Author: Linda Ma

NIO reported a record revenue of RMB 16.06 billion ($2.33 billion) in the fourth quarter of 2022, marking the 11th consecutive quarter of revenue growth for the company. However, NIO fell short of Wall Street expectations and its gross margin plummeted to single digits. The company’s Q4 revenue was up 23.55 percent from Q3 and 62.26 percent year-on-year, but fell short of analysts’ expectations of RMB 17.265 billion. The revenue guidance for the quarter was RMB17.37 billion to RMB19.23 billion, but the company gave no new revenue guidance when it lowered its delivery guidance in December. See also: NIO’s Sub-Brand…

Li Auto announced that it has installed over 200,000 home charging piles for its owners, underscoring the company’s commitment to meeting the needs of its customers. As of January 31, the company had made 272,475 cumulative deliveries, with more than 70% of owners installing home charging piles. Li Auto’s EREVs are essentially plug-in hybrid electric vehicles (PHEVs), but they boast a battery range of almost 200 kilometers, longer than many conventional PHEVs. In the first four weeks of February alone, Li Auto vehicles had 15,927 insurance registrations. See also: Li Auto’s Fourth Quarter Results: Revenue Beats Expectations, Gross Margins Rebound…

NIO’s sub-brand, codenamed ALPS, is set to take advantage of the 800-volt high-voltage platform that enables faster vehicle charging. According to Shen Fei, Vice President of NIO Power, the entire lineup of ALPS will be built on this new platform, and the third-generation battery swap stations will be compatible with ALPS models. NIO’s ALPS sub-brand aims to target the mainstream market of RMB 200,000 ($28,840) to 300,000, and the vehicles will be ready for mass production and delivery in the second half of 2024. See also: NIO’s Sub-Brand ALPS to Target Mainstream Market with New Sales Channel and Halved Model…

Jiangnan Motors, a subsidiary of Zotye Auto, has launched their new affordable and efficient electric vehicle, the Jiangnan U2, on February 26th. With a starting price of 56,800 RMB (8,100 USD), which is 2,000 RMB (300 USD) lower than the pre-sale price, the U2 is expected to appeal to many customers looking for an intelligent pure electric car that doesn’t break the bank. The U2 comes in six different models, each with varying configurations and driving range, depending on the model. The car is built on the Jiangnan Automobile J-Smart 1.0 pure electric platform, which offers two power versions, one…

Li Auto, the Chinese electric vehicle (EV) maker, reported its unaudited fourth-quarter financial results with solid revenue and gross margin figures that exceeded market expectations. According to the financial reports released today, the company’s revenue was RMB 17.65 billion ($2.56 billion) in Q4 2022, slightly above the market consensus of RMB 17.622 billion. The automaker’s revenue grew by 66.19% year-on-year and 88.97% quarter-on-quarter. Li Auto had previously forecasted Q4 revenue of RMB 16.51 billion to RMB 17.61 billion. The company delivered 46,319 vehicles in the fourth quarter, which was within the guidance range of 45,000 to 48,000 vehicles. Li Auto’s…

Geely’s Zeekr brand has announced that their new MPV, the Zeekr 009, has been selected as the official vehicle for the upcoming 19th Asian Games. The electric vehicle will be used to shuttle members of the International Olympic Committee, the Olympic Council of Asia, and famous athletes during the Hangzhou Asian Games, which are set to begin in September. The decision to choose the Zeekr 009 as the official vehicle for the Hangzhou Asian Games highlights the growing popularity and trust in electric vehicles in the automotive industry. As the world shifts towards more sustainable transportation options, it’s exciting to…

BYD has denied reports of official price cuts on its Dynasty and Ocean series vehicles, stating that dealer promotions are responsible for discounts in some areas. The automaker’s operations remain stable and it is not currently considering price cuts, according to an unnamed company source cited by Yicai. However, Jiemian reported that several BYD showrooms in Beijing and Shanghai claimed to have received official notices of price reductions on most models, with discounts ranging from RMB 10,000 or more for older models and several thousand RMB off for popular models. See also: BYD Cuts Prices to Keep Market Share Amid…

Tesla China is gearing up to upgrade its Giga Shanghai Model 3 line at the end of February. This is a departure from the company’s usual practice of focusing on the domestic market in the latter half of each quarter. The upgrades are expected to pave the way for the release of an updated Model 3, making the vehicle more competitive in the market. Recent drone flyovers at the Shanghai port show that there are still a large number of Teslas waiting to be shipped abroad. Interestingly, many of the vehicles still at the port are right-hand-drive Model 3 units.…

Chinese smartphone makers Oppo and Vivo have announced a partnership with NIO, the electric vehicle (EV) maker, to adapt their smartphones into car keys for NIO’s vehicles. NIO owners can now use their Oppo or Vivo smartphones as senseless car keys by completing the necessary settings. Oppo users can add digital car keys to their phone’s wallet app, which will unlock the doors automatically when the phone is close to the car. Once the driver enters the car, they can activate the driving mode directly. After leaving the car with their phone, the vehicle will automatically lock, eliminating the need…

Huawei and Seres Group, one of its key partners in the automotive sector, have signed a new agreement to deepen their collaboration and expand their offerings in the field. According to a press release from Seres, the two companies will jointly launch a new vehicle platform, with the first flagship model expected to be released in 2023 and equipped with advanced intelligent driving systems. Additionally, several new models based on the platform are slated for release in the future. Huawei will bring its market and user demand insight capabilities to the table, while Seres will continue to evolve and improve…

NIO is reportedly planning to build its first battery plant to produce large cylindrical batteries similar to those used by Tesla, according to sources cited by Reuters. The new plant, located next to NIO’s major manufacturing center in Hefei, eastern China, will have an annual battery capacity of 40 GWh and will be capable of powering approximately 400,000 long-range electric vehicles. The move is aimed at reducing NIO’s reliance on suppliers such as CATL, and the company’s founder, chairman, and CEO, William Li, confirmed in an earnings call last June that NIO would develop its own batteries. See also: CATL…

Geely Auto, the Chinese multinational automotive company, has recently launched its latest series of vehicles, the Galaxy series. The first model of this series is the Geely Galaxy L7 SUV, a plug-in hybrid (PHEV) SUV that will begin deliveries in the second quarter of this year. The Galaxy series will focus on premium long-range hybrid and pure electric vehicles, with the L line representing PHEVs and the E line representing pure EVs. The second car of the Galaxy series, the L6 PHEV sedan, will start deliveries in Q3 of this year. The first car of the E series, the E8,…