Tagged: eV

BYD aims to sell at least 3 million vehicles this year

aims to sell at least 3 million vehicles this year and strive to reach 3.6 million, said Wang Chuanfu, its chairman and president.  |  BYDDY.US | BYD HK

BYD aims to sell at least 3 million vehicles this year and will strive to reach 3.6 million, said Wang Chuanfu, the company's chairman and president.

BYD announced its 2022 annual report on March 28 and held an investor conference on March 29, where Wang revealed the target, according to a report by local media outlet Yicai today.

For the 3.6 million unit sales target BYD is striving to reach, 2.8 million will be in China and 800,000 in overseas markets, the report said, citing an insider at the company.

BYD sold 1,868,543 vehicles in 2022, including 1,863,494 NEVs. The company discontinued production and sales of vehicles powered entirely by internal combustion engines in March 2022.

The company sold 50,021 NEVs overseas from July to December 2022. It first announced overseas NEV sales figures in July 2022.

If it can achieve its sales target of reaching 2.8 million units in China, BYD will surpass the Chinese market record of 2.16 million sales held by FAW-Volkswagen, Yicai's report noted.

If it can reach 3.6 million units in global sales, BYD will be among the top 10 car companies in global auto sales this year.

BYD aims to become the largest automaker in China by the end of this year, Wang said.

BYD's retail sales of 316,417 units in January-February were the highest among all car companies in China, with an 11.8 percent share, according to a list released earlier this month by the China Passenger Car Association (CPCA).

Wang expects China's NEV sales to be 8.5 million to 9 million units in 2023, with penetration rates of up to 40 to 45 percent, and possibly exceeding 50 percent in some months.

This means that sales for all cars will be about 20 million units in China this year, with traditional fuel vehicles selling around 11 million units, a further reduction of about 4 million units from 2022.

In China's first-tier, second-tier and third-tier cities, consumers are already barely considering fuel vehicles when buying cars, Wang said.

BYD has pricing power in the price range of 100,000 yuan ($14,540) to 200,000 yuan, but the company wants to keep things steady, he said.

BYD doesn't want to make it hard for others and make it impossible for others to survive, Wang said.

He believes that ADAS algorithms and high-level assisted driving have been deified by people under the influence of capital, and that the market will slowly return to rationality.

Wang believes that the Chinese car market is highly competitive, while competition in overseas markets is not sufficient, and Chinese automakers will find no or few rivals when they go abroad.

Products that are competitive in China will still be competitive in overseas markets with a 20 percent price increase, he said.

In expanding overseas markets, a good strategy in the short term is to focus on countries without local car brands, rather than the United States, South Korea, Germany, Japan, France and other auto powerhouses, Wang said.

($1= RMB 6.8768)

BYD expects its Q1 NEV sales to grow over 80% YoY, aims to be largest automaker in China by year-end

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NIO opens new NIO House in Frankfurt, its 2nd in Germany

co-founder and president Qin Lihong was on-site for the opening of that NIO House.

NIO (NYSE: NIO) today opened its second NIO House in Germany, as it steadily moves forward with its efforts to tap the European market.

The new NIO House is centrally located in Frankfurt's Groβe Eschenheimer StraBe, between the traditional old town and the city's business district, according to information shared by the European version of the NIO App.

Opposite this NIO House is the Eschenheimer Tor square with the Eschenheimer Tower, a Frankfurt landmark.

The showroom offers relaxation, culture, enjoyment, knowledge and business functions under one roof of more than 1,600 square meters.

Users can see current NIO models in the gallery, experience living room concerts with musicians from all over Germany, or participate in forums.

NIO co-founder and president Qin Lihong was present for the opening of the NIO House, according to information shared by the company's source.

The NIO House is open from Monday to Saturday from 10:00 to 19:00.

NIO Houses is the flagship showroom of NIO, and the company's showrooms in China also include the smaller NIO Spaces.

NIO House is much more than just a space to display and sell vehicles, it is a space for NIO to provide owners with a quality lifestyle.

On October 1, 2021, NIO opened its first NIO House in Norway, its first such facility in Europe.

On December 16, 2022, the company opens its first NIO House in Germany, located on Kurfurstendamm in Berlin.

Immediately following the opening of NIO's NIO House in Frankfurt, the company will begin deliveries of the ET5 sedan in Germany on Friday.

March 31 is the official delivery date for the NIO ET5 in Germany, and NIO is using it as an opportunity to launch the ET5 first mover campaign, in which the first consumers to receive a NIO ET5 delivery will get special equipment worth 1,800 euros for free, according to an article in the European version of the NIO App yesterday.

Here are more pictures of the NIO House in Frankfurt shared by NIO App.

NIO to start ET5 delivery in Germany on Mar 31

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Seres unveils new NEV brand Landian and 1st model E5 with BYD, Huawei technology

The Landian E5 is a mid-size plug-in hybrid SUV with a starting price of RMB 139,900.

Chinese tech giant 's key partner in the automotive sector, Seres Group, has launched another new energy vehicle (NEV) brand to increase its bets in the sector.

Seres today officially unveiled the Landian (蓝电) brand and made its first model, the plug-in hybrid E5, available with technology from Huawei and , according to an online launch event.

Landian literally means blue electricity in Chinese. The brand is positioned as a builder of the Internet of Everything ecosystem in the "E era", where the letter E refers to Electric.

By 2023, the Landian brand will build 340 experience stores and 160 delivery centers, Seres said.

The Landian E5 is a mid-size SUV, available in five- and seven-seat versions. It measures 4,760 mm in length, 1,865 mm in width and 1,710 mm in height, and has a wheelbase of 2,785 mm.

The car is available in two versions with starting prices of RMB 139,900 ($20,330) and RMB 151,900 respectively.

The Landian E5 is powered by Seres' DE-i electric drive platform, which uses the F31A 1.5L PHEV-specific engine and DHT300 electric hybrid system from BYD's FinDreams Power.

The engine has a maximum power of 81 kW and a maximum torque of 135 Nm, while the electric motor has a maximum power of 130 kW and a maximum torque of 300 Nm. It can accelerate from 0 to 100 km/h in 7.4 seconds.

The car has an NEDC range of 100 km, 110 km on battery power and a combined WLTC range of 1,150 km on full fuel and full charge.

The Landian E5 is equipped with Huawei's HiCar 3.0 system, a lite version of HarmonyOS for cars, but supports features including seamless connectivity with cell phones.

Chongqing-based Seres Group was renamed from Chongqing Sokon Industrial Group in July 2022. It is Huawei's most important partner in the automotive industry to date.

Huawei announced on April 20, 2021 that the company officially started selling cars, with the Seres SF5 from the Seres Group's Seres brand being the first model to enter its channels.

The Seres brand announced the launch of a premium NEV brand called AITO with Huawei on December 2, 2021, and has already launched models including the M5 and M7.

Seres Group sold 12,773 vehicles in February, including 6,577 NEVs, according to figures it announced earlier this month.

On February 25, the Seres brand and Huawei signed an agreement on deepening their joint business, which will see the two jointly launch a new vehicle platform, the first flagship model of which is scheduled for release in 2023.

Seres unveiled aggressive plans at the time, saying the joint business aims to see annual sales of NEVs reach 1 million units by 2026.

($1 = RMB 6.8813)

Seres, Huawei sign deal on joint business, aim to sell 1 million NEVs by 2026

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Analysts explain how falling lithium carbonate prices affect EV costs

For an EV with a 70-kWh pack, the cost of the battery is now RMB 12,300 - RMB 14,500 lower than when lithium carbonate prices were at their previous high, analysts say.

Analysts explain how falling lithium carbonate prices affect EV costs-CnEVPost

Falling lithium carbonate prices are known to benefit the profitability of electric vehicle (EV) makers. So how will this price change affect the cost of EVs? A new research note provides a good analysis.

An EV powered by a lithium iron phosphate (LFP) battery typically uses 30-40 kilograms of lithium carbonate, while an EV with a ternary lithium battery consumes 50-70 kilograms of the material, said Haitong International Securities analyst Yang Bin's team in a research note today.

When the price of lithium carbonate drops by RMB 100,000 ($14,540) per ton, the cost of ternary lithium batteries and LFP batteries will see marginal decreases of RMB 60 to RMB 70 per kWh, respectively, the team's calculations show.

In this case, the battery cost would be RMB 4,200 to RMB 4,900 lower for an all-electric vehicle with a 70-kWh battery capacity.

This means that the current battery cost of an all-electric vehicle with a 70-kWh battery capacity is already RMB 12,300 - RMB 14,500 lower than when lithium carbonate prices were at their previous high, the team said.

As a backdrop, lithium carbonate prices have never seen a single day of gains in China this year and continue to fall by several thousand RMB today, according to data from Mysteel.

The average price of battery-grade lithium carbonate per ton in China fell by RMB 7,500 to RMB 256,500 today, down about 57 percent from RMB 590,000,000 last November. The average price of industrial grade lithium carbonate per ton also fell by RMB 7,500 to RMB 210,000 today.

Falling battery costs will drive down the overall cost of EVs, which will allow automakers to see their gross margins repair, according to Haitong's research note.

However, the team also noted that in the long run, automakers need to achieve technology upgrades, reduce costs and improve competitiveness in order to capture sufficient market share and profitability, considering EV penetration is already high in China.

With lower lithium carbonate prices, EV makers will have more room for pricing as they gain greater profit margins, the team said, adding that this is expected to allow them to gain greater market share by cutting prices.

Although the price of lithium carbonate has fallen by more than half from its high a few months ago, the team believes there is still room to fall.

In 2022, China's lithium resource supply was 727,000 tons and demand was 796,000 tons, the team said.

In 2023, China's lithium resource supply is expected to reach 1.088 million tons and demand is expected to be 1.034 million tons, according to the team.

With the supply of lithium resources outstripping demand, there is still room for lithium carbonate prices to fall, with the price of battery grade lithium carbonate expected to fall to around RMB 200,000 per ton by the end of 2023, the team said.

($1 = RMB 6.8772)

Panic selling of lithium carbonate just won't stop

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