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China China NEV Market Electric eMobility eV Nio Policy

NIO welcomes China’s move to extend tax breaks for NEV purchases

From now until 2027, pure electric vehicles will continue to enjoy purchase tax incentives, which will give vehicles a significant advantage over fuel-powered luxury vehicles in terms of purchase costs, NIO said.

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China today announced details of an extension of tax incentives for new energy vehicle (NEV) purchases, and NIO (NYSE: NIO) welcomed the move.

From now until 2027, pure electric vehicles (EVs) will still enjoy purchase tax incentives, which will give NIO vehicles a huge advantage over fuel-powered luxury vehicles in terms of purchase costs, the electric vehicle (EV) maker said in a comment shared with CnEVPost.

With the new EV purchase tax policy in place, NIO's body-battery separation model could significantly help consumers lower the cost of purchasing a vehicle and reduce spending on purchase tax, it said.

The continuation of the purchase tax incentives is a great boon to the shift from fuel vehicles to NEVs and to stimulate auto consumption, NIO said.

Earlier today, China's Ministry of Finance announced that NEVs with a purchase date between January 1, 2024, and December 31, 2025, will be exempt from vehicle purchase tax, but the tax exemption will not exceed 30,000 yuan ($4,170) per vehicle.

For NEVs with a purchase date between January 1, 2026 and December 31, 2027, the vehicle purchase tax will be levied at half the normal rate, with the tax reduction not exceeding RMB 15,000 per vehicle.

The latest policy continues to provide additional support for models like NIO that are battery swap enabled.

When consumers purchase a NEV, if the invoice for the car and the battery are separate, the taxable price is the price of the body without tax, according to the Ministry of Finance's announcement.

NIO's (NYSE: NIO) peer (NASDAQ: LI) also voiced support for the new policy earlier today.

Li Auto aims to reach annual sales of 1.6 million vehicles and annual revenue of RMB 500 billion by 2025, Li Xiang, the company's founder, chairman and CEO, wrote on Weibo.

China has provided an additional four years of stable policies, which is great and leaves Li Auto's team with no excuse not to meet its strategic goals for 2025, Li said.

By early 2026, Li Auto's ability to meet the goal will be proven, he said.

($1 = RMB 7.1935)

BREAKING: China extends full purchase tax exemption for NEVs until end of 2025

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China CYVN Holdings Deals Electric eMobility eV Nio William Li

NIO says Abu Dhabi investment took just 3 weeks from talk to deal

The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, said.

(Image credit: CnEVPost)

NIO (NYSE: NIO) announced yesterday that it has received an investment of about $1.1 billion from CYVN Holdings, an Abu Dhabi government fund, to strengthen its balance sheet and support business growth.

In an article posted on its mobile app, William Li, founder, chairman and CEO of NIO, provided some details about the deal.

The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, and ultra-efficient decision-making and execution, Li said in an article posted on the NIO App yesterday.

They have a vision and execution that is highly aligned with NIO's Vision, Action philosophy, Li said.

"I believe the partnership will further drive the vision of Blue Sky Coming to fruition at a sooner date," Li added.

NIO signed a share subscription agreement on June 20 with CYVN Holdings, which will invest a total of about $1.1 billion in the Chinese electric vehicle (EV) company through the purchase of additional new shares in NIO and the transfer of shares from an existing shareholder.

In addition to the investment, the two companies will also strategically collaborate on NIO's international business, Li said.

The investment reflects NIO's unique value in the global smart EV industry and will provide continued momentum for the company's long-term growth, Li said in the NIO App article.

CYVN Holdings' investment in NIO comes at a time when the global EV market, particularly in China, is growing rapidly, resulting in a diminishing reliance on oil.

Oil nations, particularly Saudi Arabia, are already actively embracing this change.

On December 7, 2022, Chinese new energy vehicle (NEV) startup Enovate Motors signed a deal in Saudi Arabia with local company Sumou Holding to jointly build a NEV production plant there.

The two parties will spend a total of about $500 million in two phases in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs, and the facility will be the first Chinese-branded NEV production base in the country, Enovate said at the time.

On June 12, a statement from Saudi Arabia's state news agency said the Saudi Arabian Ministry of Investment had signed a $5.6 billion deal with Chinese EV company Human Horizons to collaborate on developing, manufacturing and marketing vehicles.

BREAKING: NIO secures $1.1 billion investment from Abu Dhabi fund

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China Electric eMobility eV Industry News Policy

BREAKING: China extends NEV purchase tax exemption until end of 2025

(Image credit: CnEVPost)

China today released details of its policy to extend the purchase tax exemption for new energy vehicles (NEVs), clarifying the timeline for the policy's withdrawal.

China will exempt the purchase tax on NEVs with a purchase date between January 1, 2024, and December 31, 2025, but the tax exemption will not exceed RMB 30,000 yuan per vehicle, according to an announcement issued today by China's Ministry of Finance.

For NEVs with a purchase date between January 1, 2026 and December 31, 2027, the vehicle purchase tax will be reduced by half, with the tax reduction not exceeding RMB 15,000 per vehicle.

China NEV insurance registrations for week ending Jun 18: Tesla 14,500, Li Auto 7,800, NIO 2,000

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China Electric eMobility eV Nio William Li

NIO’s William Li attends high-level Sino-German meetings as Chinese Premier visits Europe

was invited to attend a roundtable of Sino-German entrepreneurs and was the only smart electric vehicle company present.

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William Li, founder, chairman and CEO of NIO (NYSE: NIO), was one of the entrepreneurs who accompanied the Chinese Premier to Europe and participated in high-level Sino-German meetings.

On June 20 local time, 15 Chinese and German companies, including NIO, State Grid, Industrial and Commercial Bank of China and SenseTime, were invited to attend a roundtable of Sino-German entrepreneurs in Berlin, NIO Europe vice president Zhang Hui announced yesterday on the company's mobile app.

NIO is the only smart electric vehicle (EV) company among them, and Li participated in the roundtable, Zhang said, adding that the NIO CEO also attended the 11th China-Germany Economic and Technical Cooperation Forum on the same day.

As an EV company that insists on global development, NIO has developed a deep presence in Germany, Zhang said.

The company set up a global design center in Munich in 2015 and an innovation center in Berlin in 2022 to explore smart cockpits, autonomous driving and energy technologies.

NIO currently employs more than 1,300 people in Europe, mostly in Germany, Zhang said, adding that the company is creating more jobs in Germany as its research and development business deepens.

Meanwhile, NIO has established good relationships with German companies, including ZF, Continental and Bosch, and is actively seeking opportunities for broader supply chain cooperation, he said.

NIO has now entered five European countries -- Germany, the Netherlands, Denmark, Sweden and Norway -- and is delivering models locally including the ES8, ET7, EL7 and ET5.

The company has six NIO Houses, five NIO Spaces and 49 service centers overseas. It also has 16 battery swap stations, 8 charging stations, 26 charging piles overseas, and access to over 400,000 overseas third-party charging piles overseas.

In Germany, NIO has three NIO Houses, located in Berlin, Frankfurt and Dusseldorf, Zhang noted.

Chinese Premier Li Qiang is visiting Europe, his first trip since the formation of the new Chinese government. Li was previously the party chief in Shanghai, where NIO is headquartered.

Premier Li and German Chancellor Olaf Scholz jointly attended the Sino-German entrepreneur roundtable on June 20, local time, and exchanged views with more than 30 business representatives, according to a report by Xinhua.

The governments of both sides should create a favorable environment and stable expectations for business operations so that enterprises can study and respond to risks in accordance with market and economic laws, and achieve mutual benefits and win-win situations in open cooperation, Li said.

China will continue to expand its opening to the outside world and continue to build a market-oriented, rule of law and international business environment, Li said, adding that he hopes Germany will continue to keep its market open and create a fair, transparent and non-discriminatory business environment for Chinese companies to invest in Germany.

There is a vast space for Sino-German cooperation in fields including the digital economy, artificial intelligence, and green development, and with the joint efforts of entrepreneurs from both countries, Sino-German cooperation will surely continue to achieve new results, he said.

BREAKING: NIO secures $1.1 billion investment from Abu Dhabi fund

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China Electric eMobility eV Nio

BREAKING: NIO secures $1.1 billion investment from Abu Dhabi fund

This article is being updated, please refresh later for more content.

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(NYSE: NIO) has received more than $1 billion in investment from an Abu Dhabi sovereign fund to strengthen its balance sheet and support business growth.

On June 20, NIO signed a share subscription agreement with Abu Dhabi investment house CYVN Holdings, which will invest a total of about $1.1 billion in the Chinese electric vehicle company through an additional new share issue and transfer of old shares, according to a statement.

CYVN Holdings is an Abu Dhabi government majority-owned investment vehicle focused on strategic investment in the advanced, smart mobility sector and is committed to partnering with global industry leaders in this area.

The investor will subscribe for a total of $738.5 million in cash for 84,695,543 shares of NIO's newly issued Class A ordinary shares at a purchase price of $8.72 per share.

The transaction price is the volume-weighted average price of NIO's Class A ordinary shares on the New York Stock Exchange over the seven consecutive trading days immediately preceding June 19.

The transaction is subject to customary closing conditions and is expected to close in early July.

CYVN Holdings has agreed not to sell, transfer or dispose of any shares acquired in the investment transaction for six months after closing, according to a statement from NIO.

In addition, CYVN Holdings has entered into a share purchase agreement with an affiliate of Tencent, an existing shareholder of NIO, to purchase 40,137,614 shares of NIO's Class A ordinary shares.

Upon completion of the investment transaction and the secondary share transfer, CYVN Holdings will own about 7.0 percent of the total issued and outstanding shares of NIO.

Following the closing of the investment transaction, CYVN Holdings will have the right to nominate a director to the board of directors of NIO so long as it continues to beneficially own no less than 5 percent of the company's outstanding share capital.

Below is NIO's press release, as the CnEVPost article is being updated.

NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the premium smart electric vehicle market, today announced that it has entered into a share subscription agreement with CYVN Holdings L.L.C., an investment vehicle majority owned by the Abu Dhabi Government strategically focused on advanced and smart mobility (the “Investor” or “CYVN Holdings”), pursuant to which the Investor will invest an aggregate of US$738.5 million in cash to subscribe 84,695,543 newly issued Class A ordinary shares of the Company at a per share purchase price of US$8.72, being the volume weighted average price of Class A ordinary shares (as adjusted for the American depository share-to-Class A ordinary share ratio) on the New York Stock Exchange over the seven consecutive trading days immediately preceding June 19, 2023 (the “Investment Transaction”).

The Investment Transaction is subject to customary closing conditions and the closing is expected to take place in early July 2023.

The share issuance is conducted as a private placement in reliance on Regulation S under the Securities Act of 1933, as amended, (the “Securities Act”) to be exempt from registration. The Investor has agreed not to sell, transfer or dispose of any shares acquired in the Investment Transaction for six months after the closing.

Concurrently, the Company is aware that the Investor has entered into a share purchase agreement with an affiliate of Tencent (the “Existing Shareholder”) pursuant to which the Investor will purchase 40,137,614 Class A ordinary shares of the Company beneficially owned by the Existing Shareholder (the “Secondary Share Transfer”).

Upon the closing of the Investment Transaction and Secondary Share Transfer, the Investor will beneficially own approximately 7.0% of the Company's total issued and outstanding shares.

Upon or after closing of the Investment Transaction, the Investor will be entitled to nominate one director to the Company's board of directors so long as it continues to beneficially own no less than 5% of the Company's outstanding share capital. Such appointment will be subject to the requirements of applicable laws, regulations, listing rules and the Company's articles of association.

In addition, NIO and the Investor agreed to cooperate to jointly pursue opportunities in NIO's international business following the closing of the Investment Transaction.

“The strategic investments from CYVN Holdings demonstrate NIO's unique values in the smart electric vehicle industry. The Investment Transaction will further strengthen our balance sheet to power our continuous endeavors in accelerating business growth, driving technological innovations and building long-term competitiveness,” said William Bin Li, founder, chairman and chief executive officer of NIO.

“In addition, we are excited about the prospect of partnering with CYVN Holdings to expand our international business. With the vision of Blue Sky Coming, we will continue to strive for technological breakthroughs and user experiences beyond expectations, contributing to a more sustainable future for the globe.”

“Our strategic investments in NIO are driven by our appreciation of its leading brand, innovative and premium products, and proven technological capabilities in the smart electric vehicle market,” said Jassem Al Zaabi, Chairman and Managing Director of CYVN Holdings.

“We are excited to develop strategic partnerships with NIO, and are fully committed to providing strategic value that will support NIO's international business growth. We will join hands with NIO to drive the global energy transition and sustainable growth for the whole humanity.”

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China Electric eMobility eV Leapmotor ZF Group

Leapmotor partners with ZF to develop smart chassis

Leapmotor will enter the European market, and ZF will use its branding in Europe to help the NEV maker.

(Image credit: Leapmotor)

Leapmotor recently signed a strategic partnership agreement with German technology giant ZF Group to work together on a smart chassis for passenger cars, the Chinese new energy vehicle (NEV) maker said today.

The two will jointly develop smart chassis products to provide consumers with a more personalized, intelligent and comfortable and safe driving experience, a Leapmotor press release said.

ZF is continuing to strengthen its localization strategy and will work with more partners to drive the development of EVs in China toward the next generation of mobility, the German company said.

Leapmotor will also enter the European market in the future, and ZF will use its branding in the European market to help the NEV maker's overseas expansion, according to the release.

The press release does not provide anything more on Leapmotor's entry into the European market, and this is the first time we've seen the NEV maker mention the plan.

Leapmotor has been seen as a budget EV maker since its inception, with sales previously contributed mainly by the inexpensive EV T03, which currently has a starting price range of RMB 59,900 to RMB 89,900.

The C11, which went on sale on September 29, 2021, and the C01, which went on sale on September 28, 2022, are Leapmotor's flagship models, targeting the RMB 150,000 to RMB 300,000 range.

The company delivered 12,058 vehicles in May, up 19.75 percent from 10,069 in the same month last year and up 38.18 percent from 8,726 in April.

Leapmotor's local counterpart, , another budget EV maker, has been aggressively entering international markets for the past two years.

A total of 4,000 Neta EVs were shipped abroad, the latest new batch after 3,600 units were sent to overseas markets in March, Neta announced on June 6.

Thailand is Neta's home base for expanding into the ASEAN market, and the company is also actively preparing to enter the European market, Neta said.

Neta will participate in the Munich Motor Show in Germany later this year, and the Neta GT sports car will be available in overseas markets in the not-too-distant future, it said.

Back at ZF, the German tech giant has been in the Chinese market since 1981 and has set up nearly 50 manufacturing companies, four R&D centers, nearly 240 after-sales service outlets in more than 20 cities and employs about 20,000 people in China.

On October 11, 2022, and ZF signed a strategic cooperation agreement in Munich to cooperate in areas including steer-by-wire (SBW) products.

Leapmotor sees cumulative deliveries reach 200,000 units

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China Deals Electric eMobility eV Midea XPeng

XPeng signs partnership deal with home appliance giant Midea’s auto parts unit

Midea's automotive parts division, Welling, will provide thermal management products, including electric compressors, for the entire model line.

(Image credit: Midea)

XPeng (NYSE: XPEV) today signed a strategic partnership agreement with Welling, the automotive parts division of Chinese home appliance giant Midea Group, to collaborate on thermal management products.

Welling will provide thermal management products, including electric compressors, for the entire XPeng model line, according to a Midea press release.

Electric compressors improve energy efficiency through cooling, heating and internal heat transfer, and play a critical role in battery life, charging speed and range, according to the release.

Welling's products cover a wide range of areas including electric compressors, integrated modules for thermal management, drive motors, EPS steering motors, and electronic water pumps and is committed to providing core components and system solutions for green mobility, according to the release.

Midea is one of the largest home appliance manufacturers in China and has been involved in the vehicle components field for 20 years.

Midea entered the commercial vehicle sector in 2003 and has since acquired several bus companies and built production bases in Kunming and Changsha, with bus and specialized chassis manufacturing capabilities.

On May 18, 2021, Welling announced three product lines for its automotive components business, including drive systems, thermal management systems, and assisted driving systems.

"We want to be the fastest-responding supplier in the industry, keeping up with the speed of automakers," the group's vice president and president of Midea Industrial Technologies, Fu Yongjun, said at the time.

On February 16, 2022, Welling announced the start of construction of its new energy vehicle (NEV) parts production base in Anqing, Anhui province, with a total investment of about RMB 11 billion ($1.5 billion).

The project will be mainly used to produce products including power steering motors, electric compressors for NEVs and drive motors, and will be equipped with R&D centers for thermal management, main drive and assisted driving systems and national laboratories, Welling said at the time.

The project will have an annual production capacity of 60 million sets and an annual output value of RMB 40 billion after completion, according to the company.

The first phase of this Anqing NEV parts base was been put into operation in early 2023 and will be able to meet stable production and delivery demand, Midea said today.

XPeng has seen weak deliveries over the past year, as it switches its product array to new models.

The company delivered 7,506 vehicles in May, down 25.87 percent year-on-year but up 6.03 percent from April, the fourth month to see sequential growth.

XPeng began pre-sales of the new SUV G6 on June 9, and the model will be officially launched on June 29, with deliveries starting in July.

($1 = RMB 7.1767)

XPeng CEO sees China EV landscape far from set

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China Deliveries Electric eMobility eV EV Data Insurance Registrations Li Auto Neta Nio Tesla Weekly Data XPeng

China NEV insurance registrations for week ending Jun 18: Tesla 14,500, Li Auto 7,800, NIO 2,000

Correction: Fixed the error in the last table.

was 2,000 units last week. Its sales from June 1 to June 18 were 4,800 units.

In the week of June 12 to June 18, sold 7,800 units, continuing to lead among China's new car makers, the company said today on Weibo.

As of June 18, Li Auto had sold 19,800 units this month, and the company will aim to achieve a monthly sales target of more than 30,000 this month, it said.

Li Auto didn't explain what that weekly sales tally was based on, but apparently they were insurance registrations. The company had suspended sharing those numbers in May, but has since resumed sharing them.

Li Auto delivered 28,277 vehicles in May, up 145.97 percent year-on-year and up 10.11 percent from April, the third consecutive month to exceed the 20,000-unit mark.

Li Auto's current least expensive model, the five-seat Li L7, achieved its second consecutive month of more than 10,000 deliveries in May, the company said on June 1.

On Li Auto's Family Tech Day event on June 17, the Li L7 sold more than 1,000 units in a single day for the first time, the company's founder, chairman and CEO Li Xiang said on June 18.

(NASDAQ: TSLA) sold 14,500 units in the week of June 12 to June 18, lower than the 16,400 units sold in the previous week, according to figures shared by Li Auto.

From June 1 to June 18, Tesla sold 40,600 units in China, the highest number of vehicles, including internal combustion engine vehicles, for premium brands.

NIO (NYSE: NIO) was 2,000 units last week, up from 1,500 units the week before.

Between June 1 and June 18, NIO sold 4,800 units.

NIO officially launched the new ES6 on May 24 and rolled out the ET5 Touring on June 15.

The company had produced some of the vehicles in the designer-recommended configuration combinations for quick delivery prior to the launch of both models.

Deliveries of the new ES6 began on the night of the May 24 launch, and deliveries of the ET5 Touring began on June 16.

(NYSE: XPEV) was at 1,600 units last week and 3,800 units from June 1 to June 18.

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BYD BYD Song China Electric eMobility eV Product Launch

BYD launches 2023 Song Plus at lower prices than pre-sale

All versions of the 2023 Song Plus are priced RMB 10,000 lower than the pre-sale.

(Image credit: )

BYD today officially launched the 2023 Song Plus line of SUVs, after starting their pre-sale 10 days ago.

As it has done previously, BYD is calling these revamped models Champion Editions, including the plug-in hybrid Song Plus DM-i and the all-electric Song Plus EV.

The new Song Plus DM-i is available in four versions with starting prices of RMB 159,800 ($22,320), RMB 169,800, RMB 179,800 and RMB 189,800 respectively.

Compared to the June 8 pre-sale, all versions of the Song Plus DM-i are priced RMB 10,000 lower.

The previously available Song Plus DM-i was offered in seven versions with starting prices ranging from RMB 154,800 to RMB 218,800.

It is worth noting, however, that the Song Plus DM-i's two previously least expensive versions had a battery range of just 51 kilometers, which BYD has eliminated for the improved version of the model.

The entry-level version of the new Song Plus DM-i has a battery range of 110 kilometers and the final price is lower than the previous 110-kilometer range version at RMB 167,800.

The Song Plus EV Champion Edition also comes in four versions, starting at RMB 169,800, RMB 179,800, RMB 189,800 and RMB 209,800 respectively, all of which are RMB 10,000 less than the price at the time of pre-sale.

Three versions of the new Song Plus EV have a 520 km CLTC range and one version has a 605 km CLTC range.

The previously available 2022 Song Plus EV had only two versions, starting at RMB 186,800 and RMB 203,800 respectively. They both have an NEDC range of 505 km.

The length, width and height of the new BYD Song Plus are 4,775 mm, 1,890 mm and 1,670 mm respectively, with a wheelbase of 2,765 mm.

For comparison, the old Song Plus has a length, width and height of 4,705 mm, 1,890 mm and 1,680 mm, respectively, and a wheelbase of 2,765 mm.

BYD's product array includes the Dynasty series and the Ocean series, and the Song family models include both the Song Pro DM-i and Song Max DM-i in the Dynasty series and the Song Plus series in the Ocean series.

BYD sold 240,220 new energy vehicles (NEVs) in May, including 239,092 new energy passenger vehicles, and 1,128 new energy commercial vehicles.

Its Dynasty series passenger cars sold 125,515 units in May, and the Ocean series sold 102,572 units.

In May, the Dynasty Series Song sold 13,685 units and the Ocean Series Song Plus sold 24,329 units, according to data monitored by CnEVPost.

($1 = RMB 7.1609)

BYD officially names F brand Fang Cheng Bao, initial model to be launched this year

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China Deals Electric eMobility eV Industry News Meizu Polestar

Polestar partners with Geely’s Meizu to make in-car operating system that caters to Chinese consumers

Polestar will own 49 percent of the joint venture, with Xingji Meizu holding the remaining 51 percent.

(Image credit: CnEVPost)

After acquiring smartphone maker Meizu last year, is integrating it with car brands under its umbrella.

Swedish electric vehicle (EV) maker Polestar said today it has formed a joint venture with Xingji Meizu to build an operating system for Polestar cars sold in China.

Polestar will own 49 percent of the joint venture, with Xingji Meizu holding the remaining 51 percent, according to a statement.

The joint venture will build on Xingji Meizu's existing operating system, Flyme Auto, for Polestar's smart operating system, Polestar OS, for the Chinese market.

The system can be integrated with cell phones, augmented reality smart terminals and user service applications to create a borderless digital ecosystem, Polestar said.

China is one of the fastest-growing EV markets in the world, with distinct consumer trends, notably the deep integration of consumer electronics and cars, said Polestar CEO Thomas Ingenlath.

Through this partnership, Polestar and Xingji Meizu will provide Chinese customers with an experience that exceeds expectations, he said.

Originally a brand acquired by Volvo Cars, Polestar became independent with joint funding from Geely and Volvo, focusing on premium EVs and based in Gothenburg, Sweden.

In June 2022, Polestar went public on NASDAQ through a merger with a SPAC (Special Purpose Acquisition Company).

Currently, Polestar's models are all produced in Chinese factories.

Meizu was one of the first smartphone manufacturers in China, founded in 2003, and became one of the best-known phone makers in the smartphone era. However, the company's market share has declined severely over the past few years.

On July 4, 2022, Hubei Xingji Shidai Technology, a cell phone company founded by Eric Li, founder and chairman of carmaker Zhejiang Geely Holding Group, announced the completion of its acquisition of a majority stake in Meizu.

Xingji acquired a 79.09 percent controlling interest in Meizu and gained sole control of the company.

Last November, Meizu released the system, called Flyme Auto, saying it was a continuation of the Flyme mobile operating system for the smart cockpit.

In March, the Xingji Meizu Group was officially launched, and its executives announced at the time that the company would focus on mobile and in-car systems, XR technology and forward-looking technologies going forward.

With the new joint venture, Polestar is no longer an EV company, but a technology company with multiple smart terminals, including cars and phones, Xingji Meizu CEO Shen Ziyu said today.

Polestar 4 launched in China with starting price of $50,870

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