The guidance came as the company reported a 45.9 per cent drop in revenue and a 37.6 per cent wider net loss in the first quarter.

Dongfeng Honda Automobile’s first export shipment includes plug-in hybrid and battery-powered EVs destined for sale in several European countries as China’s auto industry flexes its growing muscle.

Domestic carmakers are rapidly gaining market share in China as they embrace electric vehicles faster than their foreign rivals who are grappling with unused manufacturing capacity of gas and diesel vehicles

The Chinese carmaker has set a new record, becoming the first home-grown premium electric vehicle (EV) brand to deliver more than 25,000 units in a single month.

The crux of the debate in the fastest growing EV market, where 60 per cent of new vehicles entering China’s roads are expected to be electric by 2030 is what the perfect EV looks like.

The carmaker reported that net profit fell to 4.13 billion yuan (US$596.28 million) in the first quarter, down from 7.3 billion yuan in the fourth quarter as potential buyers anticipated bigger price cuts.

Will the global supply chain that originates from China have to be rewired, as rising protectionism in America targets most things made in China amid deteriorating US-China relations?

Battery power took center stage, with makers jostling to show off their electrification credentials.

Chinese carmakers will continue to offer discounts well into the second half of the year as the debilitating price war shows no signs of slowing down in the world’s top market, industry insiders said at the Shanghai Auto Show.

Carmakers plan to unveil a total of more than 100 new models, 70 of which will be electric, according to the organisers. Some 1 million visitors are expected to visit the 10-day event starting on Tuesday.

The carmaker’s 2022 net loss more than doubled to 9.14 billion yuan from a year ago, despite its sales growing 28 per cent to 27.9 billion yuan, as it invested in research and development.

Alibaba-backed IM Motors is aiming for head-on competition with Tesla in mainland China this year, with the launch of new EVs expected to take on the US carmaker’s bestselling Model 3 and Model Y.

Tens of thousands of Chinese car buyers have been flocking to BYD, Nio, Xpeng, Li Auto and a number of China-domiciled EV makers of late, unseating Tesla as the most desirable EV brand in China.

Li Auto and Xpeng, two of mainland China’s top-three premium EV makers, reported growth in deliveries for a second consecutive month in March, bucking a downwards trend in the world’s largest automotive market.

Xpeng’s G9 Max and P7i Max models equipped with proprietary navigation software can recognise traffic lights, change lanes and even overtake cars.

Nio plans to build 1,000 additional stations this year that allow drivers to change – rather than charge – their car battery as the company aims to bolster sales in a slumbering market.

Traders have been abandoning Chinese auto stocks as a price war started by Tesla and BYD spread across the whole industry, a sign of weak consumer sentiment amid pessimism about the pace of economic recovery.

China’s top smartphone brand plans to enter the EV market with its first product next year, CEO Lei Jun told the National People’s Congress on Sunday.

AutoFlight’s five-seater Prosperity I reached a distance of 250.3 kilometres during a recent test flight, setting a new world record for an electric vertical take-off and landing aircraft.

The company’s position is secure because it creates a lot of jobs and contributes a lot to the local economy, says Elon Musk’s right-hand man.

China’s premium EV makers report monthly sales increases although analysts caution on strength of recovery, saying holiday factors affected data.

The electric-car brand, which has two new cars slated for introduction this year, aims to use the funding to support technology research and global expansion.

The L7, starting at 319,800 yuan (US$47,108), is the third new model the start-up has launched in the world’s largest EV market in just eight months.

Leekr Technology, a Shanghai-based supplier of chassis control systems to EV makers, plans to double production capacity this year in response to surging demand for its products.

Nio president says ‘offering discounts to chase a rise in sales volume is not an ideal solution’ for premium EV brands.

The electric vehicle start-up is stepping up its overseas expansion as mainland Chinese carmakers mount a challenge against established players, buoyed by their growing manufacturing and technological clout.

Nio, Xpeng and Li Auto got off to a slow start in 2023 as the Lunar New Year holiday disrupted production and sales slowed following recent Tesla price cuts and the end of a government subsidy.