Premium EV market in China poses significant challenges even for Tesla
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Month: July 2023
Xpeng's overall sales in the first half of 2023 also saw a sharp decline of 40%. However, the newly released Xpeng G6 orders are hot, and the official website shows that it will take 12 weeks to deliver
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The price cuts boosted Nio sales, but it is only a short term cure.
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Nio delivered 23,520 vehicles in the second quarter, above the lower end of the guidance range of 23,000 to 25,000 vehicles.
Nio (NYSE: NIO) deliveries rebounded to more than 10,000 units as new models, including the new ES6, ET5 Touring and new ES8, began to be delivered.
The electric vehicle (EV) maker delivered 10,707 vehicles in June, up 73.96 percent from 6,155 in May, although down 17.39 percent from 12,961 in the same month last year, according to data released today.
The delivery included 6,383 SUVs, and 4,324 sedans, Nio said, without disclosing figures for specific models.
In the second quarter, Nio delivered 23,520 vehicles, down 6.14 percent from 25,059 in the same period last year and down 24.23 percent from 31,041 in the first quarter.
The second quarter deliveries were slightly above the lower end of the guidance range of 23,000 to 25,000 vehicles it provided on June 9. Nio guided at the time that total revenue for the second quarter would be between RMB 8.742 billion ($1.2 billion) and RMB 9.37 billion.
In the first half of the year, Nio delivered 54,561 vehicles, up 7.35 percent year-on-year.
As of June 30, Nio's cumulative vehicle deliveries reached 344,117 units.
Nio management previously mentioned that the company's goal is to double deliveries this year from last year's 122,486 units.
The figures released today mean that Nio will need to deliver an average of about 32,000 vehicles per month in the second half of the year if it is to achieve that goal.
Nio's delivery rebound in June was helped by the start of deliveries of several new models, particularly the new ES6, which is crucial to it.
The company launched the new ES6, based on the NT 2.0 platform, in China on May 24, and its deliveries began that night.
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The new ES6 is currently available in only one version in China, starting at RMB 338,000 including batteries, the cheapest Nio SUV.
NIO's overall new order intake hit a year-to-date high, boosted by the launch of the new ES6, Morgan Stanley analyst Tim Hsiao's team said in a research note sent to investors on June 5.
On June 15, Nio launched the ET5 Touring in China, priced exactly the same as the regular ET5 sedan, which currently starts at RMB 298,000. Deliveries of the model began on June 16.
Hours after the ET5 Touring was launched in China, Nio rolled out the model as well as the EL6, known as the new ES6 in China, in Europe .
Both models will be available in Germany, the Netherlands, Sweden, Denmark and Norway, and deliveries will both begin in the fourth quarter in Europe.
On June 28, Nio began deliveries in China of the new ES8, the flagship SUV launched on Nio Day 2022, December 24, 2022.
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NIO's new order intake hits year-to-date high with launch of new ES6, Morgan Stanley says
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In the first half of 2023, the cumulative delivery of Li Auto reached 139,113 vehicles, a yearly increase of 130%. Li Auto's sales in the first half of 2023 has already exceeded the sales for the whole year of 2022.
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Xpeng delivered 8,620 vehicles in June, up 14.84 percent from May and the fifth straight month of sequential growth. First deliveries of the G6 will begin later this month.
Xpeng (NYSE: XPEV) deliveries continued to improve modestly ahead of the start of deliveries of the new SUV G6.
The electric vehicle (EV) maker delivered 8,620 vehicles in June, up 14.84 percent from May and its fifth straight month of improvements sequentially, despite a 43.64 percent decline from a year ago, data released today showed.
Deliveries of Xpeng's flagship sedan P7 series rose 17 percent in June from the previous month, it said, without disclosing specific figures.
The company delivered 23,205 vehicles in the second quarter, up 27.29 percent from the first quarter but down 32.59 percent from the previous year.
The second-quarter deliveries were above the upper end of Xpeng's previous guidance range of 21,000 to 22,000 vehicles. It guided for second quarter revenue of between RMB 4.5 billion ($620 million) and RMB 4.7 billion.
In the first half of the year, Xpeng delivered 41,435 vehicles, a 39.93 percent decrease from 68,983 vehicles in the same period last year.
As of June 30, Xpeng's cumulative deliveries since inception were 300,145 vehicles, surpassing the 300,000 mark, data monitored by CnEVPost showed.
Xpeng launched its new SUV, the G6, in China on June 29 at a price significantly lower than its main competitor, the Tesla (NASDAQ: TSLA) Model Y.
The company is offering five versions of the G6 with starting prices of RMB 209,900, RMB 229,900, RMB 234,900, RMB 254,900 and RMB 276,900, respectively.
The starting price is RMB 15,100 lower than Xpeng's G6 pre-sale starting price of RMB 225,000 announced on June 9, and RMB 54,000 lower than the Model Y's starting price of RMB 263,900 in China.
Xpeng chairman and CEO He Xiaopeng said at the G6 launch event that the G6 had more than 35,000 pre-sale orders as of June 28 since pre-sale began on June 9.
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The G6 is expected to become the top-selling smart electric SUV priced at the RMB 250,000 level in China within two months, he said.
In an interview with local media on June 30, Mr. He said the monthly sales target for the G6 is at least 10,000 units.
Initial deliveries of the G6 are set to begin this month, and display vehicles have arrived at showrooms nationwide and are ready for test drives, Xpeng said today.
Xpeng's ADAS feature, XNGP, will be available immediately upon delivery of all G6 Max versions, it said, adding that it plans to roll out its "AI Valet Driver" feature for all XNGP-equipped vehicles beginning in the fourth quarter.
The "AI Valet Driver" mode allows users to customize smart driving routes to their preferences in multiple Chinese cities, making driving in everyday driving scenarios safer and more efficient, the company said.
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In the first half of this year, Zeekr sold 42,633 units, an increase of 122% over the same period last year, achieving growth for five consecutive months.
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Tesla is offering discounts of RMB 35,000 to RMB 45,000 in China for the full lineup of Model S and Model X, which saw deliveries in the country begin at the end of March.
(Image from Tesla Weibo)
Tesla (NASDAQ: TSLA) is offering big discounts in China for its two higher-priced models that aren't made locally, likely in part because sales of those vehicles being imported to China are performing below expectations.
The US electric vehicle (EV) maker today announced what it calls an inventory car purchase incentive for the Model S and Model X on Weibo, with discounts of up to 45,000 yuan ($6,200), even though the prices for both models remain unchanged on Tesla's website.
Prices start at RMB 773,900 for the dual-motor all-wheel drive Model S and RMB 988,900 for the tri-motor all-wheel drive Model S Plaid, as per Tesla's published discounted prices.
Compared to the prices displayed on the Tesla China website of RMB 808,900 and RMB 1,028,900, these two versions of the Model S offer discounts of RMB 35,000 and RMB 40,000 respectively.
The discounted prices start at RMB 863,900 for the Model X dual motor AWD version and RMB 1,013,900 for the Model X Plaid tri-motor AWD version.
This is RMB 35,000 and RMB 45,000 lower than the RMB 898,900 and RMB 1,058,900, respectively, displayed on Tesla's China website.
In addition to these cash offers, Tesla is also encouraging owners to refer friends to purchase the two models.
If a customer purchases the Model S and Model X on the recommendation of someone else, they will receive an additional RMB 7,000 bonus, free Supercharging benefits for 3 or 6 years, and 90 days of free Enhanced Autopilot (EAP) access. The referrer will then receive 48,000 bonus points that can be redeemed for Supercharging miles.
On January 6, Tesla announced the prices of the Model S and Model X in China at the same time as it significantly reduced the prices of the locally produced Model 3 and Model Y.
At that time, the starting price of Model S was RMB 789,900 and Model S Plaid was RMB 1,009,900. Model X started at RMB 879,900 and Model X Plaid was 1,039,900.
On February 28, six new Tesla Model S and Model X entered Chinese customs, the first time these two models were imported into China. In mid-March, a new batch of 867 new Tesla Model S and Model X vehicles were imported into China.
On March 27, Tesla announced that deliveries of the new Model S and Model X in China officially began.
On May 5, the prices of the full line of both the new Model S and Model X models in China were raised by RMB 19,000. Since then, the prices of both models in China have remained unchanged.
Tesla has a factory in Shanghai that produces the Model 3 and Model Y. The factory delivered 77,695 vehicles in May, including 42,508 in China and 35,187 for export, according to the China Passenger Car Association (CPCA).
The Model Y sold 31,054 units at retail in China in May and was the best-selling SUV for the month, according to a ranking by the CPCA.
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Tesla starts offering insurance subsidies for car purchases in China again
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Wuling Bingo has sold 61,272 units since its launch in more than three months, and it is currently Wuling's best-selling car.
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The Hyper GT, the second model of GAC Aion's Hyper brand, will be launched on July 3.
GAC Aion, the electric vehicle (EV) subsidiary of GAC Group, sold a record 45,013 vehicles in June, the fourth consecutive month above the 40,000 mark, according to figures released today.
That's up 86.71 percent from 24,109 units a year ago and basically flat from 45,003 units in May.
In the second quarter, GAC Aion sold 131,028 vehicles, up 136.61 percent from a year ago and up 63.16 percent from the first quarter.
It sold 211,336 units in the first half of the year, up 110.81 percent from 100,251 units in the same period last year.
The Hyper GT, the second model of GAC Aion's Hyper brand, will be launched on July 3, it said today.
The Hyper GT is a mid-to-large-size coupe that was originally unveiled at the Guangzhou auto show late last year. It measures 4,880 mm in length, 1,885 mm in width and 1,455 mm in height, and has a wheelbase of 2,910 mm.
It has a wind resistance coefficient of 0.19 Cd, the lowest of any production car in the world, GAC Aion previously claimed.
The previous production car with the lowest drag coefficient was the EQS sedan announced by Mercedes-Benz in 2021, with a drag coefficient of just 0.20 Cd.
On April 16, GAC Aion began pre-sales of the Hyper GT with a price range of RMB 219,900 ($30,320) to RMB 339,900.
Consumers can purchase the car using a battery rental model similar to Nio, which reduces the price of the car by RMB 70,000 and requires a monthly rental fee of RMB 980.
On September 15, 2022 GAC Aion announced its new premium brand Hyper to enter the higher end of the market, with the first model being a supercar, the Hyper SSR.
GAC Aion is offering two versions of the Hyper SSR, with a pre-sale price of RMB 1,286,000 for the regular version, capable of accelerating from 0 to 100 km/h in 2.3 seconds.
The other version, Hyper SSR Ultimate, is priced at RMB 1,686,000 and can accelerate from 0 to 100 km/h in 1.9 seconds.
The model, the fastest accelerating car on the planet, will begin mass production and delivery in October 2023, GAC Aion said at the time.
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