Author: Andrew Wang

BYD reported a steep decline in first-quarter profit, highlighting mounting pressure on automakers as China’s new energy vehicle (NEV) market entered a seasonal slowdown. Net profit attributable to shareholders fell 55.38% year-on-year to 4.09 billion yuan ($594 million), according to the company’s financial results. Adjusted net profit, excluding non-recurring items, declined 49.24% to 4.15 billion yuan. Revenue also dropped 11.82% to 150.23 billion yuan during the period, reflecting weaker sales and intensifying competition. BYD sold 700,463 NEVs in the first quarter, down 30.01% compared to a year earlier and 47.82% lower than in the fourth quarter, when demand had been…

CATL has raised approximately €4.3 billion through a new share placement in Hong Kong, as the company looks to expand global production capacity and invest in research and development. The Chinese battery giant sold new H-shares worth 39.2 billion Hong Kong dollars, pricing them at HK$628.20 each—around 7% below the previous closing price of HK$675.50 on the Hong Kong Stock Exchange. The capital raise follows CATL’s initial public offering in Hong Kong in May 2025, which generated roughly €4.1 billion. Since then, the company’s share price has risen by around 157%, reflecting strong investor appetite for clean energy and battery-related…

China’s retail sales of new energy vehicles rose sharply in March from the previous month but continued to decline from a year earlier, extending a broader slowdown in the country’s electric vehicle market, data from the China Passenger Car Association showed on Thursday. Passenger NEV retail sales in China totaled 848,000 units in March, up 82.6% from February but down 14.4% from the same month a year earlier, marking the third consecutive month of year-on-year decline, according to CPCA data. China classifies new energy vehicles as battery electric vehicles, plug-in hybrid electric vehicles and fuel cell vehicles. Battery electric vehicle…

CATL has signed a strategic cooperation agreement with Guangzhou Public Transport Group to jointly develop a battery swap network for taxis in Guangzhou, as part of its broader expansion into energy infrastructure. The agreement was signed in Ningde, where CATL is headquartered. Under the partnership, the two companies will collaborate on battery supply, maintenance, recycling and the deployment of battery swap facilities, CATL said in a statement. The companies will also explore additional applications, including electric vessels, vehicle-to-grid (V2G) systems and low-altitude mobility solutions, with the aim of building a more diversified urban energy ecosystem. While detailed rollout plans for…

Nio has unveiled an updated version of its Firefly compact electric vehicle, adding new features and performance improvements without raising prices, as the brand looks to strengthen its appeal among urban commuters. The Firefly, positioned as a boutique compact EV under Nio, is now priced from 119,800 yuan ($17,470) for the base version with battery included. Customers opting for the company’s battery-as-a-service (BaaS) programme can purchase the vehicle from 79,800 yuan, with a monthly battery rental fee of 399 yuan. A higher-spec variant starts at 125,800 yuan for full ownership, or 85,800 yuan under the BaaS model. The updated model…

South Korean automaker Kia has launched a recall of its EV5 electric sport utility vehicles in China due to an instrument panel display issue that may pose safety risks. A total of 381 vehicles produced between August 15 and October 24, 2025, will be recalled starting April 7, according to a statement published by State Administration for Market Regulation. The regulator said abnormal signals from the power management integrated circuit in the instrument controller could cause display lag. When turn signals are activated, the rear-side interface may show glitches, including a green screen, potentially affecting driver visibility and safety. Kia’s…

Xiaomi has appointed Kong Yanshuang, a former executive at Tesla China, to lead its electric vehicle sales operations, according to Chinese media reports, as the company adjusts its sales structure amid evolving market conditions. Kong joined Xiaomi in early March and will replace Li Xiaorui as head of automotive sales, Chinese outlet Jiemian reported. Xiaomi has not publicly commented on the reported appointment. The report said the personnel change is part of an effort to adjust and optimize the company’s EV sales and channel system. Kong previously worked at Tesla China, where she was involved in regional sales system development…

Chinese electric vehicle maker Leapmotor reported a recovery in vehicle deliveries in March, rebounding from weaker performance earlier in the year as it prepares to introduce new models to sustain growth. The company, backed by Stellantis, delivered 50,029 vehicles in March, representing an increase of 34.87% year-on-year and 78.25% compared with February, according to data released on Wednesday. The result ended a three-month streak of month-on-month declines. For the first quarter, Leapmotor delivered 110,155 vehicles, up 25.82% from a year earlier but down 45.21% compared with the fourth quarter of 2025. The sequential decline reflected seasonal weakness in China’s auto…

Chinese electric vehicle manufacturer Xpeng has entered the Mexican market with the launch of its G6 and G9 electric SUVs, marking a further step in its international expansion strategy across Latin America. The company unveiled both models at an event in Mexico City on March 25, with initial dealership openings scheduled from April 6 in Mexico City, Guadalajara and Monterrey. Xpeng said it has partnered with three local dealer groups to manage sales and aftersales services in these key urban markets. The G6 and G9 are built on Xpeng’s 800V high-voltage silicon carbide platform, supporting 5C ultra-fast charging. Both vehicles…

Volkswagen has begun pre-sales of its ID. ERA 9X sport utility vehicle in China, signaling a strategic shift toward extended-range electric vehicle (EREV) technology in response to evolving market demand. The model was introduced by the automaker’s Chinese joint venture, SAIC-Volkswagen, during an event on Monday. It is Volkswagen’s first EREV offering, a notable move given the company’s previous criticism of the technology as outdated and environmentally unfriendly. The ID. ERA 9X is available in three variants—Pro, Max and Ultra—priced at 329,800 yuan ($47,720), 359,800 yuan and 379,800 yuan during the pre-sales phase. The vehicle is scheduled for official launch…

Contract manufacturer Magna Steyr has begun production of the compact electric vehicle GAC Aion UT in Graz, marking the second model from China’s GAC Group to be built at the Austrian facility after the GAC Aion V. The move signals a further step in GAC’s localisation strategy in Europe, as Chinese automakers increasingly shift production to the region to mitigate tariffs and expand market access. Production of the Aion UT follows shortly after Magna Steyr began assembling the Aion V in November 2025, underscoring the rapid expansion of the partnership. The cooperation stems from a broader agreement signed between GAC…

Audi has begun pre-sales of its China-specific A6L e-tron electric sedan, as the carmaker expands its premium battery-electric lineup in the world’s largest auto market while reshaping leadership at its local joint venture. The long-wheelbase model, produced by Audi FAW NEV Company, is offered in four variants with pre-sales prices ranging from 313,000 to 443,000 yuan ($39,300 to $55,670). Final retail pricing may be adjusted lower at the official market launch, in line with common practice in China’s competitive EV sector. The A6L e-tron is the second China-focused model built at the Changchun plant following the Q6L e-tron SUV, with…