Category: Industry News

Polestar 3 officially unveiled in China, price cut by about $29,080 from previous

Polestar has officially unveiled the Polestar 3 in China today with what it calls a new pricing system.  |  Polestar.US

The first SUV from Polestar, the premium electric vehicle maker owned by and Volvo Cars, has been officially unveiled in China, but at a price reduction of about RMB 200,000 yuan ($29,080) from the model's global debut last year.

Polestar officially introduced the Polestar 3 in China today and announced what it calls a new pricing system, with the long-range dual-motor model starting at RMB 698,000 and the long-range dual-motor with performance pack model at RMB 798,000.

The Polestar 3 is Polestar's first SUV and will be the electric vehicle company's first all-electric model that will be produced in both China and the US.

Polestar gave the Polestar 3 SUV its global debut on October 12, 2022, when it announced its two versions with starting prices in China of RMB 880,000 and RMB 1,030,000, respectively.

The latest prices announced today mean that the starting price for the Polestar 3 regular long-range version has been reduced by RMB 182,000 and the starting price for the performance version has been reduced by RMB 232,000.

Information on Polestar China's website indicates that the expected delivery dates for both versions of the Polestar 3 are the fourth quarter of this year.

The Polestar 3 will be on display at the Shanghai auto show next month, and the model will go into production at Polestar's plant in Chengdu, Sichuan province, in the middle of this year, Polestar said today.

The 20th Shanghai International Automobile Industry Exhibition (Auto Shanghai 2023) will be held from April 18-27, with media days from April 18-19 and professional visitor days from April 20-21, while the general public can visit from April 22-27.

Production is also expected to begin by mid-2024 at Polestar's plant in Ridgeville, South Carolina, the automaker said when it unveiled the Polestar 3 last year.

At that point, the US will serve as the main supply location for North America and other markets. The plant is expected to make its first deliveries in mid-2024.

Polestar was co-founded by Volvo and Geely in 2017, and the first product, the Polestar 1, was only available in limited quantities and has been discontinued.

The Polestar 2, which started deliveries in 2020, is the brand's first real production model on sale and will only be produced at a plant in Taizhou, Zhejiang province, in eastern China.

Despite the Polestar 3's strong performance and configuration, its prices in China appear to be very high, as noted in a previous report by CnEVPost.

The Polestar 3's previous starting price of RMB 880,000 is almost twice the NIO ES7's starting price of RMB 468,000.

Both versions of the ES7 have a 0-100 km/h sprint time of 3.9 seconds, while the Polestar 3 performance version has the figure at 4.7 seconds and the long-range version at 5 seconds.

($1 = RMB 6.8783)

Polestar 3 SUV officially unveiled, but prices may drive away Chinese consumers

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Polestar 3 officially unveiled in China, price cut by about $29,080 from previous

Polestar has officially unveiled the Polestar 3 in China today with what it calls a new pricing system.  |  Polestar.US

The first SUV from Polestar, the premium electric vehicle maker owned by and Volvo Cars, has been officially unveiled in China, but at a price reduction of about RMB 200,000 yuan ($29,080) from the model's global debut last year.

Polestar officially introduced the Polestar 3 in China today and announced what it calls a new pricing system, with the long-range dual-motor model starting at RMB 698,000 and the long-range dual-motor with performance pack model at RMB 798,000.

The Polestar 3 is Polestar's first SUV and will be the electric vehicle company's first all-electric model that will be produced in both China and the US.

Polestar gave the Polestar 3 SUV its global debut on October 12, 2022, when it announced its two versions with starting prices in China of RMB 880,000 and RMB 1,030,000, respectively.

The latest prices announced today mean that the starting price for the Polestar 3 regular long-range version has been reduced by RMB 182,000 and the starting price for the performance version has been reduced by RMB 232,000.

Information on Polestar China's website indicates that the expected delivery dates for both versions of the Polestar 3 are the fourth quarter of this year.

The Polestar 3 will be on display at the Shanghai auto show next month, and the model will go into production at Polestar's plant in Chengdu, Sichuan province, in the middle of this year, Polestar said today.

The 20th Shanghai International Automobile Industry Exhibition (Auto Shanghai 2023) will be held from April 18-27, with media days from April 18-19 and professional visitor days from April 20-21, while the general public can visit from April 22-27.

Production is also expected to begin by mid-2024 at Polestar's plant in Ridgeville, South Carolina, the automaker said when it unveiled the Polestar 3 last year.

At that point, the US will serve as the main supply location for North America and other markets. The plant is expected to make its first deliveries in mid-2024.

Polestar was co-founded by Volvo and Geely in 2017, and the first product, the Polestar 1, was only available in limited quantities and has been discontinued.

The Polestar 2, which started deliveries in 2020, is the brand's first real production model on sale and will only be produced at a plant in Taizhou, Zhejiang province, in eastern China.

Despite the Polestar 3's strong performance and configuration, its prices in China appear to be very high, as noted in a previous report by CnEVPost.

The Polestar 3's previous starting price of RMB 880,000 is almost twice the NIO ES7's starting price of RMB 468,000.

Both versions of the ES7 have a 0-100 km/h sprint time of 3.9 seconds, while the Polestar 3 performance version has the figure at 4.7 seconds and the long-range version at 5 seconds.

($1 = RMB 6.8783)

Polestar 3 SUV officially unveiled, but prices may drive away Chinese consumers

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SAIC-Volkswagen offers up to $7,250 discount as China auto price war continues

The offer has a deadline of April 30, and SAIC-Volkswagen plans to offer up to RMB 3.7 billion in subsidies for car purchases.

SAIC-Volkswagen offers up to $7,250 discount as China auto price war continues-CnEVPost

(A screenshot from SAIC-Volkswagen's website shows the automaker's marketing of discounts.)

A Volkswagen joint venture in China has started offering official discounts as the price war in the Chinese auto industry continues.

SAIC-Volkswagen is offering limited-time discounts of up to RMB 50,000 yuan ($7,250) on its entire model lineup, the Volkswagen-SAC joint venture announced yesterday.

The offer has a deadline of April 30, and SAIC-Volkswagen plans to provide up to RMB 3.7 billion in subsidies for car purchases, according to a poster on its website.

The campaign involves 20 SAIC-Volkswagen models, the vast majority of which are conventional internal combustion engine vehicles, that can enjoy discounts ranging from RMB 15,000 to RMB 50,000.

The Volkswagen Phideon, with an official guide price of RMB 343,000 to RMB 449,000, received an RMB 50,000 discount, while most other models received discounts of RMB 25,000 to RMB 30,000.

SAIC-Volkswagen is offering discounts of RMB 20,000 for the ID.3 pure electric vehicle and RMB 30,000 for both the ID.4 X and ID.6 X.

In addition to the cash discounts, SAIC-Volkswagen is also offering trade-in benefits of up to RMB 12,000, as well as a zero-interest entitlement for 2-to-5-year loans.

One of the reasons SAIC-Volkswagen chose to cut prices is that the company is responding positively to China's policies as well as the consumer environment, sources at the automaker were quoted as saying in a report by Beijing News today.

On the other hand, SAIC-Volkswagen was able to get closer to consumers after the marketing changes and respond more quickly to consumer feedback, the source said.

Last week, both SAIC-Volkswagen and FAW-Volkswagen, another Volkswagen joint venture in China, began offering discounts of up to 40,000 yuan on ID. family models as the price war in China's auto industry intensified.

Volkswagen is one of the top car companies in China in terms of vehicle sales. SAIC-Volkswagen's retail sales in February were 74,013 units, down 7.7 percent from a year earlier, with a 5.3 percent share of the Chinese auto market, according to data released earlier this month by the China Passenger Car Association (CPCA).

FAW-Volkswagen sold 110,511 units in February, up 5.3 percent year-on-year, with an 8 percent share in China.

($1 = RMB 6.8925)

More Chinese EV makers promise no price cuts as price war intensifies consumer wait-and-see sentiment

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Financially troubled Enovate reportedly close to getting life-saving money

Enovate has already owed its employees two months of salary arrears and its factory in Changsha, Hunan province, has shut down production this year, according to local media.

(Image from Enovate's Weibo)

Enovate Motors, the Chinese new energy vehicle (NEV) startup that announced late last year that it would build a production base in Saudi Arabia, is actually facing financial woes in its home market. However, the good news is that it is about to receive life-saving money.

Enovate is set to close a new round of funding in the near future, amounting to RMB 750 million yuan ($108 million), a report in local media Auto Time today said, citing multiple sources.

The money will arrive no later than March 24, one of the people familiar with the matter said. Another source with access to the financing said that it is indeed happening and that specific plans are being negotiated.

Enovate was formerly known as Zhejiang Dianka Automobile, which was founded in 2015 and produces mini electric vehicles (EVs). The Enovate brand was officially launched in November 2018.

In September 2020, the company's first model, the all-electric SUV Enovate ME7, was launched.

Enovate made its second model, the SUV Enovate ME5 with extended-range technology, available in China on July 13, 2021.

Enovate has closed eight financing rounds totaling more than RMB 11.5 billion, with the company's most recent financing round on October 13, 2020 for more than RMB 5 billion, Auto Time's report noted.

So far this year, Enovate has owed its employees two months of salary arrears, and its factory in Changsha, Hunan province, has shut down production this year, according to the report.

In addition to the Changsha manufacturing base, Enovate is also building factories in Shaoxing, Zhejiang and Nanning, Guangxi, with a planned total capacity of 220,000 units for the three production bases.

The money Enovate is about to receive will first be used for employee payroll and to push the plants back into production, the report said, citing an internal employee.

The company's performance in China has been weak over the past two years, with sales of just 1,778 units in 2021 and 5,321 units in 2022.

Enovate has begun targeting overseas markets as competition in its home market grows fiercer.

Enovate signed a contract with Sumou Holding in Saudi Arabia on December 7 to jointly build a NEV production plant here, as CnEVPost previously reported.

The two companies will form a joint venture that will make two phases of spending totaling about $500 million in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs.

The facility, when completed, will be the first Chinese-branded NEV production base in Saudi Arabia, Enovate said at the time.

Enovate is another carmaker besides that has run into financial difficulties.

WM Motor has been in serious financial trouble, leading to disruptions in its operations over the past few months. On March 7, the company announced that it was addressing its challenges and was working hard to resume production.

WM Motor also has plans to enter Saudi Arabia, with an insider saying the company is planning a joint venture to set up a plant in the Middle East, according to an Auto Time report today.

The EV maker is currently in talks with the Saudi government and local wealth funds, and the exact timing of the plan is unknown, according to the report.

Chinese EV startup Enovate to build production base in Saudi Arabia with annual capacity of 100,000 units

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Financially troubled Enovate reportedly close to getting life-saving money

Enovate has already owed its employees two months of salary arrears and its factory in Changsha, Hunan province, has shut down production this year, according to local media.

(Image from Enovate's Weibo)

Enovate Motors, the Chinese new energy vehicle (NEV) startup that announced late last year that it would build a production base in Saudi Arabia, is actually facing financial woes in its home market. However, the good news is that it is about to receive life-saving money.

Enovate is set to close a new round of funding in the near future, amounting to RMB 750 million yuan ($108 million), a report in local media Auto Time today said, citing multiple sources.

The money will arrive no later than March 24, one of the people familiar with the matter said. Another source with access to the financing said that it is indeed happening and that specific plans are being negotiated.

Enovate was formerly known as Zhejiang Dianka Automobile, which was founded in 2015 and produces mini electric vehicles (EVs). The Enovate brand was officially launched in November 2018.

In September 2020, the company's first model, the all-electric SUV Enovate ME7, was launched.

Enovate made its second model, the SUV Enovate ME5 with extended-range technology, available in China on July 13, 2021.

Enovate has closed eight financing rounds totaling more than RMB 11.5 billion, with the company's most recent financing round on October 13, 2020 for more than RMB 5 billion, Auto Time's report noted.

So far this year, Enovate has owed its employees two months of salary arrears, and its factory in Changsha, Hunan province, has shut down production this year, according to the report.

In addition to the Changsha manufacturing base, Enovate is also building factories in Shaoxing, Zhejiang and Nanning, Guangxi, with a planned total capacity of 220,000 units for the three production bases.

The money Enovate is about to receive will first be used for employee payroll and to push the plants back into production, the report said, citing an internal employee.

The company's performance in China has been weak over the past two years, with sales of just 1,778 units in 2021 and 5,321 units in 2022.

Enovate has begun targeting overseas markets as competition in its home market grows fiercer.

Enovate signed a contract with Sumou Holding in Saudi Arabia on December 7 to jointly build a NEV production plant here, as CnEVPost previously reported.

The two companies will form a joint venture that will make two phases of spending totaling about $500 million in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs.

The facility, when completed, will be the first Chinese-branded NEV production base in Saudi Arabia, Enovate said at the time.

Enovate is another carmaker besides that has run into financial difficulties.

WM Motor has been in serious financial trouble, leading to disruptions in its operations over the past few months. On March 7, the company announced that it was addressing its challenges and was working hard to resume production.

WM Motor also has plans to enter Saudi Arabia, with an insider saying the company is planning a joint venture to set up a plant in the Middle East, according to an Auto Time report today.

The EV maker is currently in talks with the Saudi government and local wealth funds, and the exact timing of the plan is unknown, according to the report.

Chinese EV startup Enovate to build production base in Saudi Arabia with annual capacity of 100,000 units

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LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO

Hesai began trading on the Nasdaq on February 9 and has accumulated a decline of about 36 percent since then.

Hesai

LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO-CnEVPost

Chinese LiDAR maker Hesai Group (NASDAQ: HSAI) saw record revenue in the fourth quarter, though gross margin fell further.

Hesai reported revenue of RMB 409.2 million ($59.3 million) in the fourth quarter, up 56.6 percent year-on-year, according to its unaudited earnings report released after the US stock market closed on March 15, the company's first since listing on the Nasdaq.

The company shipped 47,515 total LiDAR units in the fourth quarter, up 739.2 percent from 5,662 units in the same period in 2021.

It shipped 43,351 ADAS LiDAR units in the fourth quarter, compared to 87 units in the same period in 2021.

Hesai's gross margin was 30 percent in the fourth quarter, down from 52.4 percent in the same period in 2021 and down from 37 percent in the third quarter.

LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO-CnEVPost

The decline in gross margin was primarily due to increased shipments of low-margin ADAS LiDAR products in the early ramp-up phase and lower capacity utilization at the in-house plant, the company said.

Hesai reported a net loss of RMB 135.3 million for the fourth quarter, compared with RMB 70 million for the same period in 2021.

Excluding stock-based compensation expense, it reported an adjusted non-GAAP net loss of RMB 110.2 million in the fourth quarter, compared with RMB 39.3 million in the same period in 2021.

The company reported both basic and diluted net loss per common share of RMB 1.18 for the fourth quarter. Excluding stock-based compensation expense and deemed dividends, adjusted non-GAAP basic and diluted net loss per common share for the fourth quarter were both RMB 0.96.

It reported R&D expenses of RMB 178.8 million in the fourth quarter, an increase of 13.3 percent from RMB 157.8 million in the same period of 2021, primarily due to higher payroll expenses resulting from an increase in R&D staff.

Hesai's sales and marketing expenses for the fourth quarter were RMB 41.4 million, an increase of 95.2 percent year-on-year.

It had general and administrative expenses of RMB 47.6 million in the fourth quarter, a decrease of 7.6 percent year-on-year, primarily due to a decrease in stock-based compensation expenses.

Hesai's cash and cash equivalents and short-term investments were RMB 1.86 billion as of December 31, 2022, compared to RMB 2.79 billion as of December 31, 2021 and RMB 2.07 billion as of September 30, 2022.

For the full year 2022, Hesai's revenue was RMB1,202.7 million, an increase of 66.9 percent year-on-year.

The company shipped 80,462 LiDAR units in full-year 2022, an increase of 467.5 percent year-on-year.

The company's gross margin for the full year 2022 was 39.2 percent, down from 53 percent in the prior year.

For the first quarter of 2023, Hesai expects net revenues to be in the range of RMB 390 million to RMB 410 million, or about 57.0 percent to 65.0 percent year-on-year growth.

Hesai began trading on the Nasdaq on February 9 under the ticker HSAI and has continued to fall since then.

The company closed down 12.36 percent yesterday, bringing its cumulative decline since the IPO to about 36 percent.

Hesai was up 3.02 percent in after-hours trading Wednesday following the earnings report.

LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO-CnEVPost

Hesai debuts on Nasdaq, becoming 1st Chinese LiDAR maker to go public in US

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More Chinese EV makers promise no price cuts as price war intensifies consumer wait-and-see sentiment

EV makers including , and Denza have all introduced 90-day price protection policies.

(Image credit: Neta)

As the auto price war in China continues, some electric vehicle (EV) makers are beginning to make it clear that they will not cut prices in an attempt to dispel the wait-and-see sentiment of potential consumers.

EV makers including Leapmotor, Neta and Denza have all introduced price protection policies, after (NASDAQ: LI) introduced a similar policy and (NYSE: NIO) made it clear that the company would not cut prices.

Leapmotor announced yesterday that for consumers who purchase any of its models during this month, they will get the difference back if the price drops within 90 days or if the company offers additional cash discounts.

This is in line with a policy introduced earlier this week by Li Auto, whose salespeople said it was designed to make clear to consumers that its models would not be reduced in price.

Neta, Hozon Auto's EV brand, announced today that consumers who order its flagship sedan, the Neta S, by April 30 will not have to worry about the model's price dropping within 90 days.

If the price of the model drops within 90 days of the consumer's purchase, Neta will refund the difference.

Notably, along with the announcement of the price protection policy, Neta began offering an RMB 23,000 ($3,340) discount for the lowest-priced model of the Neta S, bringing the model's starting price down to RMB 179,800 from the previous RMB 202,800, valid until the end of April 30.

Neta models on sale also include the Neta V and Neta U, which start at less than RMB 150,000 and are not covered by its price protection policy.

Denza, 's premium brand, announced that if consumers who purchase its vehicles during the month see a drop in official guide prices will receive a rebate for the difference.

Auto and Volvo Car's jointly held Lynk & Co brand also began offering a 90-day price protection policy that expires on April 30.

The increasing number of car companies joining the price war has led to an increased wait-and-see mood among consumers to avoid seeing price cuts soon after purchasing a car.

An NIO executive said yesterday that they noticed Li Auto's move and the company had considered whether to issue a similar policy.

But for NIO, it has previously made it clear that prices will not be lowered, the company's assistant vice president of sales operations Pu Yang said at a media event yesterday, adding that NIO is not only not cutting prices for 90 days, but prices will not change for a longer period of time.

(1 $= RMB 6.8843)

NIO won't get involved in price war, exec says

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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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Changan’s EV brand Shenlan offers up to $6,030 discount on vehicle purchases

Shenlan is currently selling only one model, the SL03, a Model 3 competitor, with 4,103 units delivered in February.

(Image credit: Shenlan)

Shenlan, Changan Automobile's new energy vehicle (NEV) brand, is offering consumers tens of thousands of yuan in incentives to purchase vehicles as the auto price war in China continues.

Shenlan, based in the southwestern Chinese city of Chongqing, announced today that it is offering discounts of up to 42,000 yuan ($6,030) on vehicle purchases.

The offer includes an RMB 22,000 cash subsidy and up to RMB 20,000 in option benefits.

The subsidy is valid from March 10 to March 31 and is limited to 10,000 units.

Shenlan, Changan's NEV brand announced in 2022, officially launched the Shenlan SL03 electric sedan on July 25, another strong competitor to the Model 3.

Unlike the Tesla Model 3, the Shenlan SL03 is available in three powertrain variants -- an all-electric version, an extended-range version and a version with a hydrogen fuel cell.

The Shenlan SL03 BEV currently has a starting price of RMB 189,900, lower than the Model 3's starting price of RMB 229,900 in China, and the SL03 EREV starts at RMB 171,900.

Shenlan began deliveries of the SL03 at the end of August 2022 and has delivered a total of 37,328 units as of the end of February this year, including 4,103 units last month.

On March 5, Shenlan officially unveiled its second model, the Shenlan S7, a model similar to the Tesla Model Y crossover, in Shanghai.

In addition to the Shenlan brand, Changan is offering car purchase incentives for its other sub-brands.

Changan announced yesterday that for consumers who buy any of its passenger cars and get a delivery this month, they will receive a coupon for thousands of yuan.

($1 = RMB 6.9675)

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

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