Tagged: China

Li Auto delivers record 32,575 vehicles in Jun, aims for 40,000 monthly deliveries in Q4

For the third quarter, targets monthly deliveries for Li L8 and Li L9 at over 10,000 each and aspire to achieve 15,000 Li L7 monthly deliveries.

Li Auto (NASDAQ: LI) delivered a record 32,575 vehicles in June, the first time it surpassed the 30,000 mark, according to data it released today.

That's up 150.12 percent from 13,024 vehicles in the same month last year and up 15.20 percent from 28,277 vehicles in May.

In the second quarter, Li Auto delivered 86,533 vehicles, up 201.65 percent year-on-year and up 64.56 percent from the first quarter.

Deliveries for the second quarter exceeded the upper end of the guidance range it previously provided of 76,000 to 81,000 units. The company previously provided second-quarter revenue guidance of between RMB 24.22 billion yuan ($3.34 billion) and 25.86 billion yuan.

In the first half of the year, Li Auto delivered 139,117 vehicles, up 130.31 percent year-on-year, surpassing last year's full-year deliveries of 133,246.

As of June 30, cumulative deliveries since Li Auto's inception stood at 396,451 vehicles, according to data monitored by CnEVPost.

"Benefiting from the comprehensive enhancement of our organizational processes and operating capabilities, our monthly deliveries exceeded 30,000 for the first time, making Li Auto currently the only Chinese premium brand to achieve this milestone," Li Xiang, founder, chairman and CEO of Li Auto, said.

"For the third quarter, we target monthly deliveries for Li L8 and Li L9 at over 10,000 each and aspire to achieve 15,000 Li L7 monthly deliveries," he added.

In addition, in the fourth quarter, Li Auto will challenge itself to achieve the 40,000-unit monthly delivery mark, Li said.

Li Auto is currently selling all extended-range electric vehicles (EREVs), essentially plug-in hybrids, including the five-seat Li L7 and the six-seat Li L8 and Li L9.

The company said it expects to launch its super flagship 5C BEV model, the Li MEGA, in the fourth quarter and believes it will be a new sales blockbuster in the RMB 500,000 and above price segment.

Li Auto unveiled the Li MEGA name at its first Family Tech Day event on June 17, saying the model would break the conventional perception that high-end pure electric vehicles cannot be hot sellers.

"We are confident that it will be the No. 1 seller of all passenger cars priced at 500,000 yuan or more, regardless of energy form and regardless of body form," the company said at the time.

The Li MEGA will be Li Auto's first foray into the BEV market, and it will be an MPV (multi-purpose vehicle) model, according to information it previously shared.

By 2025, Li Auto's product array will include a super flagship model, five EREVs, and five BEVs, it said on the first day of the Shanghai auto show on April 18.

By then, Li Auto's models for the market priced above RMB 200,000 will fully meet the needs of family users, the company previously said.

Li Auto aims to be the No. 1 seller in the Chinese market for passenger cars priced above 200,000 yuan, with annual deliveries reaching 1.6 million units by 2025, Li re-emphasized in a presentation yesterday to celebrate the company's eighth anniversary.

As of June 30, the company had 331 retail stores in 127 cities, as well as 323 service centers and Li Auto-authorized body and paint stores operating in 223 cities.

($1 = RMB 7.2523)

Li Auto deliveries in Jun: 32,575

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Zeekr delivers 10,620 vehicles in Jun, begins offering large purchase benefits

is offering customers who buy the Zeekr 001 at least RMB 28,000 worth of option benefits in the third quarter, as it aims to deliver about 140,000 vehicles this year.

's premium electric vehicle (EV) brand Zeekr is back above the 10,000-unit mark in monthly deliveries and is starting to offer limited-time benefits for its flagship model to meet annual delivery targets.

Zeekr delivered 10,620 units in June, up 146.86 percent year-on-year and up 22.38 percent from May, according to data released today.

This is the fifth sequential increase in monthly deliveries for Zeekr. It delivered above 10,000 units each month in the fourth quarter of last year, but deliveries fell to 3,116 units in January, due in part to a plant shutdown for an upgrade.

In the second quarter, Zeekr delivered 27,399 vehicles, up 154.42 percent year-on-year and up 79.85 percent from the first quarter.

In the first half of the year, Zeekr delivered 42,633 vehicles, up 124.27 percent from 19,010 vehicles in the same period last year.

Zeekr aims to double its deliveries this year from last year to about 140,000 units, which means it will need to deliver an average of about 16,230 vehicles per month in the second half of this year.

At the end of June, Zeekr's cumulative deliveries since its inception stood at 120,581 vehicles, according to data monitored by CnEVPost.

Zeekr was officially launched as an independent company in March 2021, with its first model, the Zeekr 001, launched on April 15, 2021, and deliveries beginning in October 2021.

On November 1, 2022, Zeekr's second model, the Zeekr 009 MPV, was launched, and its deliveries began on January 15.

On April 12, Zeekr launched its third model, the Zeekr X, and its deliveries in China began on June 12.

To meet full-year sales targets and to address the increasingly competitive EV market, Zeekr today announced the start of a limited-time free option benefit for the Zeekr 001, valid from July-September.

Chinese consumers will receive a free blue exterior trim valued at RMB 6,000 ($830) with the purchase of the entire Zeekr 001 model line.

The Zeekr 001 is currently available in four versions -- WE with a 100-kWh battery pack, WE with an 86 kWh battery pack, ME with a 100 kWh battery pack and YOU with a 100 kWh battery pack, with starting prices of RMB 300,000, RMB 300,000, RMB 349,000 and RMB 349,000 respectively.

Customers who purchase the WE version in the third quarter will receive a free option fund worth RMB 28,000 to receive upgrades including a 100-kWh battery pack, dual-motor 4WD, or air suspension.

Customers who purchase the Zeekr 001 ME Edition will receive a free optional air suspension package worth RMB 28,000.

Customers who purchase the YOU Edition model will receive a free optional Z-Sport package worth RMB 35,000, according to Zeekr.

In addition, customers who purchase the Zeekr 001 YOU Edition can also receive free lifetime charging rights or one-time credits worth RMB 12,000.

Zeekr also offers limited-time loan offers for all models, including a 2-year 0 percent interest, or 5-year 1.99 percent low-interest finance package capped at RMB 200,000.

($1 = RMB 7.2523)

Zeekr deliveries in Jun: 10,620

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BYD launches Dolphin in Brazil, enters South African EV market with Atto 3

The Dolphin is 's fifth model to be launched in Brazil, and the Atto 3 is its first model to be offered in South Africa.

(Image credit: BYD)

BYD (OTCMKTS: BYDDY) is continuing to bring more models to more countries.

The Chinese new energy vehicle (NEV) maker launched the Dolphin in Brazil on June 28, its fifth model in the country after the Tang EV, Han EV, Yuan Plus EV and Song Plus DM-i.

The Dolphin is BYD's first model based on the e-Platform 3.0 and has a starting price of 149,800 Brazilian reais ($31,020) in Brazil.

As of June 29 local time, 300 BYD Dolphins have been sold in Brazil, the company said today.

BYD launched the Dolphin in China on August 29, 2021, and currently offers three versions in China with starting prices of RMB 116,800 ($16,100), RMB 123,800, and RMB 136,800, respectively.

"BYD is committed to offering more competitive new energy models for the Brazilian consumer. We are confident that BYD Dolphin is an excellent choice and can be the gateway for those who want to own an electric car," said Tyler Li, general manager of BYD Brazil.

In the passenger car segment, BYD has already established 24 offline dealership stores in Brazil and expects that number to reach 100 by the end of this year.

BYD also announced today that it officially entered the South African passenger car market with a brand launch event in the country on June 29.

BYD launched the Atto 3 in South Africa with a starting price of 768,000 South African rand ($40,630).

The Atto 3, known as the BYD Yuan Plus in China, is the NEV maker's first model built for the global market and is already available in several markets, including Japan, Australia and Singapore.

The BYD Yuan Plus has a starting price range of RMB 139,800 to RMB 167,800 in China.

BYD sold 240,220 NEVs in May, including 30,679 units of the Dolphin and 35,815 units of the Yuan family, according to figures released earlier this month.

In May, BYD sold 10,203 NEVs in overseas markets, down 31.19 percent from 14,827 units in April.

($1 = 4.8298 Brazilian reais, $1 = RMB 7.2582, $1 = 18.9032 South African rand)

BYD launches Dolphin EV in Australia

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LiDAR maker RoboSense files for HK listing

In 2022, RoboSense had 953 customers, including , , Great Wall Motor, , Lotus and Lucid.

(Image credit: RoboSense)

RoboSense Technology has filed for a Hong Kong IPO and is expected to become the second Chinese LiDAR maker to go public after Hesai Group.

RoboSense's prospectus was made public on the HKEX website today, with JPMorgan and China Renaissances as co-sponsors.

The number of shares RoboSense plans to issue or the amount of capital it plans to raise has not been announced, but the prospectus provides details about its business.

RoboSense was founded in 2014 and its RS-LiDAR-M1 was the world's first mass-produced solid-state LiDAR, with mass production and delivery beginning in June 2021.

In 2022, RS-LiDAR-M1P, an upgraded version of RS-LiDAR-M1, achieves mass production.

Sales of RS-LiDAR-M1 and RS-LiDAR-M1P were 36,600 units and 4,300 units respectively in 2022.

RoboSense demonstrated the new product RS-LiDAR-E1 at its Tech Day event on November 7, 2022, and will begin mass production in the second half of 2023.

As of March 31, RoboSense has received expected orders for 52 models of LiDAR from 21 car companies and Tier 1 suppliers, of which 9 models have already started production, according to its prospectus.

In 2022, RoboSense has 953 customers, including primarily Geely, GAC Aion, Great Wall Motor, Xpeng, Lotus, and Lucid.

Since inception, RoboSense has delivered more than 100,000 LiDARs cumulatively as of the end of the first quarter.

RoboSense's revenues for 2020 to 2022 were RMB171 million ($23.5 million), RMB331 million, and RMB530 million, respectively.

Like many other tech startups, RoboSense is still in the red.

From 2020 to 2022, RoboSense recorded net losses of RMB 220 million, RMB 1.65 billion, and RMB 2.09 billion, respectively.

Its adjusted net losses for these three years were RMB 59.9 million, RMB 108 million, and RMB 563 million, respectively. These adjustments include the exclusion of share-based compensation, changes in the value of financial instruments issued to investors, and listing expenses.

RoboSense entered into a supply partnership with at the end of 2021 and announced on February 6 this year a supply partnership agreement with Toyota to supply LiDARs for a number of the latter's models.

RoboSense is set to become the second Chinese LiDAR maker to go public, after its local counterpart Hesai was listed in the US on February 10.

Hesai, also founded in Shanghai in late 2014, initially focused on developing high-performance laser sensors and has been exploring driverless LiDAR products since 2016.

($1 = RMB 7.2689)

Shanghai auto show: EVs take center stage, nearly 40 models equipped with LiDARs

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Self-driving chip maker Black Sesame files for HK listing

Black Sesame is the world's third largest supplier of automotive SoCs with high computing power by 2022 shipments.

(Image credit: Black Sesame Technologies)

Black Sesame Technologies, a self-driving chip startup, has filed for a listing on the Hong Kong Stock Exchange and is expected to be the first Chinese company to go public in the area.

Black Sesame has not yet announced the number of shares it plans to issue or the amount of capital it will raise, but has provided a detailed description of its business, according to a prospectus released today.

Founded in 2016, Black Sesame is a supplier dedicated to automotive SoCs and solutions, and was one of the first companies in China to lay out its presence in the autonomous driving chip space.

In January 2018, Black Sesame announced the completion of a Series A+ financing round of nearly RMB 100 million, led by Capital.

The company's products include the Huashan series of autonomous driving SoCs and recently launched the Wudang series of cross-domain SoCs.

Black Sesame is the world's third largest supplier by shipments of automotive SoCs high computing power in 2022, its prospectus said, citing data from Frost & Sullivan.

Black Sesame has received intent orders for 15 models from 10 automotive OEMs and Tier 1 suppliers, and has partnered with more than 30 automotive OEMs and Tier 1 suppliers.

Black Sesame's revenue in 2020, 2021 and 2022 were RMB 53.02 million ($7.32 million), RMB 60.5 million and RMB 165 million, respectively.

It will invest RMB 255 million, RMB 594 million and RMB 766 million in R&D in these three years, respectively.

In 2020, 2021 and 2022, Black Sesame's annual adjusted net loss were RMB 273 million, RMB 614 million and RMB 700 million, respectively.

Black Sesame expects its net loss to increase significantly in 2023, as it is in the process of expanding its business and operations in the automotive SoC and solutions market and continues to invest in research and development.

The company provided products and solutions to 89 Chinese and overseas customers in 2022, shipping more than 25,000 SoC products and contributing 86 percent of annual revenue.

Based on 2022 shipments, Black Sesame's share of the market for SoCs with high computing power in China and globally were 5.2 percent and 4.8 percent, respectively, according to its prospectus.

($1 = RMB 7.2466)

Dongfeng to build smart driving platform based on Black Sesame's chips

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China’s extended tax breaks should facilitate steady EV sector growth, Fitch says

PHEVs get the same tax exemption as BEVs, and the extension of the tax break will attract more automakers to the market, Fitch said.

(Image credit: CnEVPost)

China last week extended tax incentives for new energy vehicles (NEVs) for four years, a move that in the view of international credit rating agency Fitch Ratings could help renew electrification momentum.

China's extension of tax breaks for electric vehicle (EV) purchases should facilitate steady growth in the sector, while the continued coverage of subsidies for plug-in hybrid electric vehicles (PHEVs) reinforces Fitch's view that such vehicles will be a key catalyst for China's transition to EVs, analyst Jing Yang's team said in a June 28 research note.

On June 21, China's Ministry of Finance announced that NEVs with a purchase date between January 1, 2024, and December 31, 2025, will continue to be exempt from vehicle purchase tax, but the exemption will not exceed RMB 30,000 yuan ($4,340) per vehicle.

For NEVs with a purchase date between January 1, 2026 and December 31, 2027, the vehicle purchase tax will be levied at half the normal rate, with a tax reduction of no more than RMB 15,000 per vehicle.

"We believe the renewal of tax waivers for consumers purchasing EVs until end-2025 aligns with market expectations. Purchase taxes will be halved in 2026-2027 and then return to normal levels," Fitch said.

Sales of PHEVs, including extended-range electric vehicles (EREVs), will continue to grow rapidly under the updated policy, with these vehicles receiving the same tax exemption as battery electric vehicles (BEVs), the note said.

PHEVs are a close substitutes to traditional internal combustion engine vehicles because drivers do not suffer from mileage anxiety or charging inconvenience, and are therefore widely seen as a transitional product before the market shifts completely to BEVs, Fitch said.

PHEVs' share of China's EV market soars from 17 percent in 2021 to 28 percent in January-May 2023, Fitch said.

Competition in the PHEVs segment has intensified, and the extension of tax breaks will attract more automakers to the market, according to the note.

Plug-in hybrids are an easier sub-segment for traditional automakers to compete in than BEVs, with Great Wall Motor, and Changan Automobile all launching competitively priced plug-in hybrids this year, Fitch said.

Joint venture brands, despite having a firmer foothold in the market, have been slowed due to their global parent companies' focus on BEVs and less attractive pricing, the note said.

Tax breaks for high-end EVs will remain in place, which could ease local automakers' concerns about upgrading to premium EV brands, did not expect the waivers to be renewed, and should incentivize traditional luxury carmakers to transition faster toward EVs, Fitch said.

The latest program exempts consumers who buy battery swap-enabled EVs from the battery tax for the first time, Fitch noted, saying it expects this to benefit EV brands selling high-end BEVs with battery swap capability and to encourage automakers to adopt the model.

Overall, Fitch believes the subsidy extension will have little impact on EV sales in China in 2023 and continues to forecast EV deliveries to grow by more than 30 percent during the year and EV market penetration to reach 35 percent.

However, the extension could reduce front-loaded purchases in the fourth quarter of 2023, as consumers will no longer be eager to take advantage of expiring tax breaks, Fitch said.

($1 = RMB 7.2506)

China's Ministry of Finance explains in detail how consumers will enjoy NEV tax breaks in 2024-2027

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Nio puts 29 swap stations into operation, most ever in single day

In June, added 95 battery swap stations in China.

(Image credit: Nio)

Nio (NYSE: NIO) today saw the largest single-day increase in the number of battery swap stations, as the electric vehicle (EV) maker moves toward its goal of adding 1,000 stations this year.

Nio put 29 new battery swap stations into operation in China today, bringing the total to 1,543, with 423 of those stations located along highways.

This is the highest single-day addition of battery swap stations for Nio, surpassing the previous record of 22 on October 31, 2021, according to data monitored by CnEVPost.

In June, Nio added 95 battery swap stations, largely meeting the company's previously mentioned goal.

Nio announced plans late last year to add 400 battery swap stations in 2023, but that plan was raised to 1,000 on February 21.

William Li, Nio's founder, chairman and CEO, said at the time that the company would further accelerate the deployment of battery swap stations, with a goal of having more than 2,300 battery swap stations in China by the end of 2023.

The company will deploy about 100 battery swap stations in June and more quickly thereafter, which will help boost sales, Li said during a June 9 first-quarter earnings call.

In overseas markets, Nio put a new battery swap station into operation in Germany on June 29, its third in the country.

As of June 29, Nio had 18 battery swap stations and eight charging stations in Europe.

Nio also put 18 supercharging stations into operation in China today, bringing the total to 1,482 and providing 7,271 supercharging piles. It added four new destination charging stations today, bringing the total to 1,285 stations with 9,096 charging piles.

The company made a decision earlier this month that will likely have far-reaching implications for its battery swap system.

On June 12, Nio lowered the starting prices of its entire lineup of vehicles by RMB 30,000 ($4,140) and made the previously free battery swap service offered four or six times per month a paid option with an upgrade package that costs RMB 30,000.

The move is expected to increase the appeal of Nio vehicles in areas where battery swap stations are few, as potential customers will not have to worry about paying the extra price but not enjoying the convenience of battery swap service.

Nio's local counterpart (NASDAQ: LI), whose current models are all extended-range electric vehicles (EREVs) that can be refueled, has also begun building out its charging network.

Li Auto today put five supercharging stations into operation, bringing the total number to 30. The company opened the first seven superchargers for trial operation on April 20.

($1 = RMB 7.2491)

Nio swap station count update: 29 added, total 1,543

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