Author: Linda Ma

Retail sales of new energy vehicles (NEVs) in China plummeted to a one-year low last month, hampered by disruptions from the New Year holiday, according to data released by the China Passenger Car Association (CPCA) today. In February, retail sales of passenger NEVs in China totaled 388,000 units, marking a significant decline from the previous month and the lowest figure since February 2023. This represented an 11.6 percent drop compared to the same month last year and a staggering 42.1 percent decrease from January. See also: Tesla’s China-Made Vehicle Sales Drop to 60,365 in February, Down 18.87% from Last Year…

Polestar has announced a significant price reduction for its Polestar 4 SUV in China. However, this discount is exclusively available to the first 100 customers who purchase the vehicle. In a statement on Weibo today, Polestar revealed that Chinese customers who buy the Polestar 4 during March will receive a discount of RMB 60,000 yuan ($8,340). This discount is limited to purchases made between March 1-31 and is restricted to the first 100 customers who have paid a deposit. See also: Polestar Unveils Innovative Digital Rearview Mirror in the Polestar 4 Crossover With this discount, the Polestar 4’s starting price is…

German automakers BMW and Mercedes-Benz have joined forces in China to establish Beijing Ion Qi New Energy Technology Co., a new venture that aims to revolutionize the electric vehicle (EV) charging landscape across the country. The partnership will see the introduction of a comprehensive charging network, with plans to roll out the first stations this year in major Chinese cities known for their high adoption of new-energy vehicles. The network will subsequently expand to encompass smaller towns and regions, with a goal of constructing at least 1,000 high-speed charging stations featuring roughly 7,000 plugs by the end of 2026. This…

Chinese automaker Li Auto is gearing up to launch its all-electric SUV, the Li M6, in a move that will intensify competition in the rapidly growing electric vehicle (EV) market in China. The Li M6, internally codenamed W04, is expected to start deliveries in March 2025, according to local automotive media Meiren Auto, citing sources familiar with the matter. The Li M6 will be a five-seat all-electric SUV, positioning it to compete directly with popular models such as the Tesla Model Y, Aito M5, and Xpeng G6, according to the report. See also: Li Auto Updates L-Series Models with Configuration Upgrades…

BYD’s premium Denza brand has unveiled the 2024 D9 MPV (Multi-Purpose Vehicle), offering lower prices and upgraded specifications. The updated D9 was officially launched at an event, featuring the D9 DM-i with BYD’s hybrid technology and the all-electric D9 EV. The seven-seat Denza D9 DM-i comes in five options with starting prices ranging from RMB 339,800 to RMB 449,800, while the seven-seat D9 EV offers three options with starting prices ranging from RMB 379,800 to RMB 469,800. The new D9 DM-i is priced RMB 10,000 lower than its predecessor, and the D9 EV’s starting price is RMB 16,000 lower. See…

Xiaomi is gearing up to unveil its first electric vehicle (EV) model, the SU7, with a launch event expected to take place at the end of this month, according to reports from local media outlet Lanjinger, citing inside sources. The report suggests that deliveries of the Xiaomi SU7 could commence shortly after the official launch event. Xiaomi announced its entry into car manufacturing on March 30, 2021, and introduced the SU7 on December 28, 2023. However, the price of the model has yet to be disclosed, and the official launch date is still pending. See also: Leaked Photos Reveal New Color…

BYD has introduced an updated version of its Seagull model, significantly lowering the price of its least expensive variant as part of its latest round of model updates. The company announced the launch of the Seagull’s Glory Edition, which now starts at RMB 69,800 ($9,700), down RMB 4,000, or 5.42 percent, from its previous starting price of RMB 73,800. This move comes after BYD’s recent model updates on February 19, which included the release of the Qin Plus Glory Edition and the Chaser 05 Glory Edition. These updates follow the introduction of the Champion Editions in the previous round of…

The European Commission is gearing up to initiate customs registration for Chinese electric vehicle (EV) imports, a move that could lead to tariffs if an ongoing trade investigation determines that these imports are benefiting from unfair subsidies. The Commission’s anti-subsidy probe into Chinese battery EVs aims to assess whether tariffs should be imposed to safeguard EU producers. While the investigation is slated to conclude by November, provisional duties could be imposed as early as July. See also: European Companies Call on China to Boost Domestic Consumption Amidst Electric Vehicle Surge In a document released on Tuesday, the Commission indicated that it…

Nio, the Chinese electric vehicle (EV) manufacturer, recently disclosed its fourth-quarter 2023 financial results and strategic initiatives during an analyst call. The company announced a new sales channel for its Alps brand, aiming to establish a sales network of at least 200 stores, complementing the existing 500 stores for the main Nio brand. In 2024, Nio plans to target lower-tier cities, deploying more charging and battery swap infrastructure in these areas to enhance accessibility and competitiveness. See also: Nio Beats Revenue Expectations in Q4 Despite Decline in Deliveries, Misses Gross Margin Forecast Despite challenges, Nio remains committed to maintaining its research…

Nio reported fourth-quarter revenue that surpassed expectations, although it experienced a decline due to fewer vehicle deliveries. However, its gross margins fell slightly in the fourth quarter, missing analysts’ expectations. According to its unaudited financial results, Nio recorded revenue of RMB 17.1 billion ($2.4 billion) in the fourth quarter of 2023, up 6.5 percent from the fourth quarter of 2022 but down 10.3 percent from the third quarter of 2023. Despite the decline, this figure exceeded the median Wall Street analyst estimate of RMB 16.8 billion in a Bloomberg survey and was above the upper end of its previous guidance…

A senior Chinese official has expressed dissatisfaction with the pace of progress among state-owned automakers in the country’s new energy vehicle (NEV) sector, hinting at forthcoming policies to address the issue. Zhang Yuzhuo, chairman of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), emphasized the need to incentivize bold innovation and overcome institutional barriers, particularly in the NEV sector. He made these comments during a group interview with the media, highlighting concerns that state-owned automakers are lagging behind in NEV development. See also: China Sets Sights on 70% NEV Sales by 2030, Global Market Shifts Towards Electrification…

Kia is engaged in discussions with Thailand to establish an electric vehicle (EV) manufacturing facility in the Southeast Asian country, according to two government sources. Thailand aims to become a leading EV manufacturer in the region. The talks are currently focused on the incentives that Kia is seeking from the Thai government. “They have a serious proposal that they’ve come with,” said one of the sources. “The ball is in their court.” See also: Tesla in Talks with Thailand for Potential Factory Both Kia and Thailand’s Board of Investment (BOI) have not responded to Reuters’ inquiries regarding the matter. Thailand, known…