Category: Industry News

Wuling cuts prices on its mini EVs by up to $1,850

Wuling said the move is in response to China's call to boost consumption of NEVs in rural areas.

(Image credit: SAIC-GM-Wuling)

SAIC-GM-Wuling is cutting the prices of several of its mini electric vehicles (EVs), after taking a page out of 's (NYSE: NIO) book 10 days ago to make these budget EVs more affordable.

The company today announced a price cut of up to 13,000 yuan ($1,850) for models in its Hongguang Mini EV family, saying the move is in response to China's call to boost consumption of NEVs in rural areas.

Last week, China released a policy to support NEV consumption in rural areas, which mentioned that automakers are encouraged to develop more economical models that target the characteristics of consumers in rural areas.

A table released by SAIC-GM-Wuling shows that an Air EV, originally priced at RMB 82,800, saw a price drop of RMB 13,000, or 15.70 percent, to RMB 69,800, the largest price cut for its Mini EV family.

The other three Air EVs have all seen their prices cut by RMB 10,000, with the latest prices at RMB 66,800, 65,800 and 57,800 respectively.

SAIC-GM-Wuling's better-known Mini EV series has four models all reduced in price by RMB 6,000, with the latest prices at RMB 63,800, RMB 61,800, RMB 51,800, and RMB 49,800 respectively.

SAIC-GM-Wuling is a joint venture between SAIC Group, General Motors and Liuzhou Wuling Automobile, headquartered in Liuzhou, Guangxi Zhuang Autonomous Region in southwestern China.

It sells vehicles based on the GSEV (Global Small Electric Vehicle) architecture in China, including the Mini EV, KiWi EV, Nano EV and Air EV. In addition to these pure electric models, SAIC-GM-Wuling also sells fuel-powered SUVs, MPVs and vans.

The Air EV will be officially launched in China on December 12, 2022, with a price range of RMB 67,800-82,800.

The model is SAIC-GM-Wuling's first global model, which was first launched in Indonesia in August last year.

Prior to the price cut, SAIC-GM-Wuling took a page from NIO's book and allowed consumers to purchase the Hongguang Mini EV with a body only and lease the battery, although the model does not support simple battery replacement like NIO models.

The automaker offers this purchase option for five versions of the Hongguang Mini EV, with the lowest-priced version costing consumers an initial payment of just RMB 19,800 and a monthly battery lease of RMB 198 for the next five years.

Under the regular purchase option, this version of the Hongguang Mini EV is priced at RMB 32,800.

($1 = RMB 7.0218)

SAIC-GM-Wuling takes page from NIO's book to make its Mini EV even more affordable

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China EV transition: Shanghai fuel car license plate auction participants hit 99-month low

Shanghai, home to 's China factory and 's global headquarters, has seen NEV penetration reach about 50 percent.

To observe China's electric vehicle (EV) transition, Shanghai, home to Tesla's China factory and NIO's global headquarters, is a must-watch city, and something interesting is happening.

In the monthly auction for fuel car license plates, 113,722 people participated in the auction in May, down 6,492 from the previous month, according to the information posted Saturday by the Shanghai government on its official WeChat account.

The number of participants was at a new low since February 2015, or a 99-month low, data compiled by CnEVPost showed.

The number of available license plates in May was 13,214, implying a winning rate of 11.6 percent.

The auction had the lowest winning price of RMB 92,400 ($13,170) and an average price of RMB 92,547, an increase of RMB 135 from RMB 92,412 the previous month.

Shanghai usually holds license plate auctions for fuel cars on the third Saturday morning of each month, with the local government announcing the results in the afternoon.

The event is one of the most watched locally until EVs are accepted by residents, as winning the auction is so difficult that many may have to try for two or three years before they succeed in winning the bid.

In 2022 and before, Shanghai was offering free license plates to consumers who purchase plug-in hybrid vehicles (PHEVs) as well as battery electric vehicles (BEVs) to encourage the growth of the NEV industry.

Starting in January 2023, PHEVs are treated the same as conventional internal combustion engine vehicles (ICEs), and consumers will need to obtain license plates through the bidding process in order to register such vehicles in the city.

Shanghai's license plate auctions date back to the 1990s, and the event is currently organized by the Shanghai International Commodity Auction Co Ltd (SICA).

Those wishing to participate in the auction need to first submit an application to the SICA and only after qualifying are approved can they participate in the monthly auctions.

Data from the SICA obtained by CnEVPost dating back to January 2010 show that the number of participants in this month's Shanghai license plate auction is at a record low since February 2015, when the number was 103,224.

This comes as NEV penetration has continued to rise in Shanghai over the past few years, with about half of the cars registered in the city now being NEVs.

In April, all vehicle sales in Shanghai were 45,897 units, of which NEVs contributed 22,243, or 48.46 percent, according to data released earlier this month by the Shanghai Economic Information Center.

The earliest available data for that sales volume is January 2021, when 74,555 vehicles were sold in Shanghai, of which NEVs contributed 23,000, or 30.85 percent, according to data monitored by CnEVPost.

Shanghai, home to about 25 million people, is the location of Tesla's China factory, which currently has an annual capacity of more than 1 million units, making it the largest factory in the world for the US EV maker.

Tesla Shanghai plant produced 727,000 units in 2022, up 49.7 percent from a year earlier, with an industrial output of RMB 183.9 billion, which represents 23 percent of Shanghai's auto manufacturing output, a local official said earlier this month.

Shanghai is also home to NIO's global headquarters, and the Chinese EV company's delivery center in the city's Jiading Nanxiang is its largest in the world.

In 2021, NIO has the No. 1 market share of 23 percent of all fuel and electric SUVs in Shanghai priced at more than 350,000 yuan, William Li, the company's founder, chairman and CEO, said during a March 25, 2022 earnings call.

($1 = RMB 7.0167)

Data table: Shanghai monthly fuel car license plate auction results

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VW denies talks with Huawei on auto software licensing in China

There have been no discussions between Volkswagen China and other companies about operating system licensing, local media quoted the German carmaker as saying.

(Image credit: CnEVPost)

Volkswagen China denied it was in talks to use software in its cars in China, after a report yesterday sparked widespread discussion.

There have been no discussions between Volkswagen China and other companies about operating system licensing, local media Economic View cited the German automaker as saying today.

To provide the greatest possible convenience to customers, Volkswagen is continuing to push further into the development of existing software, the automaker said.

The Financial Times said in a report yesterday that Volkswagen has been in talks to use Huawei software in its cars in China, hoping to boost its efforts to gain a bigger share of the country's electric vehicle market.

Three people familiar with the situation said Volkswagen has talked with Huawei about using the latter's technology in its cars, while another person said the German carmaker has held similar talks with other Chinese groups, according to the Financial Times report.

Volkswagen's software is seen as lagging behind some local players in China, but it is one of the most aggressive of foreign car companies seeking change.

In late 2021, there were rumors that Huawei and Volkswagen Group were planning to form a joint venture to develop self-driving technology. But this was never confirmed.

Last October 13, Horizon Robotics, one of the leading providers of computing solutions for smart vehicles in China, announced that Cariad, Volkswagen's software subsidiary, would form a joint venture with it to accelerate efforts to develop smart driving technology locally.

Volkswagen plans to invest about 2.4 billion euros for a 60 percent stake in the joint venture, which is expected to close in the first half of 2023, according to a statement from Horizon Robotics.

Last October 24, local media outlet 36kr reported that Su Jing, a former Huawei executive and self-driving industry veteran, would join the joint venture, possibly as head of one of the technologies.

VW reportedly in talks to use Huawei software in its cars in China

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Voyah offers huge benefits for free for flagship sedan before delivery begins

Customers of the Voyah Zhuiguang sedan can now receive substantial benefits for free that previously cost RMB 72,000.

Voyah offers huge benefits for free for flagship sedan before delivery begins-CnEVPost

(Image credit: CnEVPost)

Voyah, Dongfeng Motor's new energy vehicle (NEV) subsidiary, launched its first electric sedan a month ago. Now it's starting to offer huge benefits for free before deliveries of the model have even begun, underscoring the fierce competition in the space.

In a post on its WeChat account today, Voyah announced that for customers who order its flagship sedan, the Zhuiguang, multiple options that previously required a fee to get are now available for free.

The options are worth a combined total of RMB 72,000 ($10,300) and include seat massage, air suspension, Dynaudio 14 speakers, steering wheel heating, and the so-called L2.9 assisted driving software package.

The package is effective from May 18 and is also available to customers who have already reserved the model.

Voyah said the free benefits are limited in time, but no expiration date was mentioned.

In addition to making those benefits free, Voyah has streamlined the Zhuiguang sedan lineup, reducing the number of available versions to two from the previous three.

Voyah made the Zhuiguang officially available on the first day of the Shanghai auto show on April 18, when it was offered in three versions starting at RMB 322,900, RMB 352,900 and RMB 432,900, respectively.

In today's announcement, Voyah retained the standard version with a starting price of RMB 322,900 and dropped the other two versions and instead launched a long-range version with a starting price of RMB 385,900.

Voyah previously referred to the two higher-priced versions of the Zhuiguang as the flagship and long range flagship editions, respectively.

Voyah offers huge benefits for free for flagship sedan before delivery begins-CnEVPost

(Image credit: CnEVPost)

Voyah is a brand announced by Dongfeng Motor in late 2020, with the first model, the Voyah FREE, launched in China in June 2021, offering a version with extended-range technology as well as an all-electric version.

On May 7, 2022, Voyah's second model, the Dreamer MPV, went on sale, with deliveries starting on July 16.

The Voyah Zhuiguang is 5,088 mm long, 1,970 mm wide and has a wheelbase of 3,000 mm. Its height includes two specifications of 1,515 mm and 1,505 mm.

The model comes standard with a dual-motor four-wheel drive system with a maximum power of 160 kW for the front motor and 215 kW for the rear motor.

Its powertrain has a total power of 375 kW and a maximum torque of 730 Nm, enabling the vehicle to accelerate from 0 to 100 km/h in 3.8 seconds.

The delivery date for the model has not yet been confirmed.

As Dongfeng Motor's flagship brand into the NEV market, Voyah has had a weak performance over the past year.

It delivered 3,339 vehicles in April and a total of 9,021 so far this year.

Voyah offers huge benefits for free for flagship sedan before delivery begins-CnEVPost

Yu Fei, Voyah's general manager of sales, has left, and people in the marketing business have seen many other changes, marking the collapse of the company's second-generation marketing management structure, which was put in place last July, local media outlet Yicai said in a May 13 report.

($1 = 6.9986 yuan)

Voyah's first electric sedan launched with starting price of $46,980

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China NEV retail up 101% YoY in May 1-14, CPCA data show

As price wars fade and consumer wait-and-see sentiment eases, pent-up demand has been released, the CPCA said.

China NEV retail up 101% YoY in May 1-14, CPCA data show-CnEVPost

(Image credit: CnEVPost)

Sales of new energy vehicles (NEVs) in China doubled in the first two weeks of May compared with the same period last year and also showed significant growth over the same period in April, although the Labor Day holiday at the beginning of the month may have brought some shock.

From May 1 to 14, China's retail sales of new energy passenger vehicles were 217,000 units, up 101 percent year-on-year and up 17 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).

So far this year, China's retail sales of new energy passenger cars were 2.06 million units, up 41 percent year-on-year.

From May 1 to 14, wholesale sales of new energy passenger vehicles in China were 193,000 units, up 69 percent year-on-year and up 13 percent from April, according to the CPCA.

So far this year, wholesale sales of new energy passenger vehicles are up 32 percent year-on-year to 2.11 million units.

In the first two weeks of May, retail sales of all passenger vehicles in China were up 55 percent to 706,000 units, up 24 percent from the same period last month, the CPCA said.

So far this year, retail sales of passenger cars in China were up 3 percent to 6.6 million units.

This means that the penetration of NEVs at retail in China was 30.73 percent in the first two weeks of May and 31.20 percent so far this year.

In the first week of May -- May 1-7 -- the average daily retail sales of passenger cars in China were 54,000 units, up 67 percent from the same period last year and up 46 percent from the same period in April.

In the second week of May -- May 8-14 -- average daily retail sales of passenger cars were 47,000 units, up 44 percent year-on-year and up 5 percent from the same period in April.

As price wars faded, dealers' mindsets stabilized and consumers returned to rational spending, the CPCA said, adding that this eased wait-and-see sentiment and released pent-up demand.

During the Labor Day holiday, some local governments and manufacturers provided temporary subsidies, which helped the auto market grow in early May, and new orders from the holiday are expected to be released gradually, the CPCA said. This year, China's Labor Day holiday was from April 29 to May 3.

CPCA weekly data: NEV retail sales for 1st 2 weeks of May at 217,000

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VW reportedly in talks to use Huawei software in its cars in China

Volkswagen is one of the top-selling car companies in China, but it is lagging behind local carmakers in the country's NEV market.

(Image credit: CnEVPost)

Volkswagen has been in talks to use Huawei software in its cars in China, hoping to boost its efforts to gain a bigger share of the country's electric vehicle (EV) market, a Financial Times report said today.

Three people familiar with the situation said Volkswagen has spoken with Huawei about using the latter's technology in its cars, while another person said the German carmaker has held similar talks with other Chinese groups, according to the report.

Volkswagen is one of the top-selling car companies in China, but it lags behind local carmakers in the country's new energy vehicle (NEV) market.

In the January-April period, Volkswagen's joint venture in China, FAW-Volkswagen, sold 509,774 units at retail, up 1.4 percent from a year earlier, and came in second with an 8.6 percent share, according to the China Passenger Car Association (CPCA).

BYD sold 702,608 vehicles during the period, up 79.2 percent year-on-year, and ranked first with an 11.9 percent share.

Volkswagen's other joint venture in China, SAIC Volkswagen, sold 338,673 vehicles at retail from January to April, down 2.7 percent year-on-year, and ranked fifth with a 5.7 percent share.

In the NEV segment, BYD ranked first with a 38.1 percent share from January to April, while was second with a 9.6 percent share.

The NEV sales of Volkswagen's two joint ventures were not in the top 10 of the January-April list published by the CPCA. The No. 10 on the list is , with 33,529 units sold from January to April and a 1.8 percent share.

In July 2020, Volkswagen founded software company Cariad under former CEO Herbert Diess, but earlier this month it removed almost all of Cariad's top executives from their positions.

The Financial Times report cited a person familiar with the talks between Volkswagen and the Chinese companies as saying the discussions reflected how big the problem is for a group like VW, whose unique selling proposition is their scale and platforms.

Another person said Volkswagen is also aware that a Chinese software partner could appeal to Chinese customers who favor local suppliers and are obsessed with stories of technological self-reliance.

Although its software is seen as lagging behind some local players in China, Volkswagen is one of the most aggressive of foreign car companies seeking change.

Last October 13, Horizon Robotics, one of the leading providers of computing solutions for smart vehicles in China, announced that Cariad would form a joint venture with it to accelerate its efforts to develop smart driving technology locally.

Volkswagen plans to invest about 2.4 billion euros for a 60 percent stake in the joint venture, which is expected to close in the first half of 2023, according to a statement from Horizon Robotics.

VW to invest €2.4 billion to form JV with Chinese firm Horizon Robotics

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China issues policy to support NEV consumption in rural areas

A government document voices support for NEV development in rural areas in terms of NEV purchases, charging infrastructure development, and consumer education.

China issues policy to support NEV consumption in rural areas-CnEVPost

(Image credit: CnEVPost)

China has released a new government document to support new energy vehicle (NEV) consumption in rural areas, after NEV penetration in major cities climbed to high levels.

China's National Energy Administration and economic planner National Development and Reform Commission (NDRC) issued the document on supporting the development of NEVs in rural areas for provincial and municipal governments and two grid operators, State Grid and Southern Grid. The document, dated May 14, was made public on May 17.

China has built the world's largest charging infrastructure, providing a strong guarantee for the rapid development of NEVs, but there are still problems in rural areas, including insufficient public charging infrastructure, which restricts the release of NEV consumption potential there, the document says.

The advanced construction of charging infrastructure and optimization of the environment for the purchase and use of NEVs are of great significance in promoting NEV consumption in rural areas, according to the document.

The document voices support for NEV development in rural areas in terms of NEV purchases, charging infrastructure construction, and consumer education.

Car companies are encouraged to develop more economical models for consumers in rural areas, especially products including new energy cargo-carrying mini-vans, mini-trucks and light trucks.

China will improve the evaluation system for used NEVs and encourage companies to provide quality vehicles for rural areas.

The country will increase the proportion of NEVs in business vehicles and encourage local governments to increase the use of NEVs in public transportation, road passenger transportation, rental cars, law enforcement, sanitation, and logistics.

Local governments are encouraged to provide consumption voucher support for local rural residents to purchase NEVs, offering trade-in incentives for them to phase out low-speed electric vehicles and purchase regular NEVs.

Credit support for auto consumption in rural areas will also be increased, and financial institutions are encouraged to reasonably determine the down payment ratio, loan interest rate, and repayment period on the premise of risk control.

In terms of charging infrastructure construction in rural areas, local governments should accelerate the construction of charging stations and strive to achieve charging piles in every township.

Local governments are encouraged to promote the construction of centralized public charging stations, and places with conditions such as gas stations should also promote the construction of charging piles.

Existing residential communities in rural areas are encouraged to carry out charging facility construction, and a certain percentage of public charging spaces should be allocated.

Before 2030, China waives the electricity capacity charge for centralized charging and battery swap facilities with a two-part tariff, and relaxes the investment efficiency constraint for grid companies in the construction of distribution grids.

China encourages research on technologies such as two-way interaction between electric vehicles and the grid (V2G), and explores the construction of integrated charging infrastructure in rural areas where the utilization rate of charging piles is low.

In terms of consumer education, China supports local governments and industry bodies to enhance consumer acceptance of NEVs and alleviate purchase and use concerns through a number of activities.

China passenger NEV retail drops 3.6% MoM to 527,000 in Apr, CPCA data show

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Great Wall Motor’s Haval brand launches 2 new PHEVs to regain lost ground in SUV market

The Haval brand was for a long time the top-selling in the SUV market in China, but with the rapid growth of the NEV industry, it has lost its dominance to BYD.

Great Wall Motor's Haval brand launches 2 new PHEVs to regain lost ground in SUV market-CnEVPost

(Haval Xiaolong Max. Image credit: Haval)

Great Wall Motor's Haval brand was the top-selling SUV brand in China for a long time. However, with the rapid development of the new energy vehicle (NEV) industry, its dominance was replaced by BYD.

Now, the auto giant based in Baoding, Hebei province, has launched two new plug-in hybrid electric vehicles (PHEVs) in an attempt to regain its glory in the SUV market.

Haval launched the Xiaolong line of plug-in hybrid SUVs at an event yesterday, offering two models, the Haval Xiaolong and the Haval Xiaolong Max.

The Haval Xiaolong is a compact SUV with a length, width and height of 4,600 mm, 1,877 mm and 1,675 mm, respectively, and a wheelbase of 2,710 mm.

It is available in three versions starting at RMB 139,800 ($20,100), 149,800 and 156,800 respectively.

Great Wall Motor's Haval brand launches 2 new PHEVs to regain lost ground in SUV market-CnEVPost

(Haval Xiaolong.)

The Haval Xiaolong is powered by an engine with a displacement of 1.5 L and a front-mounted electric motor. The drive system has a maximum power of 185 kW and a maximum torque of 375 Nm.

The three models are available in 2 pure electric range versions, the lowest priced version with an NEDC range of 52 km and the other two with 110 km. Their fuel consumption per 100 km at WLTC conditions is 2.4 L, 1.39 L and 1.39 L respectively.

The Haval Xiaolong Max is a mid-size SUV with a length, width and height of 4,758 mm, 1,895 mm and 1,725 mm, respectively, and a wheelbase of 2,800 mm.

The vehicle is also available in three versions, with starting prices of RMB 159,800, 169,800 and 179,800 respectively.

The Haval Xiaolong Max comes standard with Great Wall Motor's Hi4 hybrid system unveiled on March 10, powered by a 1.5 L engine and dual front and rear electric motors, with a combined maximum system power of 205 kW and maximum torque of 585 Nm.

The car has an NEDC pure electric range of 105 km, a WLTC range of 83 km and a fast charging power of 33 kW.

Great Wall Motor's Haval brand launches 2 new PHEVs to regain lost ground in SUV market-CnEVPost

Both models seem to be aimed at competing with BYD's Song series, with the Haval Xiaolong targeting the market for the Song Pro DM-i series and the Haval Xiaolong Max for the Song Plus DM-i series.

For comparison, the BYD Song Pro DM-i has a length, width and height of 4,650 mm, 1,860 mm and 1,700 mm respectively, and a wheelbase of 2,712 mm.

The car is available in 2 battery range versions with NEDC electric range of 51 km and 110 km respectively, and the starting price is RMB 140,800.

The BYD Song Plus DM-i has a length, width and height of 4,705 mm, 1,890 mm and 1,680 mm respectively, and a wheelbase of 2,765 mm.

The car is available in 2 battery range versions with NEDC electric range of 55 km and 110 km respectively, and the starting price is RMB 154,600.

Haval was once the market leader in SUVs in China, with its Haval H6 being the best-selling SUV for many years.

Great Wall Motor's Haval brand launches 2 new PHEVs to regain lost ground in SUV market-CnEVPost

But in the past couple of years, with the rapid growth of China's NEV industry, BYD's Song series has replaced the Haval H6 as the best-selling SUV.

With 174,422 retail sales in China from January to April, the BYD Song series was the best-selling SUV during that period, up 76.5 percent from 98,809 units in the same period last year, according to data released earlier this month by the China Passenger Car Association (CPCA).

For comparison, the Haval H6 retailed 63,682 units from January to April, down 25.9 percent from 85,986 units a year ago, placing it fifth in the best-selling SUV sales rankings.

($1 = RMB 6.9525)

Full CPCA rankings: Top-selling models and automakers in China in Apr

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Prominent economist suggests China ban fuel car sales in 5 years

Independent economist Ren Zeping has suggested that China introduce a timetable to ban the sale of fuel cars within five years and have regions south of Hebei actively develop the new energy sector.

(Image credit: CnEVPost)

A prominent economist is proposing that China should ban the sale of conventional fuel cars within five years, sparking widespread discussion on social media.

Independent economist Ren Zeping said on Weibo today that he suggested China introduce a timetable for a ban on fuel cars within five years and for the region south of Hebei to actively develop the new energy sector.

He hinted that this is a move China needs to make to reach its carbon peak and carbon-neutral targets, as well as to expand domestic demand.

The words have generated a lot of discussions, with many opposing voices in the Weibo comments section, some of whom say that fuel car production and sales could also expand domestic demand.

Ren used to work for China's national think tank, as chief macro analyst at Guotai Junan and chief economist at Evergrande Group. He is currently an independent economist and has set up his own studio.

China does not currently have a national timetable for banning fuel cars, although the southernmost province of Hainan did so last year.

A carbon peak implementation plan released by the provincial government on August 22, 2022, said that by 2030, the sale of fuel cars will be completely banned across Hainan.

By then, vehicles in Hainan's public services and operations will be fully powered by clean energy, except for special uses, the plan said, adding that 100 percent of new and replacement vehicles in the private sector will be new energy vehicles (NEVs).

The document does not specify, though in China, NEVs generally refer to pure electric vehicles, plug-in hybrids and fuel cell cars.

China previously set a goal of seeing NEVs contribute 25 percent of all new vehicle sales by 2025, but that goal was met ahead of schedule last year.

For the full year 2022, China sold 5.67 million new energy passenger vehicles at retail, contributing 27.6 percent of all passenger vehicle retail sales of 20.54 million units, according to the China Passenger Car Association (CPCA).

In April, China's retail sales of new energy passenger cars were 527,000 units, with a penetration rate of 32.3 percent.

By December 2025, NEVs will account for more than 80 percent of all new vehicle sales in China, Li Xiang, founder, chairman and CEO of (NASDAQ: LI), said on April 24.

Ren has previously posted bullish comments on China's NEV industry, saying on December 31, 2021, that the NEV industry will be the most promising replacement for the real estate, heavy industry and chemical sectors as the most important engine of growth for China's economy.

The NEV industry was growing at a rate of several times, bringing a fast-growing penetration rate, while taking into account the market size of the industries associated with it, a large number of fuel vehicles will be replaced by NEVs in the next decade or longer, he said at the time.

China's Hainan to completely ban sales of ICE vehicles by 2030

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New auto index launched in HK stock market with constituents including BYD, NIO, XPeng, Li Auto

The Hang Seng Indexes Company Limited launched the Hang Seng Automobile Index today with a year-to-date return of about 9 percent.

A new index is now available for investors who wish to track the performance of the Chinese auto industry chain in the stock market.

The Hang Seng Indexes Company Limited (HSI) today announced the launch of three new indices, including the Hang Seng Automobile Index.

"The Hang Seng Automobile Index aims to reflect the overall performance of companies that are engaged in the value chain of automobile production, and are listed in Hong Kong," the description on the HSI website reads.

The new index -- calculated and disseminated in real-time at two-second intervals -- had a return of 9.26 percent for the year to last Friday. As of press time, the index was up 0.69 percent today.

The Hang Seng Automobile Index has a fixed component of 30 stocks and will be reviewed every six months.

The index's current constituents include car companies such as BYD, NIO, , , Leapmotor, , Great Wall Motors, and GAC Group, as well as suppliers such as LK Technology and Fuyao Glass.

The description page on the HSI website does not provide information on the weighting of these constituents in the index.

The index has a base period of December 31, 2019, with a base value of 3,000 points and is currently quoted at 3,272.24 points.

At press time, NIO was down 2.3 percent to HK$63.60 in Hong Kong, XPeng down 2.03 percent to HK$38.55, Li Auto down 0.96 percent to HK$113, BYD was flat and Leapmotor was up 1.47 percent to HK$34.55.

Hang Seng Automobile Index

Stock CodeConstituent Name
A SharesB SharesH SharesRed ChipsOthers
1958BAIC MOTOR
9888BIDU - SW
710BOE VARITRONIX
1211BYD COMPANY
285BYD ELECTRONIC
489DONGFENG GROUP
3606FUYAO GL ASS
2238GAC GROUP
1772GANFENG LITHIUM
175GEELY AUTO
2333GREATWALL MOTOR
179JOHNSON ELEC H
148KINGBOARD HLDG
9863LEAPMOTOR
2015LI AUTO - W
558LK TECH
425MINTH GROUP
1316NEXTEER
9866NIO - SW
1478Q TECH
20SENSETIME - W
3808SINOTRUK
2382SUNNY OPTICAL
819TIANNENG POWER
9696TIANQI LITHIUM
3898TIMES ELECTRIC
2338WEICHAI POWER
868XINYI GLASS
9868XPENG - W
1585YADEA

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