Latest news and analysis about Nio Inc, which is one of the several Chinese electric carmakers listed on the New York Stock Exchange (NYSE). The Shanghai-based start-up counts Tencent Holdings among its financial backers.
If America really is not afraid of free and fair competition, it must rise to the challenge presented by Chinese electric vehicles and not apply its ‘national security’ brake.
Nio will team up with Zhejiang Geely to promote battery swapping technology as the two leading EV makers try to overcome poor charging infrastructure in the world’s biggest EV market.
Nio envisions full automation at its plants in future through the use of advanced AI and robotic technologies, vice-president Ji Huaqiang says. The EV maker laid off 10 per cent of its staff this month.
Shanghai-based Nio has formed a partnership with state-owned Changan Automobile to build EVs equipped with battery swapping technology to ease drivers’ range anxiety.
New launches by BYD, the world’s largest electric vehicle (EV) maker, targeting established models by Tesla, leader in China’s premium EV segment, are expected to intensify competition in the world’s largest auto market, analysts said.
Li Auto, Tesla’s closest rival in mainland China, unveiled its first multipurpose vehicle (MPV) on Friday as the electric vehicle (EV) maker looks to expand its customer base in the family segment of the world’s biggest car market.
In China, the world’s largest EV market, where ‘intelligent’ battery-powered vehicles are a must-have, Huawei Technologies, Baidu and Xiaomi are challenging established players and heightening concerns about overcapacity and a price war.
Tesla’s deliveries in mainland China fell 34.2 per cent month on month in October, slipping further following a 32.8 per cent drop in September, according to CPCA. The price increases will push consumers towards rivals, analyst says.
The Shanghai-based company’s lay-offs reflect its effort to stay afloat amid escalating competition in the world’s largest EV market and rising losses.
China’s premium EV makers report bumper October sales as technology-packed vehicles continue to find favour with wealthy buyers.
The joint venture between search-engine giant Baidu and China’s top private carmaker Geely, began delivering an electric vehicle (EV) model with self-driving capabilities in a bid to take on Tesla’s Model Y in the mainland’s cutthroat market.
The 14,000 yuan (US$1,917) increase comes after Tesla reported a 32.8 per cent month-on-month sales decline on the mainland in September and could signal a shift to prioritising profit over volume, an analyst says.
Chinese EV start-up Xpeng plans to expand the use of its semi-autonomous driving technology to 50 mainland cities by the end of the year and nationwide by the end of 2024.
BYD, the world’s largest EV maker, expects its third-quarter earnings to hit an all-time high after it delivered a record number of cars to Chinese consumers.
Aito sold 60,000 units of the M7 in a month, resulting in delivery delays and underlining the strong demand for domestic EVs in the sizzling mainland China market long dominated by Tesla.
The Gigafactory in Shanghai delivered 12 per cent fewer cars in September – bucking the market trend – as Tesla upgraded its mainland China plant ahead of the launch of a revamped Model 3.
China’s EV market is expected to maintain strong growth momentum in the fourth quarter of 2023, thanks to new launches and discounts offered by carmakers, industry players and observers said.
China’s fast growing electric vehicle market has seen a proliferation of manufacturers at a time when demand was boosted by government subsidies. But rising costs and slowing demand are beginning to weigh on the smaller players who are now faced with the risk of elimination.
Luxeed, a marque developed by state-owned Chery Automobile and telecoms equipment giant Huawei Technologies, will launch its first production model in November.
The company started European sales of two models just weeks ago and plans to add another seven by 2025, but its aspirations could run into a roadblock should the European Union impose extra import tariffs on Chinese EVs.
The company believes a technology-heavy owner experience, supported by the phone’s more than 30 car-specific features, will give it an edge in a sizzling but crowded market.
Nio plans to raise US$1 billion via convertible senior notes, as it seeks to reduce debt and strengthen its balance sheet amid escalating competition and rising losses.
Chinese electric vehicle builders hit a roadblock after the European Commission launched an anti-subsidy investigation last week, which is likely to affect annual exports of more than 2 million battery-powered vehicles projected to be sold in the continent by 2030.
Amid frantic competition, makers have reduced prices again to lure buyers, but the cuts could be the last for a while as sales are already strong and margins are thin, according to analysts.
Li Auto and BYD, two of China’s top electric vehicle marques, broke monthly sales records in August as they benefited from a release of pent-up demand in the world’s largest EV market.
The new basic edition of the Model 3 is priced at 259,900 yuan (US$35,783) and can go as far as 606km on a single charge. Tesla’s sales fell 58 per cent month on month in July.
The Shanghai-based start-up has raised 7 billion yuan (US$960 million) in pre-IPO financing as it gears up to tap the Southeast Asia market.
Chinese EV start-up Nio predicts its deliveries will soar by as much as 80 per cent as it reported a net loss for the second quarter that had widened by 27.8 per cent on the year to 6.1 billion yuan (US$836 million).
The upbeat delivery estimates were presented after Xpeng reported that its net loss for the second quarter widened by 19.7 per cent.
Tesla made its second round of price cuts in China this week, further fuelling concerns the carmaker is reigniting a price war and pressuring premium carmakers to follow suit.