Tagged: eV

G6 will be swing factor for XPeng, says Deutsche Bank

The upcoming G6 will need to be successful to make to be truly relevant again in the market, said Edison Yu's team.  |  XPeng US | XPeng HK

(XPeng G6 shown in a regulatory filing.)

XPeng (NYSE: XPEV) will officially debut the G6 at next month's Shanghai auto show, and in Deutsche Bank's view, the new SUV's sales performance will be crucial for the electric vehicle maker.

The upcoming G6 will be the swing factor and the model will need to be successful to make XPeng truly relevant in the market again, Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on Wednesday.

XPeng management said during an earnings call earlier this month that the G6 will be unveiled at the Shanghai auto show and will be officially launched and delivered by the end of the second quarter. The Shanghai auto show will be held from April 18 to April 27.

The model is a new energy SUV with a price range of RMB 200,000 ($29,250) - 300,000 and a monthly sales target of 2-3 times that of the P7, XPeng's management said.

That means at least 5,000 units per month of XPeng G6 sales, based on the trailing 6-month average, Yu's team noted.

XPeng will likely price the G6 similarly to the Model Y, hoping to attract consumers with its sleeker design and updated interior, the team said.

With increased G6 production, XPeng management believes total monthly deliveries could reach 15,000 units at some point in the third quarter, the team noted.

"This seems achievable and we model XPeng reaching this level in Sep," Yu's team wrote.

XPeng management said during a previous earnings call on August 23, 2022, that the company will launch a B-segment car in the first half of 2023 that will compete with the Tesla Model Y.

That model is the G6, and a regulatory filing earlier this month showed that it will come in three versions according to powertrain, including two single-motor versions as well as a dual-motor version. Its battery pack will have both lithium iron phosphate and lithium ternary batteries available.

The XPeng G6 measures 4,753 mm in length, 1,920 mm in width and 1,650 mm in height, with a wheelbase of 2,890 mm. For comparison, the Tesla Model Y measures 4,750 mm in length, 1,921 mm in width and 1,624 mm in height, with a wheelbase of 2,890 mm.

The G6 will have a significantly improved range that will exceed expectations and will have much more interior space than similar offerings from competitors, XPeng chairman and CEO He Xiaopeng said during the earnings call earlier this month.

($1 = RMB 6.8374)

XPeng Q4 earnings call: New order intake up 100% in Feb from Jan

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Evergrande NEV warns risks of production halt if it can’t get additional liquidity

Evergrande NEV's only model currently on sale, the Hengchi 5, has delivered more than 900 units, according to an exchange announcement.

Evergrande NEV warns risks of production halt if it can't get additional liquidity-CnEVPost

(Image credit: CnEVPost)

Evergrande New Energy Vehicle Group (Evergrande NEV), the electric vehicle unit of China Evergrande Group, is at risk of discontinuing production after struggling to deliver hundreds of vehicles.

Evergrande NEV's only model currently on sale, the Hengchi 5, is continuing to be produced in volume, with more than 900 units delivered to date, according to an announcement the company made today on the Hong Kong Stock Exchange website.

In order to focus its financial resources on supporting the mass production of the Hengchi 5, Evergrande NEV has continued its cost-saving initiatives and has taken measures to reduce the workforce of its Swedish subsidiary National Electric Vehicle Sweden AB, according to the announcement.

However, Evergrande NEV will be at risk of shutting down production in the event that additional liquidity is not available, the announcement said.

The group will plan to launch several flagship models if it can seek more than RMB 29 billion ($4.21 billion) in future financing and hopes to get them into mass production, the announcement said.

Under this plan, Evergrande NEV's cumulative unleveraged cash flow from 2023 to 2026 is expected to be between RMB minus 7 billion and RMB minus 5 billion, the announcement said.

Trading of Evergrande NEV's shares in Hong Kong has been suspended since April 1, 2022, and the timing of restarting trading has not yet been determined.

Hengchi 5 is the first model in mass production of Evergrande NEV's Hengchi Auto, which started delivery on October 29, 2022.

The model is currently available in only one version, with a price of RMB 179,000.

On December 2, Reuters reported that Evergrande NEV suspended mass production of the Hengchi 5 due to a lack of sufficient new orders for the SUV.

A Securities Times report at the time cited people close to Hengchi as saying the brand planned to lay off 10 percent of its workers and would suspend payroll to 25 percent of its workers for one to three months.

($1 = RMB 6.8807)

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Why Mexico builds many US-bound EVs but buys few of them

Ford Mustang Mach-E assembly - MexicoMexico will soon build large numbers of EVs, but most will go north to the U.S. rather than being sold domestically. The reason behind it isn't a culture clash or a lack of concern for the environment. It's a matter of economics and practicality. EVs remain too expensive for most Mexicans, and lack of charging infrastructure makes them less...

Alibaba-backed DeepRoute unveils self-driving solution that doesn’t require HD maps

Passenger cars integrated with Driver 3.0 will be available at an established car brand this year, DeepRoute said.

(Car integrated with Driver 3.0 HD map-free driving smoothly in Shanghai. Image credit: DeepRoute)

Many automakers in China are trying to move away from reliance on high-definition maps as they develop technology. Now, a technology provider has a solution that promises to speed up that process.

DeepRoute, a local self-driving startup backed by Alibaba, today unveiled its new Driver 3.0 solution, which it says is a solution that eliminates the need for high-definition maps and can facilitate mass production for automakers.

DeepRoute.ai is one of the first companies to successfully complete public road tests of autonomous driving without HD maps, thus breaking down the limitations imposed by geo-fencing, it said.

The company is also among the first to win production contracts from automakers to produce self-driving cars for consumer use, it said, adding that vehicles integrated with the Driver 3.0 self-driving solution will hit the market in 2023.

DeepRoute shared a video showing lane-level information around the car being generated in real-time without HD maps.

Driving on its own in Shanghai during rush hour traffic, the car interacts safely with pedestrians, e-bikes and others using the road and remains consistent in all road conditions.

It is capable of adaptive cruise control (ACC), stop and go, obstacle avoidance, unprotected left turns, and other technically complex maneuvers.

Driver 3.0 includes two versions of its autonomous driving solution for automakers, D-PRO and D-AIR.

D-PRO costs $2,000 in hardware and includes operations and features that do not require HD maps, such as Valet Parking Assist (VPA), and point-to-point navigation on all roads without operational design domain (ODD) restrictions.

D-AIR costs $1,000 in hardware and focuses on driver assistance that does not require HD maps, such as Automatic Cruise Control (ACC), Lane Centering Control (LCC), and Autonomous Emergency Braking (AEB).

Both versions of the Driver 3.0 solution accelerate automakers’ mass production plans because they comprehensively address concerns about the high cost of mapping and maintenance and the limitations of geo-fencing, according to DeepRoute.

“We focus on rapidly bringing highly advanced, affordable autonomous driving to automobile OEMs,” said Maxwell Zhou, CEO of DeepRoute.

Unlike most other autonomous driving solution providers, DeepRoute is focused on developing an autonomous driving framework and commercializing it by deploying ADAS capabilities first, Zhou said.

DeepRoute strategized the HD map-free approach back in 2020 and began working with OEMs last year based on this approach, he said, adding that without relying on HD maps, smart driving will be available everywhere and affordable for both automakers and consumers.

Passenger cars integrated with Driver 3.0 will be available at an established car brand this year, DeepRoute said, without mentioning the brand’s name.

DeepRoute was founded in February 2019 and became the first company to be able to conduct robotaxi passenger tests in Shenzhen in April 2021.

On September 14, 2021, DeepRoute announced the closing of a $300 million Series B round led by Alibaba, making it the first such company the e-commerce giant has invested in China.

The high cost of self-driving kits is one of the factors preventing the technology from being used at scale, and one of the goals of DeepRoute’s efforts over the past few years has been to bring the cost down.

On December 8, 2021, DeepRoute unveiled Driver 2.0 for under $10,000, nearly the same price as FSD and the lowest recorded in the industry. Driver 2.0 was available in brands including Lincoln and ‘s Geometry at the time of launch.

On April 20, 2022, DeepRoute announced its first fleet of 30 vehicles with the Driver 2.0 solution, which will be put into the company’s robotaxi operation in Shenzhen.

Chinese self-driving startup DeepRoute unveils L4 self-driving solution that costs less than $10,000

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