Tagged: China

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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Li Auto delivers over 32,000 vehicles in Jun, CEO says

This means that had another record month of deliveries in June, and the first time it has surpassed the 30,000-unit mark.

(Image credit: CnEVPost)

It's the practice for China's major electric vehicle (EV) makers to announce their deliveries for the previous month on the first day of each month, and Li Auto (NASDAQ: LI) couldn't wait to share a number today to showcase its strong performance.

Li Auto delivered more than 32,000 vehicles in June, taking premium Chinese brands to a whole new level of sales, its founder, chairman and CEO Li Xiang said in a speech today celebrating the company's eighth anniversary.

The company aims to become the No. 1 seller in the Chinese market for passenger cars priced at more than RMB 200,000 yuan ($27,590) and to reach 1.6 million annual deliveries by 2025, he said, repeating previous remarks.

The latest figure means that Li Auto's deliveries in June reached another record high and were the first time to exceed the 30,000-unit mark, up more than 145 percent from 13,024 units a year earlier.

The company delivered 28,277 vehicles in May, up 145.97 percent year-on-year and up 10.11 percent from April, the third consecutive month to exceed the 20,000-unit mark.

Earlier this week, local media reported that Li Auto had recently raised its full-year sales target to 400,000 units from the original 300,000. However, this was subsequently denied by Li.

Li Auto finished the first half of the year with more than 130,000 units sold and does not have any ability to make it to 400,000 units for the full year, he said on June 27.

The company's capabilities, including product, sales, capacity and organization, cannot support 400,000 units sold this year, and the gap is huge, Li said.

On June 18, Li said on Weibo that most members of Li Auto's management team thought the company should set an annual sales target of 360,000 units at the beginning of the year, but he ultimately decided to set a budget target based on annual sales of 306,000 units.

"This was partly because I didn't think we could be too optimistic about the economic environment this year, and partly because we didn't meet our budget targets for all three years from 2020-2022," he said at the time.

Li said the too-low targets he set led the company to place orders at suppliers at the beginning of the year that were clearly not keeping up with current sales, so several key components would take more than a quarter to reach the right capacity if production ramp-up began now.

($1 = RMB 7.2486)

Li Auto CEO denies raising sales target for this year to 400,000 units

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Xpeng targets G6 monthly sales of over 10,000

's Hong Kong-traded shares rose more than 14 percent to HK$51.80 at press time, giving it a 30 percent gain for the week.

(Image credit: CnEVPost)

Xpeng (NYSE: XPEV) officially launched the G6 yesterday, and the company's management clearly has high hopes for the new SUV.

The G6's monthly sales target is at least 10,000 units, Xpeng chairman and CEO He Xiaopeng said in an interview with local media after yesterday's G6 launch, according to a report by Auto Home.

Mr. He disagreed with the idea that Xpeng needs to turn its fortunes around with the G6, saying that a company that bets its future on one car is doing it wrong.

In the auto industry, automakers need long-term thinking and systemic competitiveness, he said.

Xpeng officially launched the G6 yesterday, offering five versions with starting prices of RMB 209,900 ($28,940), RMB 229,900, RMB 234,900, RMB 254,900 and RMB 276,900 respectively.

Of the five options, the three versions in the middle price range will be the best sellers, meaning the G6 will be in the RMB 250,000 range in terms of average sales price, according to Mr. He.

At yesterday's launch, he said the G6 is expected to be the top-selling smart electric SUV in China within two months priced at the RMB 250,000 level.

The Xpeng G6 received more than 25,000 pre-orders within 72 hours of the start of pre-sales on June 9, and more than 35,000 pre-orders as of June 28, said Yi Han, the company's vice president of marketing, repeating Mr. He's remarks at yesterday's launch event.

Forty percent of Xpeng G6 orders came from offline stores and 60 percent from online channels, Yi said.

Mr. He made it clear in yesterday's interview that Xpeng will not launch extended-range electric vehicle (EREV) models similar to (NASDAQ: LI).

As an entrepreneur, choices need to be made and trade-offs need to be made, he said.

In a June 15 speech, Mr. He said he could foresee a large number of hybrid models in China in the next two years, especially inside family cars.

"Because everyone sees the success, they will follow. Because they are following, a large number of models will focus on the same place. It's a very interesting thing," he said in the speech.

Xpeng shares traded in Hong Kong continued to rise today, up more than 14 percent to HK$51.80 at press time, giving it a 30 percent gain for the week.

($1 = RMB 7.2525)

Xpeng officially launches G6 with starting price of $29,010 to regain past glory

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Tesla Model Y wait times get longer in China

The latest wait times for all three versions of the Model Y in China are a slightly longer 2-6 weeks, the second change this year since January 9.

(Image credit: CnEVPost)

Tesla's (NASDAQ: TSLA) Model Y -- the best-selling SUV in China -- is seeing longer wait times, the second such change in the first half of this year.

The latest expected delivery dates for all three available versions of the Model Y in China -- the entry-level rear-wheel drive Model Y, the dual-motor all-wheel drive Model Y Long Range, and the dual-motor all-wheel drive Model Y Performance -- are all 2-6 weeks, CnEVPost's monitoring shows.

The last change in wait times for the Model Y in China was on January 9, when both the entry-level Model Y and Model Y Long Range went from 1-4 weeks to 2-5 weeks, and the Model Y Performance stayed at 1-4 weeks.

CnEVPost has been tracking wait times and price changes for Tesla models in China on a daily basis since April 2022. The latest change in Model Y wait times is the second in the first half of the year.

(Vehicle information displayed on Tesla's China website on June 30, 2023.)

Tesla has a factory in Shanghai that produces the Model 3 and Model Y. The expected delivery dates for the two versions of the Model 3 -- the entry-level rear-wheel drive version and the dual-motor all-wheel drive Model 3 Performance -- remain unchanged at 1-4 weeks.

The Model 3 and Model Y showed no change in price or core specification information today. There have been some changes to their pricing information in China in the first half of this year.

On January 6, Tesla significantly lowered the prices of the full range of Model 3 and Model Y in China. The specific adjustments at that time were as follows:

The price of the entry-level Model 3 was reduced by RMB 36,000 from RMB 265,900 ($36,660) to RMB 229,900 on January 6, and the Model 3 Performance was reduced by RMB 20,000 from RMB 349,900 to RMB 329,900.

The price of the entry-level Model Y was reduced by RMB 29,000 from RMB 288,900 to RMB 259,900 on January 6, and the Model Y Long Range was reduced by RMB 48,000 from RMB 357,900 to RMB 309,900. The Model Y Performance was reduced by RMB 38,000 to RMB 359,900 from RMB 397,900.

On February 10, Tesla increased the price of the base Model Y in China by RMB 2,000 to RMB 261,900.

On February 17, Tesla increased the price of Model Y Long Range and Model Y Performance in China both by RMB 2,000 to RMB 311,900 and RMB 361,900, respectively.

On May 2, Tesla increased the prices of the entire Model 3 and Model Y lineup by RMB 2,000 in China. Following this adjustment, the starting prices for the two versions of the Model 3 were RMB 231,900 and RMB 331,900, respectively, and the starting prices for the three versions of the Model Y were RMB 263,900, RMB 313,900 and RMB 363,900, respectively.

Prices for the Model 3 and Model Y have not changed in China since the May 2 price change.

Tesla sold 42,508 Model 3 and Model Y vehicles in China in May, and the Shanghai plant exported 35,187 vehicles, according to the China Passenger Car Association (CPCA).

Model Y retail sales in China in May were 31,054 units, up 428.58 percent year-on-year and up 16.05 percent from April.

This makes the Model Y the best-selling SUV in China in May, above the second-place Yuan Plus with 26,072 units and the third-place BYD Song Plus with 22,079 units, according to a ranking by the CPCA.

From January to May, Model Y retail sales in China were 152,461 units, up 87.03 percent year-on-year, making it the best-selling SUV in China during that period.

Yesterday, local media outlet 36kr reported that Tesla's revamped China-made Model 3 will have an upgraded battery pack, with the base rear-wheel drive version using 's new M3P lithium iron phosphate battery, which will be upgraded from 60 kWh to 66 kWh in capacity.

The 66-kWh battery pack will not only be used in the improved Model 3, but also in the future upgraded Model Y, the report said, citing sources.

($1 = RMB 7.2525)

Tesla starts offering insurance subsidies for car purchases in China again

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China EV daily: Xpeng G6, Tesla Model 3 with CATL battery, Belarusian SOE can only purchase Geely cars

Xpeng G6 hit the market, Model 3 will have CATL battery, strange deal for Geely - Belarusian SOE's want's only their cars and GAC wants to hit 500k sales this year

The post China EV daily: Xpeng G6, Tesla Model 3 with CATL battery, Belarusian SOE can only purchase Geely cars appeared first on CarNewsChina.com.

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