Tagged: China

Shanghai auto show ends: Visitors nearly 1 million, NEVs overtake ICEs in new launches

For the first time, NEVs outnumbered traditional fuel vehicles in terms of new launches, organizers of the Shanghai auto show said.

Shanghai auto show ends: Visitors nearly 1 million, NEVs overtake ICEs in new launches-CnEVPost

(Image credit: CnEVPost)

The 10-day Shanghai auto show, the first major auto show since China's Covid re-open, attracted nearly 1 million visitors, with new energy vehicles (NEVs) in the spotlight.

The Shanghai auto show officially closed on April 27, hosting more than 13,000 global media workers and reaching about 906,000 visitors, the show's organizers said in an article today.

The show was held April 18-27 at the National Exhibition and Convention Center in Shanghai, with media days April 18-19, April 20-21 for professional visitors and the general public access on April 22-27.

The Shanghai auto show has a total exhibition area of over 360,000 square meters, with 1,413 vehicles on display in the vehicle section, including 513 NEV show cars, according to the article.

Ninety-three vehicles made their world debut at the show, including 28 from multinational companies. In addition, there were 64 concept cars on display at the event.

A total of 271 NEV models were on display at the event, including 186 from Chinese automakers.

For the first time, NEVs outnumbered traditional fuel vehicles in terms of new launches, the event's organizers said, without providing specific figures.

NEVs occupied key positions on most stands, and the actions of well-known multinational car companies indicate a consensus for a full electrification strategy, the article said.

Shanghai auto show ends: Visitors nearly 1 million, NEVs overtake ICEs in new launches-CnEVPost

(Image credit: CnEVPost)

During the media days of April 18-19, automakers held 151 press conferences.

More than 20 forums, summits, seminars and technical exchange events were held during the Shanghai auto show, providing a platform for the global automotive industry to exchange ideas.

One of the highlights of the Shanghai auto show was the frequent presence of technology executive teams from foreign brands at the booths of Chinese brands, representing the fact that local brands have the ability to talk to the world in the field of NEVs and vehicle intelligence, the article said.

Separately, NIO (NYSE: NIO) had more than 200,000 people visit its booth at the Shanghai auto show, according to figures it released today.

NIO presented six of its latest models based on the NT 2.0 platform at the Shanghai auto show. The company debuted the new ES6 and launched the 2023 ET7 at the event.

Shanghai auto show ends: Visitors nearly 1 million, NEVs overtake ICEs in new launches-CnEVPost

(Image credit: CnEVPost)

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

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BYD posts over 400% year-on-year Q1 profit growth

BYD reported revenue of RMB 120.17 billion in the first quarter, up 79.83 percent year-on-year, although it was 23.15 percent lower than in the fourth quarter of last year.

BYD posts over 400% year-on-year Q1 profit growth-CnEVPost

BYD (OTCMKTS: BYDDY) continued to see strong financial performance in the first quarter, as the company ratchets up its leadership position in China's new energy vehicle (NEV) market.

BYD reported revenue of RMB 120.17 billion ($17.34 billion) in the first quarter, up 79.83 percent year-on-year, despite a 23.15 percent decrease from the fourth quarter of last year, according to its financial report released today.

BYD posts over 400% year-on-year Q1 profit growth-CnEVPost

The significant year-on-year increase in revenue was mainly due to increased sales of NEVs, BYD said in the report.

BYD's net profit for the quarter was RMB 4.13 billion, up 410.89 percent year-on-year, although it was 43.5 percent lower than in the fourth quarter of last year.

After excluding non-recurring gains and losses, BYD's net profit in the first quarter was RMB 3.57 billion, up 593.68 percent year-on-year.

It reported basic earnings per share of RMB 1.42 in the first quarter, up 407.14 percent year-on-year.

BYD's costs grew in line with sales growth, with operating costs for the quarter at RMB 98.71 billion, up 68.62 percent year-on-year.

Its selling expenses for the quarter were RMB 4.65 billion, up 234.96 percent year-on-year, and R&D expenses were RMB 6.24 billion, up 164.24 percent year-on-year.

BYD's gross margin was 17.86 percent in the first quarter, up 5.46 percentage points from the same period last year, although it was 1.14 percentage points lower than the fourth quarter.

BYD posts over 400% year-on-year Q1 profit growth-CnEVPost

BYD sold 552,076 NEVs in the first quarter, up 92.81 percent year-on-year, but down 19.22 percent from a record 683,440 units in the fourth quarter of last year.

The company's NEVs include passenger cars as well as commercial vehicles, and they sold 547,917 units and 4,159 units in the first quarter, respectively.

BYD stopped production and sales of vehicles powered entirely by internal combustion engines in March 2022 to focus instead on NEVs, including plug-in hybrids and battery electric vehicles.

The first quarter was typically a slow quarter for sales in the Chinese auto industry, taking into account the Chinese New Year holiday.

In the first quarter of this year, the withdrawal of some previously available support policies, as well as a rare price war in the auto industry, brought additional pressure.

Chinese passenger car sales in the first quarter were 4.27 million units, down 13.15 percent year-on-year and down 24.55 percent from the fourth quarter of last year, according to the China Passenger Car Association (CPCA).

NEVs sold 1.32 million units in the first quarter, up 23.07 percent year-on-year but down 26.62 percent from the fourth quarter.

On February 25, local media reported that BYD's Dynasty series' models had been reduced in prices, with some models reduced by RMB 20,000.

BYD subsequently responded that this was not an official act, but promotional activities by some dealers.

On March 9, as the price war intensified in the Chinese auto industry, BYD began offering discounts of up to RMB 8,800 for the Song Plus and Seal.

($1 = RMB 6.9295)

BYD officially launches Seagull to expand its presence in China's EV market

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Li Auto to report Q1 earnings on May 10

Li Auto delivered a record 52,584 vehicles in the first quarter, which is near the lower end of its guidance range of 52,000 to 55,000 vehicles.

Li Auto to report Q1 earnings on May 10-CnEVPost

Li Auto (NASDAQ: LI) will report its unaudited financial results for the first quarter on Wednesday, May 10, before the US market opens, it said today.

The company's management will hold an earnings call at 8 pm Beijing Time that day, or 8 am US Eastern Time on May 10.

Previously released figures show that Li Auto delivered a record 52,584 vehicles in the first quarter, up 65.80 percent year-on-year and up 13.53 percent from the fourth quarter of last year.

The deliveries were near the lower end of the 52,000 to 55,000 vehicle guidance range it had previously provided.

Li Auto's revenue guidance for the first quarter was RMB 17.45 billion to RMB 18.45 billion, implying a year-on-year increase of 82.5 percent to 93 percent.

The company launched the new Li L7, its first five-seat SUV, on February 8. Previously the company was delivering the higher-priced Li L9 and Li L8 models.

The Li L7 is the least expensive of its product array, with Pro and Max versions starting at RMB 339,800 ($49,090) and 379,800 respectively. In addition, the Li L7 has a lower-priced Air version available, starting at RMB 319,800.

Deliveries of the Li L7 Pro and Li L7 Max began on March 11, with deliveries of the Li L7Air beginning earlier this month.

Li Auto's vehicle margin was 20 percent in the fourth quarter, down from 22.3 percent in the year-ago quarter but up from 12 percent in the third quarter.

It posted a gross margin of 20.2 percent in the fourth quarter, a sharp rebound from 12.7 percent in the third quarter. Li Auto's accelerated phase-out of its first model, the Li ONE, in the third quarter of last year severely hurt margins.

For participants wishing to join Li Auto's earnings conference call, online registration needs to be completed prior to the scheduled start time of the call using the link provided below.

Once registered, participants will receive conference call access information including a dial-in number, password and unique access PIN.

To join the conference, you will need to dial the number provided and enter your password and PIN.

Attendees can register online at https://s1.c-conf.com/diamondpass/10030396-a6jw52.html

A replay of the conference call will be accessible by dialing the following number through May 17.

United States: +1-855-883-1031

Chinese mainland: +86-400-1209-216

Hong Kong, China: +852-800-930-639

International: +61-7-3107-6325

Replay PIN: 10030396

A live and archived webcast of the conference call will also be available at the company's investor relations website at http://ir.lixiang.com.

($1= RMB 6.9226)

Li Auto delivers 20,823 vehicles in Mar, up 25% from Feb

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NIO signs partnership deal with state conglomerate China Resources

NIO has opened 46 NIO Houses and NIO Spaces in commercial real estate projects managed by China Resources.

NIO signs partnership deal with state conglomerate China Resources-CnEVPost

(Image credit: NIO)

NIO (NYSE: NIO) signed a strategic cooperation framework agreement with China's state conglomerate China Resources to collaborate on a variety of fronts, the electric vehicle (EV) maker said yesterday.

The two signed the agreement on April 26 at an NIO House in Hefei, Anhui province, in the presence of William Li, founder, chairman and CEO of NIO, and Wang Xiangming, chairman of China Resources, according to an article posted on the NIO App.

NIO and China Resources will cooperate in areas including commercial space leasing and construction, charging and battery swap infrastructure investment and construction, campus and community energy management, new material applications, and consumer services, according to the article.

China Resources is a large state-owned enterprise with major businesses in consumer, energy, urban construction and operations, health, industrial finance, technology and emerging industries.

By the end of 2022, China Resources had total assets of more than RMB 2.3 trillion and was ranked 70th on the Fortune 500 in 2022.

NIO signs partnership deal with state conglomerate China Resources-CnEVPost

NIO started working with China Resources in 2018, opening more showrooms in the latter's operated properties than any other partner.

By the end of March 2023, NIO had opened 46 NIO Houses and NIO Spaces in commercial real estate projects managed by China Resources, according to the article in the NIO App.

The article did not provide more details on the possible future collaboration between the two. For NIO, it will need the support of partners, especially property operators, in increasing the number of showrooms as well as charging and battery swap infrastructure.

NIO has an aggressive plan to add 1,000 battery swap stations and 10,000 charging piles this year to ensure it provides a continuous energy replenishment experience for owners.

"People always think of battery swap when they think of NIO, but we're actually doing a great job with charging facilities as well … we will be determined to build the infrastructure," Li said in a speech at a forum earlier this month.

China EV 100 Forum: NIO's William Li's full speech

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NIO Capital invests in Chinese SiC chip maker

Qingchun was founded in March 2021, and the core team members have been involved in SiC semiconductor technology for over 20 years, according to NIO Capital.

(Image credit: NIO Capital)

NIO Capital has invested in a local Chinese silicon carbide (SiC) chip maker as it continues to expand its investments in the new energy vehicle (NEV) industry chain.

The company recently co-led a several hundred million yuan Series A+ round of financing for Qingchun Semiconductor (or SICHAIN), which will be used to improve the SiC chip maker's supply chain layout, expand its team and build mass production labs, according to a press release today.

Founded in March 2021, Qingchun's core team members have been involved in SiC semiconductor technology for more than 20 years and are one of the few companies in China currently capable of achieving world-class performance and reliability of SiC devices, according to NIO Capital.

The SiC chip maker is also one of the companies able to mass produce automotive SiC MOSFETs based on its production line in China, and its products have been used in new energy power generation and NEVs, according to the release.

Since its inception, Qingchun has made a series of significant advances in SiC device technology and product development, including the maturation of its 1200V SiC MOSFET platform technology and the mass production of multiple products.

The company launched the first 15V drive SiC MOSFET to be mass-produced in China, shipping nearly one million units to various industries, particularly photovoltaics and energy storage, according to the release.

Qingchun also launched the 1200V 14mΩ SiC MOSFET, which has the lowest on-resistance and is currently being validated by several vehicle companies, according to NIO Capital.

The SiC market is spacious and growing fast, with a wide range of application scenarios in areas such as NEVs, and Qingchun is one of the best startups in China for that, said Ian Zhu, managing partner of NIO Capital.

Earlier today, 's electric vehicle brand announced a long-term supply agreement with US chip maker Onsemi involving silicon carbide power devices.

Zeekr will use Onsemi's M3E 1200V EliteSiC MOSFET products to complement its expanding lineup of high-performance all-electric models, according to a press release.

The SiC module is an upgrade to the IGBT (insulated gate bipolar transistor chip) module, a third-generation power semiconductor with higher efficiency, higher temperature resistance and higher voltage characteristics.

The module will help upgrade the electrical architecture of NEVs from 400V to 800V and enable NEVs to charge from 0 to 80 percent in 10 minutes.

NIO Capital leads latest funding round in US-based suspension startup ClearMotion

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BYD applies for dual counter trading on Hong Kong exchange

The dual-currency counter model will provide BYD shareholders and potential investors with a new trading currency option that could further enhance the liquidity of its shares, BYD said.

BYD applies for dual counter trading on Hong Kong exchange-CnEVPost

BYD Company Limited (1211.HK) has applied to the Hong Kong Stock Exchange (HKEX) for a dual-currency counter that would allow investors to trade its shares in RMB in addition to the Hong Kong dollar, according to a stock exchange announcement.

The move is intended to express support for the HKEX's introduction of a dual Hong Kong dollar-RMB counter model and the nationalization of the yuan, the new energy vehicle (NEV) giant said in the announcement today.

The HKEX said in December it would introduce the new dual-counter trading model starting in the first half of 2023.

Other companies listed in Hong Kong, including Baidu, Tencent, JD.com, and have also applied to the HKEX for dual currency counters.

The HKEX said last month that the dual-currency counter was introduced to further promote the internationalization of the yuan.

The dual-currency counter model will provide BYD shareholders and potential investors with a new choice of trading currency, enhancing trading convenience and flexibility while further enhancing the liquidity of its shares, BYD said.

With the launch of the dual-currency counter model, it will be possible for investors to purchase Hong Kong shares directly in RMB.

Previously, for investors participating in the Hong Kong-mainland stock connect mechanism, they had to bear the risk of exchange rate movements of RMB against Hong Kong dollar during their holding of Hong Kong stocks.

Introducing yuan pricing in the stock connect mechanism could reduce some of the exposure to exchange rate fluctuations in Hong Kong stock investments, CICC said in a research note last month.

It is also expected to allow the trading facility to attract more yuan funds, which in turn would boost trading activity and volume, CICC said.

BYD officially launches Seagull to expand its presence in China's EV market

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