Rivian is expected to exceed 8,000 registrations in the first quarter, exceeding expectations by a thousand units.
Month: March 2023
For an EV with a 70-kWh pack, the cost of the battery is now RMB 12,300 - RMB 14,500 lower than when lithium carbonate prices were at their previous high, analysts say.
Falling lithium carbonate prices are known to benefit the profitability of electric vehicle (EV) makers. So how will this price change affect the cost of EVs? A new research note provides a good analysis.
An EV powered by a lithium iron phosphate (LFP) battery typically uses 30-40 kilograms of lithium carbonate, while an EV with a ternary lithium battery consumes 50-70 kilograms of the material, said Haitong International Securities analyst Yang Bin's team in a research note today.
When the price of lithium carbonate drops by RMB 100,000 ($14,540) per ton, the cost of ternary lithium batteries and LFP batteries will see marginal decreases of RMB 60 to RMB 70 per kWh, respectively, the team's calculations show.
In this case, the battery cost would be RMB 4,200 to RMB 4,900 lower for an all-electric vehicle with a 70-kWh battery capacity.
This means that the current battery cost of an all-electric vehicle with a 70-kWh battery capacity is already RMB 12,300 - RMB 14,500 lower than when lithium carbonate prices were at their previous high, the team said.
As a backdrop, lithium carbonate prices have never seen a single day of gains in China this year and continue to fall by several thousand RMB today, according to data from Mysteel.
The average price of battery-grade lithium carbonate per ton in China fell by RMB 7,500 to RMB 256,500 today, down about 57 percent from RMB 590,000,000 last November. The average price of industrial grade lithium carbonate per ton also fell by RMB 7,500 to RMB 210,000 today.
Falling battery costs will drive down the overall cost of EVs, which will allow automakers to see their gross margins repair, according to Haitong's research note.
However, the team also noted that in the long run, automakers need to achieve technology upgrades, reduce costs and improve competitiveness in order to capture sufficient market share and profitability, considering EV penetration is already high in China.
With lower lithium carbonate prices, EV makers will have more room for pricing as they gain greater profit margins, the team said, adding that this is expected to allow them to gain greater market share by cutting prices.
Although the price of lithium carbonate has fallen by more than half from its high a few months ago, the team believes there is still room to fall.
In 2022, China's lithium resource supply was 727,000 tons and demand was 796,000 tons, the team said.
In 2023, China's lithium resource supply is expected to reach 1.088 million tons and demand is expected to be 1.034 million tons, according to the team.
With the supply of lithium resources outstripping demand, there is still room for lithium carbonate prices to fall, with the price of battery grade lithium carbonate expected to fall to around RMB 200,000 per ton by the end of 2023, the team said.
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The electric city car will feature a multi-link rear suspension and a 400-volt battery pack.
CATL's share in January-February was the same as in January, while BYD saw its share rise.
CATL and BYD remained the top two players in the global EV battery market in the first two months, with the former's share remaining stable and the latter rising.
In January and February, the total battery consumption of EVs registered in each country was about 75.2 GWh, up 39.0 percent from the previous year, according to data released today by South Korean market research firm SNE Research.
CATL's battery installed base in January-February was 25.5 GWh, up 34 percent from 19.0 GWh in the same period last year.
The Chinese battery giant continues to rank first with a 33.9 percent share, the only global battery maker with a share of more than 30 percent.
CATL's share in January-February was the same as in January, but down 1.2 percentage points from 35.1 percent a year ago.
CATL's batteries are in high demand in passenger cars, including Tesla Model 3, Model Y, SAIC's Mulan, NIO ET5 and the Chinese commercial vehicle market, and is expected to maintain its No. 1 position, SNE Research said.
BYD installed 13.7 GWh of power batteries in January-February, up 122.6 percent from 6.1 GWh in the same period last year.
The company ranked second with 18.2 percent market share in the first two months, up from 11.3 percent in the same period last year and up from 17.6 percent in January.
BYD is gaining traction in China's domestic market with its competitive pricing by establishing a vertically integrated supply chain management, including self-supply of batteries and vehicle manufacturing, SNE Research said.
LG Energy Solution saw a 51.9 percent year-on-year increase in power battery installed base of 10.0 GWh in January-February.
The South Korean company ranked third in the world with a 13.3 percent share, up from 12.2 percent a year earlier.
Japan's Panasonic ranked fourth with a 10.4 percent share, South Korea's SK On was fifth with 5.5 percent and Samsung SDI was sixth with 4.9 percent.
China's CALB, Gotion High-tech, Eve Energy and Sunwoda ranked seventh, eighth, ninth and tenth respectively, with shares of 3.4 percent, 2.0 percent, 1.8 percent and 1.4 percent respectively in January-February.
CATL's share in global EV battery market slips in Jan, BYD rises
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Price war has been the most talked about topic in China's auto industry this month, and the imminent implementation of a new emissions standard is seen as a major factor.
(Image credit: CnEVPost)
The imminent implementation of a new emissions standard in three months is seen as a major factor behind the price war launched by internal combustion engine (ICE) automakers this month. Now, these automakers may be able to get some respite.
China's policy on extending the sales period for vehicles built to the 6a emissions standard may be announced soon, National Business Daily reported today, citing Shen Jinjun, president of the China Auto Dealers Association (CADA), as saying at a forum.
A government document on the switch to the China 6b standard and the extension of the sales period for 6a-compliant models will be released soon, Shen said, without revealing any more information.
China released the final rule for stage 6 light vehicle emission limits and measurement methods (China 6 standard) in December 2016, a new standard that combines best practices from European and US regulatory requirements.
The standard is being implemented in two phases, with the 6a standard already taking effect on July 1, 2020, and the 6b standard coming into effect on July 1, 2023.
During this month, price war has been the most talked about topic in the Chinese auto industry, and the upcoming entry into force of the 6b standard is seen as an important factor.
There are still some older models on the market that do not meet China 6b emissions regulations, and the de-stocking of these models could have an impact on production, sales and prices in the auto industry, a team from CITIC Securities said in a March 13 research note.
In early March, authorities in Hubei province joined forces with many local car companies to offer subsidies to consumers for car purchases, with some models being subsidized by as much as 90,000 yuan ($13,060). This was seen as the beginning of the massive outbreak of the price war.
Subsequently, several brands, including Volkswagen and BMW, announced similar large discounts. At the same time, some car companies made it clear that they would not participate in the price war, trying to dispel the wait-and-see sentiment of potential consumers.
The price war has had an unprecedented impact on China's auto industry, and on March 22, the China Association of Automobile Manufacturers (CAAM) called on all parties to return to rationality and bring order to the market.
On March 23, China's Auto Dealers Chamber of Commerce (CADCC) called on regulators to delay the implementation of the China 6b emissions standard.
Since the beginning of the year, the CADCC has received feedback from many auto dealer groups that they are under significant pressure to survive because of the impending full implementation of the China 6b emissions standard.
A study covering nearly 100 auto dealer groups showed that nearly 98.89 percent of them strongly recommended that China delay the implementation of the China 6b emissions standard until January 1, 2024, according to the CADCC.
These dealer groups suggest that regulators allow sufficient switchover time for car companies and dealers to deal with the existing inventory of vehicles that do not meet the China 6b emissions standard.
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China's transition to new emission standard: How will this affect auto market?
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On March 29, 2023, the U.S. Department of Energy (DOE) released Advancing Offshore Wind Energy in the United States, U.S. Department of Energy Strategic Contributions Toward 30 Gigawatts and Beyond, a comprehensive summary of DOE’s role in the nationwide effort to deploy 30 gigawatts (GW) of offshore wind energy by 2030 and setting the nation […]
In the January-February period, SAIC-GM-Wuling sold 50,433 NEVs in China, second only to BYD and Tesla.
(Image credit: Wuling)
SAIC-GM-Wuling, which has had success in the mini electric vehicle (EV) market, is offering another new model to Chinese consumers.
Wuling yesterday officially launched the new EV model Binguo in China, offering five versions with starting prices of RMB 59,800 ($8,683) to RMB 83,800.
The car is an A0-class EV with a length, width and height of 3,950 mm, 1,708, mm and 1,580 mm, respectively, and a wheelbase of 2,560 mm.
For comparison, Wuling's current hot-selling Hongguang Mini EV has a length, width and height of 2,920 mm, 1,493 mm and 1,621 mm, with a wheelbase of 1,940 mm. The Mini EV has a starting price of RMB 32,800.
The Wuling Binguo is available in two powertrain versions, with a permanent magnet synchronous motor as standard and a maximum power of 30 kW and 50 kW respectively.
The vehicle is equipped with lithium iron phosphate battery packs with capacities of 17.9 kWh and 31.9 kWh, respectively, and has a CLTC range of 203 km and 333 km, respectively.
The 333 km range model supports fast charging, taking 35 minutes to charge from 30 percent to 80 percent.
With slow charging, the car can be charged from 20 percent to 100 percent in 5.5 hours.
It is worth noting that although the model was officially launched yesterday, it has been available for pre-order since March 2 and more than 2,700 units have already been delivered.
SAIC-GM-Wuling is a joint venture between SAIC Group, General Motors and Liuzhou Wuling Motors, headquartered in Liuzhou, Guangxi Zhuang Autonomous Region, southwest China.
It sells vehicles based on the GSEV (Global Small Electric Vehicle) architecture in China, including the Mini EV, KiWi EV, Nano EV and Air EV. In addition to these pure electric models, SAIC-GM-Wuling also sells fuel-powered SUVs, MPVs and vans.
In January-February, SAIC-GM-Wuling sold 50,433 new energy vehicles (NEVs) in China, down 15.3 percent year-on-year, according to the China Passenger Car Association (CPCA).
But the automaker was third in China in NEV sales in the first two months, with a 6.5 percent share, behind BYD's 40.8 percent and Tesla's 7.8 percent.
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In the January-February period, SAIC-GM-Wuling sold 50,433 NEVs in China, second only to BYD and Tesla.
(Image credit: Wuling)
SAIC-GM-Wuling, which has had success in the mini electric vehicle (EV) market, is offering another new model to Chinese consumers.
Wuling yesterday officially launched the new EV model Binguo in China, offering five versions with starting prices of RMB 59,800 ($8,683) to RMB 83,800.
The car is an A0-class EV with a length, width and height of 3,950 mm, 1,708, mm and 1,580 mm, respectively, and a wheelbase of 2,560 mm.
For comparison, Wuling's current hot-selling Hongguang Mini EV has a length, width and height of 2,920 mm, 1,493 mm and 1,621 mm, with a wheelbase of 1,940 mm. The Mini EV has a starting price of RMB 32,800.
The Wuling Binguo is available in two powertrain versions, with a permanent magnet synchronous motor as standard and a maximum power of 30 kW and 50 kW respectively.
The vehicle is equipped with lithium iron phosphate battery packs with capacities of 17.9 kWh and 31.9 kWh, respectively, and has a CLTC range of 203 km and 333 km, respectively.
The 333 km range model supports fast charging, taking 35 minutes to charge from 30 percent to 80 percent.
With slow charging, the car can be charged from 20 percent to 100 percent in 5.5 hours.
It is worth noting that although the model was officially launched yesterday, it has been available for pre-order since March 2 and more than 2,700 units have already been delivered.
SAIC-GM-Wuling is a joint venture between SAIC Group, General Motors and Liuzhou Wuling Motors, headquartered in Liuzhou, Guangxi Zhuang Autonomous Region, southwest China.
It sells vehicles based on the GSEV (Global Small Electric Vehicle) architecture in China, including the Mini EV, KiWi EV, Nano EV and Air EV. In addition to these pure electric models, SAIC-GM-Wuling also sells fuel-powered SUVs, MPVs and vans.
In January-February, SAIC-GM-Wuling sold 50,433 new energy vehicles (NEVs) in China, down 15.3 percent year-on-year, according to the China Passenger Car Association (CPCA).
But the automaker was third in China in NEV sales in the first two months, with a 6.5 percent share, behind BYD's 40.8 percent and Tesla's 7.8 percent.
($1 = RMB 6.8871)
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One of Tesla’s main contributions to the world, besides popularizing the electric vehicle, includes its huge leaps and bounds in the artificial intelligence sector. We recently spoke on the phone with Artimatic Technologies President and University of Georgia Professor John Gibbs, who runs the YouTube channel Dr. Know-it-All Knows it All, about his coverage of […]
In the price range of RMB 300,000-500,000, Li Auto has a market share of nearly 20 percent, it said. | Li Auto US | Li Auto HK
(Image credit: Li Auto)
Li Auto (NASDAQ: LI) saw a milestone in cumulative deliveries of the three L-series models currently on sale.
Li Auto vehicles had more than 5,000 insurance registrations last week, and the L-series models have seen more than 100,000 cumulative deliveries, the automaker announced Wednesday on Weibo.
It took just seven months to reach the milestone since the L-series models were delivered, Li Auto said.
Li Auto's current offerings are all extended-range electric vehicles (EREVs), which have an all-electric range of about 200 kilometers and can be refueled.
The company's first model, the Li ONE, which was discontinued last year, had accumulated 203,925 deliveries by the end of January, according to data monitored by CnEVPost.
The first model in Li Auto's L series is the flagship Li L9, which was launched on June 21, 2022 and began deliveries on August 30 last year.
From September last year to February this year, Li L9 accumulated 54,268 units delivered, according to data monitored by CnEVPost from Li Auto and China Passenger Car Association (CPCA).
On September 30, 2022, Li Auto launched the Li L8, the second model in its L series. Deliveries of the Li L8 began on November 10, with cumulative deliveries of 29,773 units as of the end of February.
On February 8, Li Auto launched the Li L7, and deliveries of the model began on March 11.
Insurance registrations for Li Auto vehicles were 5,081 for the week of March 20 to March 26, the company announced yesterday, in line with CnEVPost's report on Tuesday.
In the price range of RMB 300,000 ($43,480)-500,000, Li Auto has close to 20 percent market share as the luxury SUV brand of choice for families, it said.
Li Auto delivered the Li L9, Li L8 and Li L7 to three owners at its Beijing delivery center on March 24, bringing cumulative deliveries to more than 300,000 units.
Li Auto is expected to announce its March deliveries on April 1, having delivered 15,141 and 16,620 vehicles in January and February, respectively.
($1 = RMB 6.9000)
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