Tagged: eV

Price wars fail to boost China’s auto consumption

With consumers in a wait-and-see mood, orders and transaction rates did not increase significantly, and auto demand recovered less than expected, the CADA said.

Price wars fail to boost China's auto consumption-CnEVPost

Many automakers in China launched rare price wars in March to try to boost sales. But these moves do not seem to have achieved the results they wanted.

In March, following significant promotions by automakers in Hubei province, dozens of provinces and cities, including Beijing, Tianjin, Shanghai and Zhejiang, offered deals that gave dealership store traffic a quick boost, the China Automobile Dealers Association (CADA) said in an April 3 report.

However, orders and transaction rates did not increase significantly as consumers were in a wait-and-see mood, and auto consumer demand did not recover as expected, the CADA said.

The Vehicle Inventory Alert Index for China's auto market was 62.4 percent in March, down 1.2 percentage points from a year ago but up 4.3 percentage points from February, according to the CADA report.

The index's break-even value is 50 percent, and a reading above that benchmark means the auto distribution industry is in contraction territory, according to the report.

China's switch to the 6b emissions standard was not the main reason for the wave of price cuts, the CADA said, adding that most dealers said their inventories of 6a-based vehicles are not high and could be cleared by the end of June.

However, there are still a large number of 6b-based vehicles that do not meet RDE (real-world driving emission) standards, and with lower-than-expected sales in the first quarter, these vehicles face challenges in completing inventory clearance by the end of June, the CADA said.

In March, vehicle prices were volatile and customer wait-and-see sentiment was strong, resulting in lower orders and turnover rates and a decline in dealer profitability, according to the report.

More than 60 percent of dealers said they met less than 80 percent of their sales targets in the first quarter. Of those, 20.5 percent of dealers achieved 70-80 percent of their sales targets and 46.0 percent achieved less than 70 percent, the CADA said.

Separately, the CADA said in another report on April 3 that the March auto consumption index was 72.5, down from 74.6 percent in February.

March auto sales did not meet expectations, and dealers predict that without major policy changes in April, auto sales will be essentially unchanged from March, the CADA said.

In March, the demand sub-index of the auto consumption index was 68.2, down from 73.3 in February, the CADA said, adding that this signals a decline in demand for cars in April.

Price wars fail to boost China's auto consumption-CnEVPost

China's Mar passenger NEV wholesale sales up 20% MoM to 600,000, CPCA estimates show

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Buick to launch Electra E5 electric SUV in China on Apr 13

The Electra E5, Buick's first electric model based on the Ultium platform, is a 5-seat SUV measuring 4,892 mm in length.

(Image credit: Buick)

General Motors' Buick brand will launch its first electric model based on the Ultium platform in China next week, in what could be one of the most anticipated EV offerings from a foreign brand here.

Buick will launch the Electra E5, a large five-seat all-electric SUV, in China on April 13 and will be offered in standard, long-range and Avenir four-wheel-drive versions, SAIC-GM, GM's joint venture in China, announced today.

The Electra E5 features the Pure Design concept, the new generation Virtual Cockpit System (VCS), and Buick eConnect network connectivity technology, SAIC-GM said.

The model will feature exclusive battery cells with a CLTC range of up to 620 km and can consume as little as 13.5 kWh per 100 km.

Its Avenir 4WD version will feature the Ultium 8-in-1 electric drive system with a permanent magnet synchronous motor in the front and an induction asynchronous motor in the rear.

The Avenir version uses a battery pack with a capacity of 80 kWh, offering strong performance and range, SAIC said.

China's Ministry of Industry and Information Technology released a list of models that will be allowed to be sold in China for public comment last November 16, and the Buick Electra was included.

The Electra E5, which entered the catalog at the time, has a single electric motor with 180 kW of peak power and a top speed of 180 km per hour.

The Buick Electra E5 measures 4,892 mm in length, 1,905 mm in width and 1,655 mm in height, and has a wheelbase of 2,954 mm, the filing data show.

Its power battery is a ternary lithium battery, and the supplier is a joint venture between Chinese power battery giant and SAIC.

The battery pack has a capacity of 68.4 kWh and will give the vehicle a CLTC range of 545 km.

Last December 19, Buick began warming up for the Electra E5, saying the model would be launched soon.

On December 28, Buick saw the first pilot vehicles of the Electra E5 roll off the line at the Ultium plant in Wuhan, Hubei province, central China.

Regulatory filing: Buick Electra all-electric SUV not far from launch in China

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NIO names its car rental service in China NIO Subscription

upgraded the service a year ago, and more than 3,000 consumers have used it in the past year.  |  NIO US | NIO HK | NIO SG

(Image credit: NIO)

NIO (NYSE: NIO) first mentioned its vehicle rental service called NIO Subscription at its NIO Berlin European launch event last October.

Now the company appears to be using the same name for the service it offers in China to unify its brand image.

NIO marked the one-year anniversary of its upgraded vehicle rental service with a post on its mobile app today, and used the words "NIO Subscription" in a poster.

As a background, NIO has been offering car rentals for the past several years, but it hasn't received much attention, and on April 6, 2022, NIO upgraded the service.

In the previous car rental service offered by NIO, the monthly cost was fixed at RMB 9,888 ($1,440). In the upgraded service, each car is rented at a different price and the cost is reduced each month.

In the case of an ES6 SUV produced in 2020 with 34,000 kilometers on the road, a user can rent it for RMB 7,114 in the first month and RMB 6,661 in the 12th month, according to NIO's announcement last year.

This amount decreases month by month to RMB 4,684 in the 60th month.

Since the launch of the upgraded service, more than 3,000 consumers have experienced it, NIO said today.

To date, the service is available in 20 cities, including Shanghai, Beijing, Xi'an, Wuhan, Chengdu and Guangzhou, NIO said.

In 2023, the service will expand to an additional 10 cities, according to a poster by NIO.

($1 = RMB 6.8815)

NIO upgrades service that allows users to rent cars like software subscription

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NIO to allow Chinese consumers to lock in EC7 orders starting Apr 10

Test drives for the EC7 will open on April 10, with deliveries to begin in mid-May.  |  NIO US | NIO HK | NIO SG

(Image credit: NIO)

NIO (NYSE: NIO) will allow consumers to lock in orders for the EC7 electric coupe SUV starting next Monday, with the model just a month away from its planned delivery date.

Starting at 10 am on April 10, the EC7 will be available for consumer order lock-ins, NIO announced in an article posted on its mobile app today.

EC7 show cars and vehicles for test drives have already begun shipping to NIO showrooms in cities across China, and test drives will be available starting April 10, NIO said.

Until NIO starts accepting orders for lock-in, consumers can still get the benefits of the earliest buyers by paying a reservation deposit of RMB 5,000 ($730). These benefits include using the deposit as RMB 10,000 for the purchase of the car.

These reservation benefits will no longer be available after the EC7 begins accepting locked orders.

Deliveries of custom vehicles for the EC7 will begin in mid-May, NIO said.

Orders for the EC7 with locked-in configurations by April 16 will be scheduled for production and delivery essentially in the order in which consumers pay their reservation deposits.

Starting April 17, the EC7 will be scheduled for production and delivery in the order in which consumers lock in their configurations.

Some options may result in later deliveries of customized EC7s, with deliveries expected to begin as early as July for models with the optional rear comfort package and August for EC7s with the optional coral red interior.

Here is a video about the design of the EC7 shared by NIO on its app.

NIO officially launched the EC7, its second coupe SUV after the EC6, at the NIO Day 2022 event last December 24, with a length of 4,968 mm, width of 1,974 mm, height of 1,714 mm and a wheelbase of 2,960 mm.

NIO offers an intelligent dimming glass option for the EC7's roof, the first time the company has introduced this option in one of its models.

Thanks to an optimized exterior design, the EC7 has a wind resistance coefficient of just 0.23 Cd, which NIO said is the lowest of any mass-produced SUV in the world.

The EC7 is equipped with a 180-kW permanent magnet motor at the front and a 300-kW induction motor at the rear, allowing the motor to reach a peak power of 480 kW.

The powertrain allows the EC7 to accelerate from 0 to 100 km/h in 3.8 seconds, making it NIO's fastest-accelerating SUV.

NIO currently offers three versions of the EC7, including a version with a 75-kWh standard range battery pack, a version with a 100-kWh battery pack, and a premiere version with a 100-kWh battery pack.

Including the battery, the starting prices for these three versions are RMB 488,000, RMB 546,000 and RMB 578,000 respectively.

If consumers choose NIO's battery as a service (BaaS) program, the starting prices are RMB 418,000 for both regular versions and RMB 450,000 for the premiere version. Their monthly battery rental costs are RMB 980 yuan, 1680 yuan and 1680 yuan respectively.

NIO's NAD (NIO Autonomous Driving) feature will also be available for the EC7, and the full feature package will be available on a subscription basis at a cost of RMB 680 yuan per month. However, the software is not yet available.

NIO offers the first EC7 owners a 10-year unlimited mileage warranty, up to six free battery swaps per month, and free home charger.

It is worth noting that with the EC7 available, the EC6 is not discontinued.

On February 13, the new, NT 2.0 platform-based EC6 appeared in a filing catalog showing the model's appearance and core specifications.

($1 = RMB 6.8809)

Regulatory filing: NIO's new EC6 coming

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Neta unveils two-door electric sports car Neta GT, deliveries expected in H1

The GT, set for mass production and delivery in the first half of 2023, will be the first real sports car that young people in China can own, an executive previously said.

(Image credit: Neta)

Neta Auto, the electric vehicle (EV) brand owned by Hozon Auto, has unveiled its first electric sports car, with deliveries expected to begin in the first half of the year.

Neta officially unveiled the Neta GT, a two-door, four-seat all-electric sports car that is its second model based on the Shanhai platform after its flagship sedan, the Neta S, at a launch event on the night of April 4.

The EV maker mentioned the name Neta E when it previewed the sports car late last year, but a month ago, it made the model's name official with the Neta GT.

The electric sports car measures 4,715 mm in length, 1,979 mm in width and 1,415 mm in height, and has a wheelbase of 2,770 mm.

For comparison, the Neta S measures 4,980 mm in length, 1,980 mm in width and 1,450 mm in height, with a wheelbase of 2,980 mm.

The Neta GT will be available in single-motor and dual-motor versions, with the single-motor version having a maximum motor power of 170 kW and the dual-motor version having a maximum total power of 340 kW, as indicated by a previous regulatory filing.

Its power battery suppliers include CATL and Eve Energy, and the battery types include lithium iron phosphate batteries as well as ternary batteries.

Neta GT's battery pack has three options of 64.24 kWh, 74.48 kWh and 77.9 kWh, and the CLTC range includes 560 km, 580 km and 660 km.

Neta did not announce the official launch and delivery dates of the Neta GT, but last December 16, Hozon Auto CEO Zhang Yong said on Weibo that the model will be mass-produced and delivered in the first half of 2023.

Pricing information for the Neta GT is unknown, though Zhang previously said that the model would be the first true sports car that young people in China could own, suggesting that its price will likely be affordable.

The current starting price range for the Neta S flagship sedan is RMB 242,800 to RMB 341,800.

Neta is seen as a budget EV maker in China, as its vehicles are priced primarily for the lower end of the market, and the Neta S is its first effort at the premium end of the market.

Neta delivered 10,087 vehicles in March, essentially unchanged from 10,073 in February and down 16.12 percent from 12,026 in the same month last year, the company's previously announced figures show.

The Neta S delivered 2,206 units in March, up 8 percent from 2,048 units in February. A total of 4,793 units of the Neta V and 3,088 units of the Neta U were delivered in March.

Regulatory filing: Neta's 2-door electric sports car coming

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Some Chinese lithium producers stop production to stem continued price decline

Half of the four major lithium producers in Yichun, Jiangxi province, nicknamed the "lithium capital of Asia," have opted to shut down production, according to local media.

Some Chinese lithium producers stop production to stem continued price decline-CnEVPost

Some producers in a Chinese lithium-producing hub are shutting down production as lithium prices have seen a rare streak of several months of declines this year.

With lithium carbonate prices falling by about RMB 10,000 ($1,450) per ton per day in recent days, half of the four major lithium producers in Yichun, Jiangxi province in eastern China, have opted to shut down production, local media The Paper said today, citing a source from a major producer.

Yichun, nicknamed the "lithium capital of Asia," is one of the world's largest sources of lithium. Notably, the city's lithium production was disrupted in late February by regulators investigating noncompliance.

However, these disruptions did not stop lithium carbonate prices from falling, even though many expected so.

Lithium producers in Yichun, who were forced to shut down production some time ago because of government environmental actions, are now voluntarily choosing to do so in the face of the current market, The Paper cited the source as saying.

There are four main companies with mature production lines and lithium mica mines in Yichun, namely Yongxing New Energy, Jiangxi Special Electric Motor, Feiyu New Energy and Nanshi Lithium, which have a total annual capacity of 105,000 tons, according to the report, which does not mention which two lithium producers have stopped production.

Zhicun Lithium, which was founded in 2021 and also has lithium capacity in Yichun, currently has nearly half of its lithium carbonate production line shut down, the report said, citing a person familiar with the matter.

In 2021, Yichun produced 81,000 tons of lithium carbonate, more than a quarter of China's total lithium carbonate production.

As of July 2022, Yichun's lithium carbonate capacity of 180,000 tons represents 40 percent of China's entire lithium carbonate capacity of 450,000 tons, the report noted.

The RMB 250,000 per ton price of lithium carbonate is seen as break-even point for much of Yichun's production of lithium extracted from mica, according to the report.

At one point in late November last year, battery-grade lithium carbonate was quoted at RMB 590,000 per ton in China, about 14 times the average price of RMB 41,000 per ton in June 2020.

Since then, lithium carbonate prices have continued their downward spiral, and have not seen a single day of gains this year.

Yesterday, battery-grade lithium carbonate prices in China fell RMB 8,500 per ton to an average price of RMB 224,000 per ton, according to Mysteel.

Industrial-grade lithium carbonate fell RMB 6,000 per ton yesterday to an average price of RMB 189,000 per ton.

Today is Tomb Sweeping Day in China and lithium carbonate quotes are not available.

On February 26, Yicai reported that lithium ore processing companies in Yichun have shut down production industry-wide to rectify mining violations.

Yichun produces between 10,000 and 12,000 tons of lithium carbonate each month, and a one-month shutdown would affect about 10 percent of global supply, the report said, citing a lithium battery industry analyst who declined to be named.

That was seen at the time as something that would stop the price of lithium carbonate -- then at about 400,000 yuan per ton -- from falling, but that expectation did not materialize.

The intensity of lithium carbonate's decline did decrease in early March, with daily declines of less than 1 percent from March 3 to March 8, according to data monitored by CnEVPost.

After that, lithium carbonate continued to fall sharply, with the price of battery-grade lithium carbonate and industrial-grade lithium carbonate falling 5.10 percent and 4.88 percent, respectively, on April 3, both the largest single-day declines of the year.

In 2022, the supply and demand for lithium carbonate and lithium hydroxide were actually in balance, and there was a lot of hype behind the price surges, said Wang Yu, chairman of battery maker Farasis Energy, in an interview during the China EV 100 Forum held on April 2.

Based on this situation this year, lithium carbonate prices are expected to fall rapidly, Wang said.

Lithium carbonate prices have already fallen to RMB 250,000 per ton and are expected to fall further, with a drop to below RMB 100,000 very likely, he said.

($1 = RMB 6.8798)

Panic selling of lithium carbonate just won't stop

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