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Continue reading Tesla doubles Model 3 discount on vehicles in U.S. inventory
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XPeng delivered 7,506 vehicles in May, up 6.03 percent from April but down 25.87 percent year-on-year.
XPeng guided for second-quarter deliveries of 21,000 to 22,000 units when it reported first-quarter earnings on May 24.
The company will begin pre-sales of the G6 SUV, which is aim at competing with Tesla's (NASDAQ: TSLA) Model Y, on June 9.
The XPeng G6 will go on sale in June, with volume deliveries starting in July, and production capacity will climb quickly, the company's management said in a call with analysts after announcing first-quarter earnings.
The G6 will be a hot seller in China's new energy SUV market priced between 200,000 yuan ($28,150) and 300,000 yuan, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.
Below is its press release, as the CnEVPost article is being updated.
XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its vehicle delivery results for May 2023.
In May 2023, XPENG delivered 7,506 Smart EVs. The delivery volume of the P7i has experienced a substantial increase compared to the previous month. The Company will further accelerate deliveries of the P7i in June, with the goal of rapidly bringing customers this popular new model that features outstanding style and design aesthetics and distinguishing smart features.
Presale for the G6 Ultra Smart Coupe SUV begins on June 9, with display vehicles available at our stores.
In May, XPENG invited the media to test drive the G6. Feedback from media on the G6 highlights that the new model has distinct advantages over other EV models in terms of its ADAS capabilities and its 800V platform for fast charging. The Company anticipates the G6 will emerge as one of the most popular, bestselling models in China's NEV SUV market segment with the RMB200,000 to RMB300,000 price range.
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The G6 needs to be successful for XPeng to be truly relevant to the market again, Deutsche Bank analyst Edison Yu's team said earlier this week.
(Image credit: CnEVPost)
XPeng (NYSE: XPEV) will start pre-sales of the G6, a new SUV aimed at competing with Tesla's (NASDAQ: TSLA) Model Y, in a week's time.
Pre-sales for the XPeng G6 will begin on June 9, the Chinese electric vehicle (EV) maker announced today on Weibo, without giving any further details.
XPeng had previously pre-sold the P5 sedan. As per previous practice, it is expected to announce the G6's pre-sale price next week and the SUV's official price at the end of June.
The XPeng G6 will officially launch in June, with volume deliveries starting in July, and production capacity will climb rapidly, the company's management said in a May 24 analyst call after announcing first-quarter earnings.
The G6 will be a hot seller in China's new energy SUV market priced between 200,000 yuan ($28,150) and 300,000 yuan, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.
With about two months set aside for the G6 from the start of production to delivery, XPeng expects the model to reach more than double the sales of the P7i, its management said.
"With margins and cash burn looking materially worse following 1Q earnings, we believe management may be making its last stand with the G6," said Deutsche Bank analyst Edison Yu's team in a research note sent to investors on May 30.
Yu's team believes that XPeng management's words on the call indicate that the EV maker expects to sell 6,000-8,000 units of the G6 per month.
The G6 needs to be successful for XPeng to be truly relevant to the market again, Yu's team said.
XPeng unveiled a new architecture called SEPA (Smart Electric Platform Architecture) 2.0 at a technical conference in Shanghai on April 16, saying the G6 would be the first model built on the architecture.
On April 18, XPeng officially unveiled the G6 on the first day of the Shanghai auto show, saying that the G6 is the ultimate form of car before full self-driving is achieved.
The model is based on the 800 V high-voltage platform and can get a 300-kilometer range in as little as 10 minutes on a charge, XPeng said at the time. The company's other 800 V-based model is the flagship G9 SUV.
XPeng cited the Tesla Model Y as its main competitor to the G6 and hopes to attract consumers with its sleeker design and updated interior.
The vehicle is positioned as an all-electric midsize SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing in March showed.
For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm and 1,624 mm, respectively, and a wheelbase of 2,890 mm.
($1 = RMB 7.1042)
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Musk arrived in Shanghai from Beijing yesterday evening and toured the Tesla Shanghai factory overnight.
Tesla (NASDAQ: TSLA) CEO Elon Musk has wrapped up his brief visit to China, where he spent the past two days meeting with several Chinese officials and visiting Tesla's Shanghai factory.
Musk's private jet with registration number N628TS took off from Shanghai's Hongqiao Airport at 11:23 am Thursday and is expected to arrive in Austin, where Tesla is headquartered, in 12 hours and 50 minutes, according to flight-tracking platform Variflight.
The Tesla CEO arrived in Shanghai from Beijing yesterday evening and toured the Tesla Shanghai factory overnight.
Early this morning, Grace Tao, Tesla's vice president of external affairs, shared two images on Weibo showing Musk with Giga Shanghai employees.
(Images from Grace Tao's Weibo.)
The Weibo was posted at 0:28, while Tao was at the facility, her Weibo location information shows.
Neither Tao nor Tesla disclosed the exact schedule of Musk's activities at Giga Shanghai, though Bloomberg reported that the first cars to roll off the line at the plant on Thursday were prototypes of the updated Model 3 sedan.
Musk arrived in Beijing on May 30 on his private jet, and was later met by Chinese State Councilor and Foreign Minister Qin Gang in Beijing.
Tesla opposes decoupling and supply chain disconnection and is willing to continue to expand its business in China and share in China's development opportunities, Musk said, according to a statement from the Chinese Foreign Ministry.
On May 31, Chinese Minister of Industry and Information Technology (MIIT) Jin Zhuanglong met with Musk in Beijing, where the two sides exchanged views on topics including the development of new energy vehicles (NEVs) and smart connected vehicles, according to an announcement from the MIIT.
Musk then visited China's Ministry of Commerce and was met by Commerce Minister Wang Wentao.
In addition to the meeting with Chinese officials, Musk was seen meeting with Robin Zeng, chairman of CATL, the world's largest power battery manufacturer, on May 30.
A picture circulating on Chinese social networks shows Musk and Zeng together in the lobby of a hotel.
Musk meets with more officials as he begins 2nd day of China visit
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Continue reading Tesla Model Y was world's best-selling car in Q1, with China its top market
Tesla Model Y was world's best-selling car in Q1, with China its top market originally appeared on Autoblog on Wed, 31 May 2023 10:34:00 EDT. Please see our terms for use of feeds.
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Continue reading I bought a Tesla. Here's why
I bought a Tesla. Here's why originally appeared on Autoblog on Wed, 31 May 2023 10:00:00 EDT. Please see our terms for use of feeds.
Permalink | Email this | CommentsMusk met with China's Minister of Industry and Information Technology and Minister of Commerce today. He met with China's foreign minister after arriving in Beijing yesterday and was seen meeting with CATL's chairman.
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Tesla (NASDAQ: TSLA) CEO Elon Musk began the second day of his visit to China today, meeting with more local officials.
On May 31, Chinese Ministry of Industry and Information Technology (MIIT) Minister Jin Zhuanglong met with Musk in Beijing, where they exchanged views on topics including the development of new energy vehicles (NEVs) and smart connected vehicles, according to an announcement from the MIIT.
The MIIT is China's industrial regulator, overseeing areas including the automotive industry.
Earlier today, Reuters reported that Musk visited China's Ministry of Commerce and met with Commerce Minister Wang Wentao.
Musk arrived in Beijing yesterday on its private jet, and was later met by Chinese State Councilor and Foreign Minister Qin Gang.
Tesla opposes decoupling as well as supply chain disconnection and is willing to continue to expand its business in China and share in China's development opportunities, Musk said, according to a statement from the Chinese Foreign Ministry yesterday.
In addition to the meeting with Chinese officials, Musk was seen yesterday meeting with Robin Zeng, chairman of CATL, the world's largest power battery maker.
A picture circulating on Chinese social networks showed Musk and Zeng together in the lobby of a hotel.
Neither Tesla nor CATL made an announcement about the meeting. Local media outlet The Paper cited industry sources as saying the talks could include cell supply for Tesla's Megafactory in Shanghai, future cooperation on a battery plant in North America and power cell supply.
Tesla signed a contract with Shanghai's Lingang authorities on April 9 to build a new Megafactory in the area, which will be dedicated to the production of Tesla's energy storage product Megapack.
The Megafactory will be Tesla's first energy storage system factory outside of the US home market, with an initial planned annual production capacity of up to 10,000 commercial energy storage batteries and an energy storage scale of nearly 40 GWh, with products to be supplied to the global market.
The plant is scheduled to start construction in the third quarter of this year and go into operation in the second quarter of 2024, according to an announcement by the Lingang special area administration.
Tesla's vehicle assembly plant in Shanghai is located in the Lingang area, which began operations in late 2019 and has now become Tesla's largest EV production site in the world.
Tesla sold 75,842 China-made vehicles in April, including 39,956 delivered in China and 35,886 exported, according to data released earlier in the month by the China Passenger Car Association (CPCA).
Chinese foreign minister Qin Gang meets with Tesla CEO Elon Musk in Beijing
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Continue reading NHTSA ends probe into Tesla allowing video games while vehicles are moving
NHTSA ends probe into Tesla allowing video games while vehicles are moving originally appeared on Autoblog on Tue, 30 May 2023 11:19:00 EDT. Please see our terms for use of feeds.
Permalink | Email this | CommentsTesla opposes decoupling and is willing to continue to expand its business in China and share in China's development opportunities, Musk said.
Tesla (NASDAQ: TSLA) CEO Elon Musk began his meetings with Chinese officials upon his arrival in Beijing.
On May 30, Chinese State Councilor and Foreign Minister Qin Gang met with Musk in Beijing, according to a statement on the Chinese Foreign Ministry website.
Chinese-style modernization will create unprecedented growth potential and market demand, and China's new energy vehicle (NEV) industry has a promising future, Qin said.
China will continue to unswervingly promote a high level of opening up to the outside world and is committed to creating a better market-oriented, rule-of-law and international business environment for enterprises from all countries, including Tesla, he said.
China's development is an opportunity for the world, and a healthy, stable and constructive US-China relationship will benefit both China and the United States, as well as the world, Qin said.
To develop Sino-US relations well, it is necessary to hold the steering wheel and move forward in the right direction of mutual respect, peaceful coexistence and win-win cooperation as proposed by President Xi Jinping, he said, using the analogy of Tesla's car.
The United States and China need to "apply the brakes" in time to avoid "dangerous driving"; good at "stepping on the accelerator pedal" to promote mutually beneficial cooperation, Qin said.
The Chinese people are hardworking and wise, and China's development achievements are well deserved, Musk said, according to the statement.
The interests of the United States and China are intertwined, like Siamese twins inseparable from each other, Musk said.
Tesla is opposed to decoupling and the disconnection of the supply chain and is willing to continue to expand its business in China and share the opportunities of China's development, Musk said.
The statement provided no further content. Qin previously knew Musk when he was China's ambassador to the United States.
On March 4, 2022, Qin tweeted that he had an inspiring conversation with Musk about cars on the road, stars in the sky, research on the human brain, the meaning of life on Earth and our future into space.
Last August, Qin congratulated Tesla's Shanghai plant for seeing its one millionth production vehicle roll off the line, citing it as a model for US-China cooperation.
"In less than 3 years, from 0 to 1,000,000. This is a marvelous achievement," Qin said in a retweet of Musk's tweet on August 16, 2022.
China's foreign ministry says welcome as Musk arrives in Beijing
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NIO's cumulative sales so far this month were around 5,300 units, with the company launching and starting deliveries of the new ES6 on May 24.
For the week of May 22 to May 28, Li Auto (NASDAQ: LI) sold 7,100 vehicles, continuing to lead among China's new car brands, the company said today on Weibo.
Li Auto didn't explain what that sales volume was based on, but apparently, they were insurance registrations. The company had suspended sharing those numbers earlier this month, but has now resumed sharing them.
Last week's numbers mean that Li Auto sold 25,413 vehicles from May 1 to May 28. In the first three weeks of May, Li Auto's numbers were 4,543, 6,670 and 7,100 vehicles.
Li Auto is currently untroubled by the product switch, and its founder, chairman and CEO Li Xiang said on Weibo on May 24 that the company's five-seat SUV, Li L7, is expected to reach 20,000 monthly sales in October.
All of Li Auto's models currently on sale are extended-range electric vehicles (EREVs), with the other two models being the six-seat Li L9 and Li L8.
NIO (NYSE: NIO) sold 1,600 units last week, according to figures shared by Li Auto.
This means that NIO's cumulative sales for the month through last week were about 5,300 units. NIO's numbers for the first three weeks of May were 1,100, 1,200 and 1,400 units, respectively.
NIO officially launched the new ES6 on May 24, after the wait for the model by potential consumers seemed to have been holding down its sales.
Deliveries of the new ES6 began on the evening of May 24, although the vehicles were produced by NIO in advance rather than customized by consumers to their liking.
NIO began production of the new ES6 based on designer-recommended configuration combinations, and if consumers purchase these vehicles, official deliveries will begin on May 25, according to a May 24 post on the NIO App.
Consumers who wish to customize the vehicles can lock in their orders in the NIO App, and deliveries will begin in mid-June.
XPeng (NYSE: XPEV) vehicles sold 2,100 units last week, up from 1,500 units the week before. The numbers were 870 and 1,500 in the first two weeks of May, respectively.
Since May 1, XPeng vehicles have sold 5,970 units this month.
Tesla (NASDAQ: TSLA) sold 12,800 units in China last week, up from 10,200 the week before, according to figures shared by Li Auto.
That figure for Tesla was 5,928 and 9,990 in the first two weeks of May and 38,918 cumulatively so far this month.
Zeekr was at 1,900 last week, down from 2,000 the week before and up from 1,500 in the second week of May. Its numbers for the first week of May are not available.
Neta sold 2,100 units last week, up from 1,500 the week before. That figure was 1,000 and 1,700 units in the first two weeks of May, for a cumulative total of 6,300 units so far this month.
Leapmotor sold 3,600 units last week, up from 3,000 the week before. That figure was 2,200 and 2,500 units in the first two weeks of May, and 11,300 units so far this month.
China NEV insurance registrations for week ending May 21: Li Auto 7,100, XPeng 1,500, NIO 1,400
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