The Rising F7 got up to 544 hp, 666 km of range and a 0,206-Cd drag coefficient.
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Tagged: China
Tesla starts deliveries of new Model S and Model X in China
Deliveries of the new Model S and Model X have begun in the Chinese mainland, nine years after the first Tesla vehicle entered the country in 2014. | TSLA.US
Tesla (NASDAQ: TSLA) has started deliveries of the new Model S and Model X in China, although its China website shows expected delivery dates for both models in the second quarter.
Deliveries of the new Model S and Model X have begun in the Chinese mainland, nine years after the first Tesla vehicle entered the country in 2014, Tesla said today on Weibo.
Tesla did not provide any more information on Weibo, and its China website shows expected delivery dates for both models in the second quarter.
Here's a video Tesla shared on Weibo showing a large number of the new Model S and Model X being shipped to China.
On January 6, Tesla announced the prices of the new Model S and Model X, which are not produced locally, in China at the same time as it significantly reduced the prices of the Model 3 and Model Y.
The Tesla Model S is available in China in two versions, a regular version with dual motors and all-wheel drive, and a Plaid version with tri motors and all-wheel drive.
The Model S starts at RMB 789,900 ($114,790) and the Model S Plaid starts at RMB 1,009,900.
The Model X is also available in China in two versions, a regular version with dual-motor all-wheel drive and a Plaid version with tri-motor all-wheel drive.
The Model X starts at RMB 879,900 and the Model X Plaid starts at RMB 1,039,900.
On February 28, six imported Tesla pure electric vehicles, which were driven out of containers at the Nangang Terminal of Shanghai Yangshan Port, were inspected on site by customs officers, a previous report by Shanghai Securities News said.
On March 15, Tianjin Port Group said the latest batch of 867 Tesla new Model S and Model X vehicles arrived in Tianjin.
(1 $= RMB 6.8814)
Tesla Model Y ranks No. 2 in top-selling SUVs in China in Feb
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BYD releases cryptic message for its new “F Brand” model
The new offroad vehicle is capable of 670 hp and has a 1,200 km battery range.
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XPeng revs up for comeback after ending 2022 in the slow lane
XPeng forecast its deliveries would drop about 46% in the first quarter, but expects to rebound in the second half with a steady stream of new product launches. | XPeng US | XPeng HK
(Image credit: CnEVPost)
This article by Trevor Mo was first published in The Bamboo Works, which provides news on Chinese companies listed in Hong Kong and the United States, with a strong focus on mid-cap and also pre-IPO companies.
Key Takeaways:
- Former highflyer XPeng's electric vehicle deliveries grew just 23% last year, down from the triple-digit growth in the previous two years
- Management says things will improve this year, but first the company must survive a bloody price war throttling China's EV sector
Last year was a tough one for former electric vehicle (EV) highflyer XPeng Inc. (XPEV.US, 9868.HK), which stumbled badly in the second half of the year on a series of major missteps. But investors seem to be buying into the company's newly detailed comeback story, driving up its valuation ratios past its top two rivals in the days after its latest results announcement.
Only time will tell if the rally is justified, following a dismal 2022 that XPeng would probably rather forget. In the race for buyers in China's ultra-competitive electric vehicle (EV) market, XPeng spent last year falling further behind its two main rivals, Li Auto (LI.US; 2015.HK) and NIO (NIO.US; 9866.HK), as its losses also ballooned.
XPeng's revenue rose by a modest 28% to 27 billion yuan ($3.9 billion) for all 2022, according to its latest earnings report issued earlier this month. Its vehicle deliveries for the year rose by a similar 23% to 120,757 units, slowing sharply from the triple-digit growth in the previous two years. The company's net loss nearly doubled to 9 billion yuan, despite a drop in both sales and marketing and R&D expenses.
The annual slowdown covered up fourth-quarter results that looked far worse as the company rapidly lost momentum in the second half of the year. Its revenue fell 40% year-on-year during the quarter to 5.14 billion yuan, as its vehicle sales tumbled by an even larger 47%.
XPeng's vehicle deliveries for the year put it behind Li Auto and NIO, which delivered 133,246 and 122,486 units in 2022, respectively, according to their latest annual reports. XPeng fell to third in the race among that trio, all venture-funded startups, after leading the other two in 2021 with 98,155 EV deliveries, versus 90,500 for Li Auto and 91,400 for NIO.
XPeng's reversal of fortune owed to a series of missteps. The biggest was a sort of “identity crisis” for its flagship product, its midsize G9 SUV, which launched last September. The G9 was sold as a series with a range of prices from as little as 309,900 yuan to as much as 469,999 yuan, based on different configurations, such as driving range and software capability.
Such a strategy was meant to impress customers by offering a wide range of options. But it failed to make a splash, and the G9 sold a dismal 6,189 units in the final quarter of last year – a far cry from the 35,000 units XPeng had aimed to deliver by the end of 2022.
XPeng is grappling with a lack of consistency in its marketing strategy, said Wang Cun, an analyst with the China Automobile Dealers Association (CADA). "Its G9 models seek to target high-end customers with two of its largest competitors – NIO and Li Auto – in mind. But it definitely has yet to build up a high-end brand awareness among customers," said Wang.
Comeback brewing?
Despite the poor performance, investors greeted XPeng's latest earnings with enthusiasm. The company's shares ended up 6% the day of the announcement, and continued gaining in the following days. Its Hong Kong close of HK$9.62 last Friday was 15% higher than where it traded before its earnings release on March 17.
That rally lifted XPeng's shares to a price to sales (P/S) ratio to just over 4 times, ahead of NIO and Li Auto, at 2 and 3.37 times, respectively. Investors may have been encouraged by XPeng Chairman and CEO He Xiaopeng's positive outlook for 2023 after the difficulties in 2022.
"I believe XPeng is approaching an inflection point," said He, predicting a comeback for the company this year. "As we have clearly identified what our goals are and what our strengths and weaknesses are, we're now building recovery momentum in our sales and market share expansion."
He said XPeng had implemented a series of strategy adjustments to help regain its previous momentum. Central to that is an ongoing company restructuring, which began last October after the disappointing G9 rollout.
The restructuring aims to give XPeng a "flatter and more concentrated structure," He said, using a term that often implies layoffs through elimination of middle-management jobs.
But even if it can create a leaner, more efficient company, XPeng's road to recovery will be pocked with obstacles created by external market factors.
Most notably, China's EV market has started to slow considerably after several years of rapid expansion. New-energy vehicle (NEV) sales in China reached 933,000 units in the first two months this year.
That was up just 20.8% year-on-year, marking a sharp slowdown from a near doubling in sales for all of last year, after the expiration of national subsidies for NEV purchases at the end of 2022, according to the latest data from China Association of Automobile Manufactures.
The sharp slowdown touched off a price war that has rapidly heated up. It started with price cuts by Tesla (TSLA.US) late last year, which were quickly followed by nearly all major brands in China. Analysts have warned the price war could spark a long-anticipated consolidation in the Chinese EV industry, wiping out less competitive and smaller players.
XPeng hasn't been spared from the price war's effects, announcing discounts of up to 36,000 yuan for some of its models in late January. But those cuts have yet to translate to greater sales.
The company expects its vehicle deliveries to plummet 45% to 47.9% year-on-year during the current quarter to around 18,000 to 19,000 units, similar to the fourth-quarter decline rate, He said.
He added XPeng expects its deliveries to gradually pick up in the second half of the year with its launch of new models. Among those, the P7i – a new generation sedan to complement its earlier P7 model – started delivery this month. The company will also start shipping a G6 compact SUV in June, and a seven-seat multipurpose vehicle in the second half of the year.
CADA's Wang believes XPeng could stand a chance of catching its rivals, but only if it moves swiftly to rectify some of its missteps. Despite the difficult road ahead, Wang said XPeng is in a relatively good position to survive the current price war, with over 38 billion yuan in cash and short-term investments at the end of 2022.
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Denza N7 expected to get over 30,000 orders before mid-year launch, exec says
Denza will announce the appearance of another SUV N8 in the near future, and Denza D9 MPV will next be sold in other regions including Hong Kong, Macau, Europe.
(Image credit: Denza)
BYD's premium new energy vehicle (NEV) brand Denza began intensive warm-up for the Denza N7 SUV earlier this month, and now an executive has expressed optimism for the model's future sales performance.
Denza N7 has inspired much enthusiasm, and with the announcement of Denza's partnership with French high-end audio brand Devialet on March 22, there were many customers inquiring every day, Zhao Changjiang, general manager of Denza's sales division, said on Weibo yesterday.
Many people want to get the Denza N7 launched as soon as possible, and according to the inquiry volume data, the model is expected to get 30,000 orders before its launch in the middle of the year, Zhao said.
Zhao said in February that the Denza N7 would be released in the first half of this year.
On March 6, Denza unveiled official exterior images of the Denza N7 on Weibo, showing that the model restores much of the design of the brand's concept car INCEPTION, which was unveiled at the Chengdu auto show on August 26, 2022.
On March 9, the Denza N7 appeared in a regulatory filing list, and its key specifications were revealed.
The Denza N7 has a length, width and height of 4,860 mm, 1,935 mm and 1,602 mm respectively, and a wheelbase of 2,940 mm, according to the filing.
The model will be available in a single-motor version as well as a dual-motor version, with the former having a peak motor power of 230 kW and the latter having an additional motor with a peak power of 160 kW.
On December 20 last year, Zhao shared six spy photos of the SUV on Weibo, showing what the model might look like.
In the comments section of that Weibo, Zhao said the SUV aims to capture the market for traditional internal combustion engine cars priced around 400,000 yuan ($58,140).
In addition to mentioning his expectation of orders for the Denza N7 before its launch, Zhao also mentioned on Weibo yesterday that Denza will announce the look of another SUV, the N8, in the near future.
The Denza D9 has already been shown at the Thailand motor show and the MPV will be sold next in other regions including Hong Kong, Macau, and Europe for RMB 600,000-1 million, he said.
($1 = RMB 6.8801)
Regulatory filing: Here are core specs for BYD's Denza brand's new SUV, Denza N7
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Tesla rumored to be pushing major Autopilot update in China soon
"Tesla China will soon push a major update to Autopilot," a well-known car blogger wrote on Weibo. | TSLA.US
Tesla's assisted driving software is seen as a mediocre performer in China. Now, a rumor that has inspired a lot of anticipation.
"Tesla China will push a major update to Autopilot soon," auto blogger Zheng Xiaokang, who has 532,000 followers on Weibo, said today.
The blogger, a longtime Tesla China follower, didn't mention any more information, and some speculated in the comments section of the Weibo post that the update might be Tesla's vision-only V11 software.
In 2021, Tesla begins the transition to a vision-only Tesla Vision by removing radar from the Model 3 and Model Y, followed by the Model S and Model X in 2022.
On the Model 3 page of its China website, Tesla says the Tesla Vision processing system detects nearby vehicles to reduce the risk of collisions and assists in parking.
With a 360-degree field of view from the vehicle's front, side and rear cameras, the system has powerful vision processing capabilities and can detect distances of up to 250 meters, according to the text on the page.
Tesla has a factory in Shanghai that produces the Model 3 and Model Y.
Today, in most parts of the world, the Model 3 and Model Y are already based on the Tesla Vision solution, which relies only on cameras. But both models currently being delivered by Tesla in China still come with radar.
Earlier this month, multiple regulatory filings revealed that Tesla declared the Model Y without radar in China, which may mean that the SUV may be the first Tesla model to remove radar in China.
Tesla is one of the world's most capable automakers in terms of autonomous driving, though its assisted driving software in China pales in comparison to some of its local peers.
Several local car companies, including XPeng (NYSE: XPEV) and NIO (NYSE: NIO), are fast-tracking testing of their advanced assisted driving software and are getting many positive reviews on social media.
On March 16, XPeng announced that its P5 sedan will receive its seventh vehicle OTA upgrade, which will make its Tesla FSD-like City Navigation Guided Pilot (City NGP) feature available in Shenzhen after Guangzhou.
City NGP can achieve up to 90 percent of the efficiency of a human driver and can easily handle heavy traffic during peak commuting hours and complex road conditions, XPeng said.
At the end of last month, NIO began allowing owners of all its NT 2.0 platform vehicles to apply for a trial of NOP (Navigate on Pilot) Plus assisted driving software, which enables a point-to-point assisted driving experience on highways and urban expressway scenarios.
NIO begins allowing all NT 2.0 models to trial NOP+ assisted driving software
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Chery’s NEV unit cuts vehicle prices by up to 10%
In January-February, Chery's NEV sales were 13,293 units, down 57.6 percent from 31,367 units in the same period last year.
(Image credit: Chery New Energy)
Chinese auto giant Chery's new energy vehicle (NEV) division has slashed the prices of several models, becoming the latest car company to do so.
Chery New Energy announced today that official guide prices for three of its NEV models has been cut by up to 9,000 yuan ($1,310) starting at 00:00 on March 27.
The reduction covers the QQ Ice Cream, Little Ant and Wujie Pro, with the Little Ant's 408km range seeing an RMB 9,000, or 8.74 percent, price cut.
The QQ Ice Cream priced at RMB 39,900 saw a price reduction of RMB 4,000, or 10 percent.
Following this reduction, the QQ Ice Cream's latest starting price range is RMB 35,900 to RMB 45,900, the Little Ant is RMB 64,999 to RMB 94,000, and the Wujie Pro is RMB 84,900 to RMB 110,900.
This is due to the global price correction of new energy materials and the company's cost control and supply chain management capabilities, Chery New Energy said in an announcement.
The price of lithium carbonate, a key raw material for batteries, has fallen sharply in the past few months, with the current price having dropped about 50 percent from its high point last November.
As of March 24, the average price of battery-grade lithium carbonate in China was RMB 277,500 per ton and industrial-grade lithium carbonate was RMB 235,000 per ton, according to data from Mysteel monitored by CnEVPost.
While Chery New Energy attributed the price cuts to lower raw material prices, the recent price war in the Chinese auto industry and its weak performance so far this year may be the bigger reasons.
After Tesla cut prices earlier in the year, several NEV makers followed suit. Earlier this month, multiple traditional internal combustion engine automakers launched price wars with steep discounts.
These moves have increased the consumer's wait-and-see attitude toward car purchases and disrupted the industry, and last week, the China Association of Automobile Manufacturers (CAAM) called on all parties to help return the industry to normalcy.
For Chery, its performance at the beginning of the year was weak.
In January-February, Chery's NEV sales were 13,293 units, down 57.6 percent from 31,367 units a year earlier, according to data from the China Passenger Car Association (CPCA) monitored by CnEVPost.
($1 = RMB 6.8819)
CAAM calls for return to normal order in China's auto industry as price war disrupts sector
| Model | Version | Previous Price (RMB) | Latest Price | Change | Change % |
|---|---|---|---|---|---|
| QQ Ice Cream | 120 km Milkshake | 39,900 | 35,900 | -4,000 | -10.03% |
| QQ Ice Cream | 120 km Cone | 43,900 | 39,900 | -4,000 | -9.11% |
| QQ Ice Cream | 170 km Sundae | 49,900 | 45,900 | -4000 | -8.02% |
| Little Ant | 251 km Hot Love | 69,999 | 64,999 | -5,000 | -7.14% |
| Little Ant | 301 km True Love Plus | 82,999 | 77,999 | -5,000 | -6.02% |
| Little Ant | 301 km Half Sugar | 82,900 | 76,900 | -6000 | -7.24% |
| Little Ant | 408 km Full Sugar | 103,000 | 94,000 | -9,000 | -8.74% |
| Wujie Pro | 301 km Moshou | 89,900 | 84,900 | -5,000 | -5.56% |
| Wujie Pro | 301 km Lingshou | 94,900 | 89,900 | -5,000 | -5.27% |
| Wujie Pro | 301 km Shenshou | 99,900 | 94,900 | -5000 | -5.01% |
| Wujie Pro | 408 km Moshou | 105,900 | 100,900 | -5,000 | -4.72% |
| Wujie Pro | 408 km Shenshou | 115,900 | 110,900 | -5,000 | -4.31% |
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LiDAR-maker Hesai to set up software R&D headquarters in Chongqing
Hesai shipped 80,462 LiDAR units for the full year 2022, up 467.5 percent year-on-year. | Hesai.US
(Hesai FT120 automotive short-range LiDAR. Image from Hesai prospectus.)
Shanghai-based LiDAR maker Hesai Group (NASDAQ: HSAI) signed an investment agreement with Chongqing Economic Development Zone on March 26 to build a software global R&D headquarters in the southwestern Chinese city, according to a report in Chongqing Daily today.
Hesai is a global leader in LiDARs for autonomous driving and advanced assisted driving, and Chongqing wants it to strengthen its cooperation with local car companies, the report said, citing the city's mayor, Hu Henghua.
Under the agreement, Hesai will build a software global R&D headquarters, set up an innovation incubation center and create a LiDAR industrial park in Chongqing's Economic Development Zone, the report said, without providing further details.
Founded in Shanghai in late 2014, Hesai initially focused on developing high-performance laser sensors and has been exploring driverless LiDAR products since 2016.
On February 9, the company made its NASDAQ debut, becoming the first Chinese LiDAR manufacturing company to list in the US.
Hesai shipped 47,515 LiDAR units in the fourth quarter, up 739.2 percent from 5,662 units in the same period in 2021, it said in its earnings report on March 16.
It shipped 43,351 ADAS LiDAR units in the fourth quarter, compared to 87 units in the same period in 2021.
The company shipped 80,462 LiDAR units in the full year 2022, up 467.5 percent year-on-year.
LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO
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NIO signs deal with die-casting parts supplier Wencan
Wencan aims to supply products from near NIO's plants by 2025, and the two companies will work together to arrange capacity expansion plans. | NIO US | NIO HK | NIO SG
(Image credit: CnEVPost)
NIO (NYSE: NIO) has entered into a strategic partnership with yet another auto parts giant that will provide supply support near its plants.
One-piece die-casting parts supplier Wencan Group signed a five-year strategic cooperation framework agreement with NIO on March 26, according to an exchange announcement today from the Shanghai-listed company.
The two companies will collaborate on supply, low carbon, digitalization and globalization to achieve supply support around NIO's Hefei plants, according to the announcement.
Wencan and NIO will also collaborate in depth on lightweight research and development of integrated die-casting structural parts for the body and new material applications.
The two will also explore all-round cooperation in products including integrated battery boxes, core electric vehicle components and automotive chassis, according to the announcement.
Wencan aims to supply products near the NIO plants by 2025, and the two companies will work together to arrange capacity expansion plans, including investing in new production lines, or building new production sites, to ensure smooth production and delivery of NIO projects, the announcement said.
Wencan will also use its global presence to provide full support to NIO's international business and to provide full support to the electric vehicle company's global R&D and product validation, according to the announcement.
NIO will promote Wencan's casting business to its partners and will explore cooperation in other business areas, the announcement said.
The two will also cooperate deeply on business car purchases and employee car purchases.
Wencan is one of China's best-known suppliers of integrated die-casting parts and a core supplier of structural body parts to NIO, according to the team led by Cui Yan, an analyst at local brokerage firm Huaxi Securities.
Wencan's parts are used in NIO's entire lineup of models, and the average value of its parts used per NIO vehicle is more than RMB 3,000, Cui's team said in a March 17 research note.
Most automakers won't adopt Tesla's model of using one-piece die-casting machines on their own because it requires a large investment and the scale effect is less than that of third-party suppliers, the team said.
On October 26, 2022, Wencan announced plans to raise up to RMB 3.5 billion through a private placement, of which RMB 1 billion will be used to build a parts manufacturing project in Anhui province.
Wencan plans to build a plant in Lu'an, Anhui province, which will help better serve customers including NIO and BYD, Cui's team said.
The new agreement with Wencan is the second NIO has signed with the parts giant so far this month.
On March 16, Tesla's parts supplier Ningbo Tuopu Group announced that it had signed an agreement with NIO to establish a strategic partnership for the development, manufacture and supply of NEV parts and components.
One of the goals of the partnership between the two is for Ningbo Tuopu to provide parts supply near NIO's factories in Hefei, according to the announcement.
Tesla parts supplier Ningbo Tuopu signs cooperation deal with NIO
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XPeng begins P7i deliveries in China
XPeng's store traffic and test drives have reached new highs in recent months following the launch of the P7i, the company's management said earlier this month. | XPeng US | XPeng HK
(Image credit: XPeng)
XPeng (NYSE: XPEV) has begun deliveries of the P7i in China, where the sedan was officially launched earlier this month.
XPeng recently began the first deliveries of the P7i, a facelift of its flagship P7 sedan, in seven cities, according to an article posted yesterday by the electric vehicle (EV) maker on its mobile app.
The seven cities are Beijing, Guangzhou, Shenzhen, Wuhan, Hangzhou, Chengdu, and Chongqing, where XPeng held the P7i delivery ceremonies, according to the article.
XPeng did not disclose the number of P7i vehicles that were delivered in the first batch.
The P7i is the shortest time between the official launch and delivery of any XPeng model, as the company may be concerned that keeping consumers waiting too long could lead to lost orders.
XPeng officially launched the P7i in China on March 10, offering only four versions with a starting price of RMB 249,900 ($36,390).
The XPeng P7i continues to be built on the regular 400 V platform, rather than the 800 V high-voltage platform used by the G9.
However, the P7i's maximum charging power has been increased from its predecessor's 90 kW to 175 kW, and can be charged from 10 percent to 80 percent in 29 minutes.
The Pro version of the XPeng P7i comes standard with an Nvidia Orin-X Smart Drive chip with 254 TOPS of computing power. The Max version of the model comes standard with two Orin-X chips as well as two LiDARs.
The P7i's predecessor, the P7, was the XPeng's main seller for a long time, selling 59,066 units in 2022, contributing 49 percent of the XPeng's annual sales of 120,757 units, according to data monitored by CnEVPost.
Following the launch of the P7i, XPeng's store traffic and test drives have reached new highs in recent months, He Xiaopeng, the company's chairman and CEO, said during a March 17 analyst call after the company reported fourth-quarter earnings.
The P7i has been well received by customers for its smart features, styling and performance, as well as its other clear advantages against similar products, he said.
Amid the market's prevailing weakness in new order intake, XPeng outperformed the market with a 100 percent increase in new orders in February compared to the previous month, Mr. He said.
With the strong momentum in orders following the official launch of the P7i, XPeng expects total new orders in March to grow significantly month-on-month, he said, adding that this marks the company's initial success following a comprehensive transformation, which has also boosted morale.
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