Tagged: China

China NEV retail up 6% MoM to 557,000 in May, preliminary CPCA data show

The preliminary figure was below the CPCA's previous estimate of around 580,000 units, suggesting that the market performed below expectations in the last week of May.

China NEV retail up 6% MoM to 557,000 in May, preliminary CPCA data show-CnEVPost

The China Passenger Car Association (CPCA) today released preliminary figures for May retail sales of new energy vehicles (NEVs) that were lower than previous estimates, suggesting that the market performed below expectations in the final week of May.

Retail sales of new energy passenger vehicles in China increased 55 percent in May to 557,000 units, up 6 percent from April, according to preliminary figures released today by the CPCA.

On May 23, the CPCA estimated in a report that China's estimated retail sales of new energy passenger vehicles in May would be around 580,000 units.

From January to May, retail sales of new energy passenger vehicles in China were 2.4 million units, up 40 percent year-on-year, the CPCA said today.

Wholesale sales of new energy passenger vehicles in China rose 59 percent to 671,000 units in May, up 11 percent from the previous month.

From January to May, wholesale sales of new energy passenger vehicles in China were 2.779 million units, up 47 percent year-on-year.

Retail sales of all passenger vehicles in China were 1.759 million units in May, up 30 percent year-on-year and up 8 percent from April, according to the CPCA.

This means that the penetration of new energy passenger vehicles at retail in May was 31.66 percent, down from 32.3 percent in April.

Retail sales of all passenger vehicles in China from January to May were 7.654 million units, up 4 percent year-on-year.

Wholesale sales of passenger vehicles in China were 2.015 million units in May, up 27 percent year-on-year and up 13 percent from April.

From January to May, wholesale sales of passenger cars in China were 8.857 million units, an increase of 11 percent year-on-year.

With the price war gradually receding, dealers are stabilizing their mindset and consumers are returning to rational consumption, easing the wait-and-see mood, the CPCA said.

The following is the CPCA's weekly retail sales data of the Chinese passenger vehicle market in May announced today:

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

In the second week of May, from May 8-14, the average daily retail sales of passenger cars were 48,000 units, up 44 percent year-on-year and up 6 percent from the same period in April.

In the third week of May, from May 15-21, the average daily retail sales of passenger cars were 48,000 units, up 15 percent year-on-year but down 12 percent from the same period in April.

In the fourth week of May, from May 22-28, the average daily retail sales of passenger cars were 50,000 units, down 17 percent year-on-year and 33 percent lower than the same period in April.

In the fifth week of May, May 29-31, the average daily retail sales of passenger cars were 122,000 units, up 94 percent year-on-year and up 57 percent from the same period in April.

Data table: China auto sales in May 1-31

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Li Auto rumored to open larger stores in sales network expansion

is preparing to open so-called "central stores" in select Chinese cities, moving away from its current model of opening only experience stores in shopping malls, local media said.

(Image credit: Li Auto)

Li Auto (NASDAQ: LI) is said to be opening larger stores that resemble traditional dealership stores as part of an effort to expand its sales network.

The extended-range electric vehicle (EREV) maker is preparing to open so-called "central stores" in some Chinese cities, moving away from its existing model of opening only experience stores in shopping malls, local auto media outlet Yiche said in a report today.

These larger stores, similar to traditional car dealership stores, would offer a more comprehensive range of services, the report said, citing unnamed industry sources.

Li Auto is seeking proposals from supporters for sites to build such stores in 26 priority cities, including four first-tier cities -- Beijing, Shanghai, Guangzhou and Shenzhen -- and smaller cities including Nantong, Xinyang and Yangzhou, according to an image in the report.

Li Auto's requirements for venues are to be located in automotive markets, with luxury brands in around them preferred, and an area of 700-1500 square meters, according to the image.

For Li Auto, its original stores located in shopping malls seem to be inadequate as more models become available.

The company currently sells three models -- the five-seat Li L7, the six-seat Li L8 and the Li L9 -- all of them SUVs. It is expected to launch its first all-electric model, which will be an MPV, by the end of the year.

In terms of its retail store network, Li Auto was continuing to add new retail centers as it launches multiple models, the company's management said in a May 10 analyst call following its first-quarter earnings announcement.

Li Auto is also working quickly on store upgrades, replacing stores that used to be small with larger stores that support multiple models, the company said at the time.

Since the launch of Li L9 last June, Li Auto has optimized a total of nearly 50 existing stores and added more than 50 new stores through location changes and space expansions, the company previously said.

Li Auto opened 16 new retail stores and expanded two stores in May, according to information it announced on June 5.

As of May 31, 2023, Li Auto had 314 retail centers in China, covering 124 cities. It has 319 after-sales repair centers and authorized sheet metal spray centers, covering 222 cities.

Li Auto delivers record 28,277 vehicles in May, surpassing RMB 10 billion in monthly revenue for 1st time

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GAC-backed Greater Bay unveils Phoenix battery that claims to be able to charge from 0 to 80% in 6 minutes

The Phoenix battery will be in mass production next year and is expected to be used in production vehicles by the end of next year, Greater Bay said.

GAC-backed Greater Bay unveils Phoenix battery that claims to be able to charge from 0 to 80% in 6 minutes-CnEVPost

(Image credit: Greater Bay Technology)

Many Chinese companies have announced breakthroughs in battery technology this year, with GAC Group-backed Greater Bay Technology as the latest.

Greater Bay unveiled the Phoenix battery, which claims to be able to charge from zero to nearly full in less than 10 minutes, at a battery technology launch event on June 6.

The Phoenix battery integrates Greater Bay's latest innovations in materials, electrochemistry, structure, and controls to give electric vehicles the ability to run as usual in all-weather conditions, it said.

Phoenix battery-equipped electric vehicles can be charged at up to 8C at different voltage platforms from 300 volts to 1000 volts, with 0-80 percent charging in 6 minutes, it said.

GAC-backed Greater Bay unveils Phoenix battery that claims to be able to charge from 0 to 80% in 6 minutes-CnEVPost

In the battery world, C refers to the charging multiplier, and 8C means the battery can theoretically be fully charged in one-eighth of an hour -- 7.5 minutes.

At the same time, Phoenix batteries offer leading-edge advantages in safety, cycle life, range and cost to compete with fuel-powered vehicles, Greater Bay said, according to a WeChat article it posted today.

Greater Bay said its technology gives the battery 18 times more heat exchange area compared to conventional solutions, and allows the pack temperature to rise from -20°C to +25°C in five minutes even in winter.

GAC-backed Greater Bay unveils Phoenix battery that claims to be able to charge from 0 to 80% in 6 minutes-CnEVPost

Phoenix battery uses a new structural design, not only the thermal management of the battery sees great improvements, volume utilization can be as high as 75 percent, it claimed.

With extremely fast charging, the Phoenix battery also has an ultra-long life, with a cycle life of 10 years or 800,000 kilometers, the company said.

The battery system's highly integrated design allows for an energy density of 260 Wh/kg and a range of 1,000 kilometers on a single charge, it said.

GAC-backed Greater Bay unveils Phoenix battery that claims to be able to charge from 0 to 80% in 6 minutes-CnEVPost

Phoenix batteries will be in mass production next year and are expected to be used in production vehicles by the end of next year, according to the company.

Greater Bay, founded in September 2020, is a battery maker incubated by GAC, according to its website.

The company is building cell and pack production capacity, with a pack plant in Nansha, Guangzhou, already in operation.

Greater Bay plans to build a production base of about 500 mu (33 hectares) in Guangzhou, with the first phase of construction expected to be completed in 2023 and a capacity of 8 GWh, which could supply batteries for 120,000 vehicles, the information on its website reads.

Gotion unveils new battery based on LMFP chemistry with range up to 1,000 km

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Svolt Energy plans to build battery plant in Thailand, report says

Svolt Energy is planning to invest $30 million to build a battery module pack plant in Thailand, according to local media.

(Image credit: Svolt Energy)

Svolt Energy, a battery maker that spun off from Great Wall Motor, is said to be planning to build a battery factory in Thailand as manufacturers in China's new energy vehicle industry chain target Southeast Asian markets.

Svolt Energy is planning to invest $30 million to build a battery module pack plant in Thailand, local media Cailian reported today, citing sources familiar with the matter.

Svolt Energy has incorporated a wholly owned subsidiary, Svolt Energy Technology (Thailand) Co Ltd, in Thailand and is currently planning the construction of the new plant, the report said, without providing further details.

Svolt Energy was originally the power battery division of Great Wall Motor, which began research and development of batteries in 2012.

It became independent from Great Wall Motor in February 2018 to work on next-generation battery materials, cells, modules, PACKs, BMS, and energy storage technologies.

The battery maker currently has 11 production sites in China and one overseas production site in Heusweiler, Saarland, Germany, according to its website.

On September 9, 2022, Svolt Energy said it will build a cell factory for the European market in Lauchhammer, Brandenburg, Germany, which will be its second factory overseas.

Svolt Energy plans to produce the cells at its Lauchhammer facility and process them into packs at its Heusweiler facility, the company said at the time.

In 2019, Svolt Energy said it was aiming to build 120 GWh of power battery capacity globally by 2025.

It made several subsequent increases to that target and raised it to 600 GWh in December 2021.

In April, Svolt Energy installed 0.42 GWh of power batteries in China, ranking 8th with a 1.66 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).

and had 10.26 GWh and 7.32 GWh of batteries installed in April, ranking first and second with 40.83 percent and 29.11 percent shares respectively.

Svolt Energy's Dragon Armor Battery makes real-life debut at Shanghai auto show

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BYD sees cumulative sales of Han and Tang family models exceed 1 million

Cumulative sales of Han family models reached 505,062 units and Tang family reached 501,662 units.

(Image credit: )

BYD's (OTCMKTS: BYDDY) two flagship models have both sold more than 500,000 units since their launch, putting combined sales over the 1 million mark.

Cumulative sales of BYD's flagship Han family of sedan models reached 505,062 units and cumulative sales of its flagship Tang family of SUVs reached 501,662 units, bringing total sales of the two models to more than 1 million units, the new energy vehicle (NEV) maker announced today.

The BYD brand's product array includes the Dynasty and Ocean series, with the Han and Tang being models in the Dynasty lineup, which includes both plug-in hybrid and pure electric versions.

The company launched the first-generation Han model in July 2020 and they see cumulative sales of more than 100,000 units in July 2021, according to data monitored by CnEVPost.

On March 16, BYD made the 2023 Han EV available, and on May 18, the hybrid Han DM-i and Han DM-p variants were launched.

BYD sold 240,220 NEVs in May, with Han family models contributing 20,387 units, down 14.82 percent year-on-year but up 42.28 percent from April.

From January to May, the Han family of models sold 71,784 units, up 63.72 percent year-on-year.

The BYD Tang originally debuted at the 2014 Beijing auto show and began production in 2015.

The Tang family of models sold 11,871 units in May, up 40.50 percent year-on-year and up 0.95 percent from April.

From January to May, Tang sold 56,682 units, an increase of 18.85 percent year-on-year.

BYD made the 2023 Tang DM-i available on March 16.

Both BYD Han and Tang family models target the mainstream market in the price range of RMB 200,000 ($28,090) - 300,000.

($1 = RMB 7.1197)

BYD NEV sales in May: 240,220

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CATL shares plunge after Morgan Stanley downgrades rating to underweight

Second-tier battery makers may adopt a more aggressive pricing strategy to gain market share in the second half of the year, and could face increasing risks to its market share and margins in the domestic market, Morgan Stanley said.

Morgan Stanley downgraded its rating on CATL, citing market share risks, sending shares of the Chinese power battery giant tumbling in morning trading.

"We downgrade CATL to UW as we think second-tier battery makers may adopt more aggressive pricing strategies to gain market share in 2H23," analyst Jack Lu's team said in a research note sent to investors earlier today.

As of press time, CATL shares traded in Shenzhen were down about 6 percent to near their lowest point of the year.

Earlier this year, Morgan Stanley upgraded CATL to equal weight, while being bearish on most battery material makers, as it believes CATL is better able to respond to slowing demand and leverage its cost advantages and bargaining power across the broader value chain.

Now, Lu's team believes that the dual-sourcing battery strategy of local EV companies may help the Tier 2 battery makers achieve their goals, while CATL may face increasing risks in terms of market share and margins in the domestic market.

In February, CATL launched a lithium rebate program to trade cheap lithium resources for market share. However, the subsequent plunge in lithium prices to below RMB 200,000 per ton has led to significant uncertainty about the program, the team said, adding that they have not received any further news about the program.

Meanwhile, battery makers have been offering fairly significant price cuts against the backdrop of falling lithium prices in the second quarter, the team noted.

"Our checks with tier-two battery makers indicate that the price cuts could be in the range of 10-20% during the quarter, with some battery makers likely offering more aggressive cuts than others," the team wrote.

Such actions could threaten CATL's market share in its domestic market, and market share potential is an important stock price driver, the team said.

CATL's power battery installed base in China was 10.26 GWh in April, ranking first with a 40.83 percent share, but down from 44.95 percent in March, China Automotive Battery Innovation Alliance (CABIA) data from last month showed. Data for May is Expected to be available in a few days.

(NYSE: NIO) and (NASDAQ: LI) are bringing in new battery suppliers instead of making CATL their sole supplier, Lu's team noted.

"With many new models being launched in the domestic EV market, we think CATL's domestic market share could come under pressure," the team said.

As background, since late last year, regulatory filings for NIO's new NT 2.0-based models have shown battery suppliers that include the smaller CALB in addition to CATL.

Last month, NIO filed to use semi-solid-state batteries from Beijing WeLion New Energy Technology in its models.

On February 8, Li Auto officially launched its first five-seat SUV, the Li L7, and announced the introduction of Sunwoda Electric Vehicle Battery and Svolt Energy as new battery suppliers.

More and more Tier 2 companies are adopting increasingly aggressive pricing strategies, and CATL may have to do the same, according to Lu's team.

Despite a short-term recovery in value chain orders, there will still be excess battery capacity in the short term and price competition is inevitable, the team said.

In addition to the market share pressure it faces domestically, Lu's team believes CATL's overseas path is increasingly uncertain.

"Some investors have argued that CATL's market share overseas is yet to see signs of decline; however, in our view CATL's overseas market is under increasing scrutiny and becoming more and uncertain, limiting visibility," the team wrote.

CATL has tried to penetrate overseas markets through exports and localization of production, but both pathways are increasingly at risk due to geopolitical tensions, particularly in the US, the team said.

Notably, Lu's team stressed that if the cost of battery materials and minerals continues to fall, this could give car companies more room to pursue new technologies and other battery performance metrics.

"If this is the case, CATL could regain any lost market share and continue to dominate the global battery market, leveraging its strong R&D capabilities and bargaining power over the supply chain. Our bull case scenario assumes 60% global market share in the long term," the team wrote.

Global EV battery market share in Jan-April: CATL 35.9%, BYD 16.1%

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Neta shipping new batch of 4,000 EVs to overseas markets

is actively preparing for entry into the European market and will release a heavyweight global model, it said.

(Image credit: Neta)

Neta Auto, the electric vehicle (EV) brand of Hozon Auto, is sending a new shipment of thousands of EVs to overseas markets for the second time in three months.

A total of 4,000 Neta EVs are being sent abroad, the latest new batch after 3,600 vehicles were sent to overseas markets in March, the company said yesterday in a WeChat post.

Neta did not mention which countries the vehicles will be sent to, although it's possible they will still be in Southeast Asia. A total of 3,600 of the compact SUV Neta V vehicles were sent to Thailand on March 21.

Thailand is Neta's home base for expanding into the ASEAN market, and the Neta V is trusted and loved by local consumers, Neta said yesterday.

From January to April, Neta V ranked second in Thailand with a 16.5 percent share of all-electric vehicle license plate registrations, Neta said, citing data from Thai website AutoLife.

Neta is now actively preparing for its entry into the European market and will participate in the Munich auto show in Germany later this year, and the Neta GT sports car will be launched in overseas markets in the near future, it said.

Neta will also release a heavyweight global model that will accelerate bringing high-quality electric smart cars within reach, it said, without giving further details.

Neta has been seen as a budget EV maker since its inception in October 2014, as its vehicles are priced primarily to target the lower end of the market. The company is trying to create a higher-end image with its flagship sedan, the Neta S, and its sports car, the Neta GT.

As the EV market in China becomes more competitive, local car companies including Neta and (NYSE: NIO) are starting to make more efforts to expand overseas.

Unlike NIO, which is targeting the more developed European market, Neta is focusing its initial efforts on overseas expansion in Southeast Asia.

On August 24, 2022, the right-hand drive version of the Neta V was launched in Thailand as its first model to be offered there.

On March 10, 2023 Neta laid the foundation stone for its factory in Bangkok, Thailand, which will be its main manufacturing base for building right-hand drive electric vehicles for export to ASEAN.

On May 11, Neta announced its entry into Malaysia, officially launching the right-hand drive version of the Neta V for local consumers at the largest auto show in the region.

Neta delivered 13,029 units in May, up 18.35 percent from 13,029 units in the same month last year and up 17.59 percent from 11,080 units in April, according to data released by the company on June 1.

From January to May this year, Neta delivered 50,285 vehicles, up 0.62 percent from 49,974 in the same period last year, data monitored by CnEVPost showed.

Neta deliveries up 18% MoM in May, denies HK IPO plan

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