the ongoing electrification transformation of China's auto market, these joint venture brands have been forced to start cutting prices and de-stocking, the team said.

Huaxi Securities: Several regions have already completed the standard switch

The China 6b emissions standard will go into effect on July 1, and overall, this will have limited material impact on the auto industry, Huaxi Securities analyst Cui Yan's team said in a research note today.

The window for that transition is long, and several regions have already completed the transition ahead of schedule, such as Beijing, Shanghai, Guangzhou and Tianjin, according to the team.

Car companies previously experienced the pain of the transition from China 5 to the China 6a standard and this time are expected to prepare beforehand, the team said.

Inventories in the Chinese auto industry are currently at an above-average level, but the vast majority of inventories have been accrued since April 2022, according to the team.

The team believes the recent wave of price cuts in the Chinese auto industry is largely due to the penetration of new energy vehicles (NEVs) reaching about 30 percent and the willingness and ability of some leading car companies to grab market share.

The China automobile dealers VIA (Vehicle Inventory Alert Index) stood at 58.1 percent in February, up 2.0 percentage points from a year ago but down 3.7 percentage points from January, still sitting above the 50 percent mark, according to China Automobile Dealers Association data released earlier this month The data.

For the VIA, a value below 50 percent is a reasonable range, and a higher reading means lower market demand and greater inventory pressure, according to the index's description.

If you'd like to learn more about the China 6 standard, here's a report from the International Council on Clean Transportation, a nonprofit organization.

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VW joins China auto price war, offers up to $5,820 discount on ID. series EVs

FAW-Volkswagen's retail sales of NEVs in January-February were 9,572 units, down 8.3 percent from 10,442 units in the same period last year.

VW joins China auto price war, offers up to $5,820 discount on ID. series EVs-CnEVPost

The price war in China's auto industry continues, with Volkswagen becoming the latest to join in.

FAW-Volkswagen is offering discounts of up to RMB 40,000 yuan ($5,820) on the ID. family of models, with the lineup starting at as low as RMB 174,900 yuan, according to a poster posted on Weibo on March 11 by the Volkswagen joint venture in China.

This is to celebrate the second anniversary of the launch of the ID. family of models, according to the poster.

In addition to the discount, FAW-Volkswagen is offering consumers a free camping kit worth RMB 4,900.

FAW-Volkswagen's poster shows that these offers are for a limited time, but no expiration date is provided.

Currently, FAW-Volkswagen is selling the ID. series of ID.4 Crozz and ID.6 Crozz, two SUVs with suggested retail prices starting at RMB 217,900 and RMB 258,900 respectively.

In addition to FAW-Volkswagen, SAIC-Volkswagen, another Volkswagen joint venture in China, is also offering discounts for the ID. series EVs.

SAIC Volkswagen ID. series pure electric vehicles are offering discounts of up to RMB 30,000, and consumers can also receive up to RMB 10,000 worth of other benefits at dealership stores, according to a poster.

Like FAW-Volkswagen, SAIC-Volkswagen also offers the ID.4 series models, ID.4 X and ID.6 X, with suggested retail prices starting at RMB 195,888 and RMB 259,888, respectively.

In addition to the two ID. series models, SAIC Volkswagen also offers the compact ID.3 model with a suggested retail price starting at RMB 162,888.

Volkswagen had announced monthly sales of the ID. series EVs in late 2021 to early 2022, but then stopped publishing them.

FAW-Volkswagen's retail sales of NEVs in January-February were 9,572 units, down 8.3 percent from 10,442 units in the same period last year, according to a ranking released earlier this month by the China Passenger Car Association (CPCA). SAIC Volkswagen did not make it into the ranking of top sellers of NEVs in China.

FAW-Volkswagen's January-February retail sales of all vehicles were down 24.9 percent to 221,946 units, according to the CPCA. SAIC-Volkswagen's retail sales of all vehicles for the same period were down 29 percent to 154,631 units.

($1 = RMB 6.8695)

China auto price war: BMW dealers offer discounts of up to $14,360 for i3

VW joins China auto price war, offers up to $5,820 discount on ID. series EVs-CnEVPost

VW joins China auto price war, offers up to $5,820 discount on ID. series EVs-CnEVPost

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NIO App no longer shows ET7 wait time as talk of revamped model heats up

The ET7 delivered around 3,000 units per month for most of the second half of 2022, but only 521 and 649 units were delivered in January and February of this year, respectively.

NIO US | NIO HK | NIO SG

(From left to right: EC7, EC6, ET7, ET5. Screenshot on March 13.)

Past experience has shown that whenever NIO's mobile app stops showing the wait time for a model, it means that the improved version of the model is not far from release.

The NIO App stopped showing the expected delivery date for the electric vehicle maker's flagship sedan, the ET7, starting today, the first time the company's model wait times have changed in the past month.

The NIO App is currently showing eight models, including the old ES8, ES6 and EC6 based on the NT 1.0 platform and the new ES8, ES7, EC7, ET7 and ET5 based on the NT 2.0 platform.

The EC7 coupe SUV and the new ES8 were launched at NIO Day 2022 held on December 24, 2022, with deliveries to begin in May and June 2023, respectively.

Wait times for all other NIO models remain unchanged today. The last change to this information was on February 14, when the wait times for both the ES7 and ET7 changed from the previous 3-4 weeks to about 3 weeks, and for the ET5 from about 3 weeks to 2-3 weeks.

(From left to right: All-new ES8, old ES8, ES7, ES6. Screenshot on March 13.)

NIO's latest move comes at a time when discussions on social media about a revamped version of the ET7 are on the rise.

In several WeChat groups where CnEVPost is present, some NIO followers are already anticipating a facelift of the sedan one year since deliveries began.

Longtime NIO follower and auto blogger @肉肉爸比ev hinted on March 10 that a revamped version of the ET7 is not far away.

"Are people that concerned about the ET7 facelift? Let's just say the 2023 ET7 may be coming soon," the blogger wrote.

Changes to the new ET7 will likely not be significant, and NIO may offer upgrade options to owners of the current model, the blogger said, adding that consumers interested in the ET7 may choose to wait and see in the short term.

NIO launched the ET7, its first sedan, at the NIO Day 2020 event on January 9, 2021, with deliveries starting March 28, 2022.

In April 2022, the ET7's first full month of delivery, the sedan was ranked No. 10 in a list of premium sedans starting at more than RMB 300,000 ($43,440) by the China Passenger Car Association (CPCA) with 693 retail sales.

With increased capacity, ET7 sales continued to grow after deliveries began and reached a new monthly high of 4,349 units in June 2022.

Deliveries of the ET7 remained around 3,000 units per month for the vast majority of the second half of last year, but in December deliveries slipped to 1,379 units, missing the CPCA's ranking of premium sedan sales for the first time.

NIO stopped publishing ET7 figures in its monthly delivery figures this year, but figures released by the CPCA show that the sedan delivered 521 units in January and 649 units in February.

The CPCA's figures come from the numbers reported by carmakers, and the ET7 sales figures in its monthly rankings are consistent with the available figures previously published by NIO.

(1 $ = RMB 6.9063)

NIO ET5 drops 1 spot in ranking of top-selling premium sedans in China

Changes in wait times for NIO models

DateModelLatest Wait TimePrev Wait Time
03/13/23ET7 (NT 2.0)Stop showingAbout 3 weeks
02/14/23ES7 (NT 2.0)About 3 weeks3-4 weeks
02/14/23ET7 (NT 2.0)About 3 weeks3-4 weeks
02/14/23ET5 (NT 2.0)2-3 weeksAbout 3 weeks
02/6/23ET5 (NT 2.0)About 3 weeks3-4 weeks
01/28/23ES7 (NT 2.0)3-4 weeks2-3 weeks
01/28/23ET7 (NT 2.0)3-4 weeks2-3 weeks
01/28/23ET5 (NT 2.0)3-4 weeks7-9 weeks
01/11/23ET5 (NT 2.0)7-9 weeks8-10 weeks
01/5/23ET5 (NT 2.0)8-10 weeks9-11 weeks
12/29/22ET5 (NT 2.0)9-11 weeks10-12 weeks
12/22/22ET5 (NT 2.0)10-12 weeks12-14 weeks
12/20/22ES7 (NT 2.0)2-3 weeks4-6 weeks
12/13/22ET5 (NT 2.0)12-14 weeks13-15 weeks
12/13/22ET7 (NT 2.0)2-3 weeksAbout 2 weeks
12/13/22EC6 (NT 1.0)Stop showingAbout 2 weeks
12/2/22ET5 (NT 2.0)13-15 weeks21-23 weeks
11/25/22ES7 (NT 2.0)4-6 weeks7-9 weeks
11/25/22ET7 (NT 2.0)About 2 weeks3-5 weeks
11/23/22ES8 (NT 1.0)Stop showingAbout 2 weeks
11/16/22ET7 (NT 2.0)3-5 weeks4-6 weeks
11/10/22ES8 (NT 1.0)About 2 weeks2-3 weeks
11/10/22ES6 (NT 1.0)About 2 weeks2-3 weeks
11/10/22EC6 (NT 1.0)About 2 weeks2-3 weeks
11/3/22ES7 (NT 2.0)7-9 weeks11-13 weeks
11/3/22ET7 (NT 2.0)4-6 weeks6-8 weeks
11/3/22ES8 (NT 1.0)2-3 weeks2-4 weeks
11/3/22ES6 (NT 1.0)2-3 weeks2-4 weeks
11/3/22EC6 (NT 1.0)2-3 weeks2-4 weeks
10/31/22ES7 (NT 2.0)11-13 weeks12-14 weeks
10/31/22ES8 (NT 1.0)2-4 weeks3-5 weeks
10/31/22ES6 (NT 1.0)2-4 weeks3-5 weeks
10/31/22EC6 (NT 1.0)2-4 weeks3-5 weeks
10/21/22ES7 (NT 2.0)12-14 weeks13-15 weeks
10/21/22ET7 (NT 2.0)6-8 weeks11-13 weeks
10/21/22ET5 (NT 2.0)Stop showing21-23 weeks
10/21/22ES8 (NT 1.0)3-5 weeks4-6 weeks
10/21/22ES6 (NT 1.0)3-5 weeks4-6 weeks
10/21/22EC6 (NT 1.0)3-5 weeks4-6 weeks

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BYD begins construction of Thailand plant with annual capacity of 150,000 units

On March 10, held a groundbreaking ceremony for the plant in Thailand, and the delivery ceremony for the 10,000th BYD Atto 3.

BYDDY.US | BYD HK

BYD began construction of its passenger car plant in Thailand, as it reaches a milestone in deliveries there.

On March 10, BYD held a groundbreaking ceremony for the plant in Thailand, as well as a delivery ceremony for the 9,999th and 10,000th BYD Atto 3, according to a press release.

The establishment of a passenger car production base in Thailand is one of BYD's key initiatives to accelerate its expansion into the Asia-Pacific market, said Liu Xueliang, general manager of the company's Asia-Pacific automotive sales division.

The production base project is located at WHA Rayong 36 Industrial Estate and covers an area of nearly 960,000 square meters.

The plant is expected to start production in 2024 with an annual capacity of about 150,000 vehicles.

On September 8, 2022, BYD signed a land purchase agreement with Thai industrial property developer WHA Industrial Development PLC, a subsidiary of the WHA Group, to build a passenger car production plant.

The land agreement follows a set of investment commitments approved by Thailand's Board of Investment in August, including BYD's 17.9 billion baht ($491 million) electric vehicle production project.

On October 10, BYD, together with its local partner Rêver Automotive, launched the Atto 3 in Thailand, with sales of the model officially starting in November.

BYD held a delivery ceremony on March 10 for the 9,999th and 10,000th Atto 3, its first electric SUV based on the e-Platform 3.0 platform offered in Thailand.

Notably, the deliveries appear to be wholesale sales, that is, sales delivered to local dealers.

By the end of January, the Atto 3 had 1,352 registrations in Thailand, accounting for 8 percent of the 16,672 registrations of all pure electric vehicles in the country, according to BYD.

By the end of February, 3,000 BYD Atto 3 units were registered in Thailand, according to the company.

In addition to BYD, another Chinese electric vehicle company, Neta, began construction of a plant in Thailand on March 10, although it is smaller, with an annual capacity of 20,000 units.

BYD F brand to use new powertrain, targeting market with price above RMB 400,000

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First NIO ET5 sedans arrive in Norway, deliveries set to start this month

The ET5 has become 's main seller in China, contributing 48 percent, 68 percent, and 53 percent of monthly deliveries in the past three months, respectively.

NIO US | NIO HK | NIO SG

(Image credit: NIO)

NIO (NYSE: NIO) has seen the first batch of the ET5 electric sedan arrive in Norway, with deliveries of the model in Europe set to begin this month.

"We can confirm today that the first batch of our newest car model, the NIO ET5, has arrived in Norway," NIO said in an article in its European app.

The cars are now at Birger og Haug in Aros where they are being prepared for delivery to the first customers, according to the article.

"This will be our first car below the VAT limit," the article said.

The article does not provide more details about VAT, or Merverdiavgift (MVA) in the Norwegian language. ET7 faces a 25 percent VAT in Norway, or at least NOK 21,173.

The ET5 starts at NOK 429,000 ($40,340) excluding the battery, according to the NIO Norway website. All NIO vehicles support battery swap and allow consumers to choose to include or exclude the battery when purchasing the vehicle.

(Above is the configurator information for NIO ET5 in Norway.)

(Above is the configurator information for NIO ET7 in Norway.)

NIO introduced the ET7, EL7 and ET5 to European consumers at the NIO Berlin launch event on October 7. The EL7 is known as the ES7 in China and was renamed in Europe due to a lawsuit with Audi.

Deliveries of the ET7 started in Europe as planned in October last year, with deliveries of the EL7 starting at the end of January. The planned start date for deliveries of the ET5, announced by NIO in October last year, is the end of March.

There is no more information about the ET5 in Europe, including how many units of the electric sedan NIO has sent there.

For NIO, the ET5 has been its main seller in China for the past three months.

ET5 deliveries from December to February were 7,594, 5,795 and 6,471 units, contributing 48 percent, 68 percent and 53 percent of NIO's monthly deliveries, respectively, according to data from the company and the China Passenger Car Association (CPCA) monitored by CnEVPost.

The ET5 ranked No. 7 in February in the ranking of high-end sedan sales in China with a starting price above RMB 300,000 ($43,440), according to the CPCA's list released on March 9.

The ranking dropped one spot from January, as the previously No. 7 Audi A4L outsold the ET5 with 6,935 units in February.

($1 = RMB 6.9063, $1 = NOK 10.6349)

NIO ET5 drops 1 spot in ranking of top-selling premium sedans in China

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