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China Electric eMobility eV Tesla XPeng XPeng G6

XPeng to start pre-sales of G6 SUV on Jun 9

The G6 needs to be successful for to be truly relevant to the market again, Deutsche Bank analyst Edison Yu's team said earlier this week.

(Image credit: CnEVPost)

XPeng (NYSE: XPEV) will start pre-sales of the G6, a new SUV aimed at competing with 's (NASDAQ: TSLA) Model Y, in a week's time.

Pre-sales for the XPeng G6 will begin on June 9, the Chinese electric vehicle (EV) maker announced today on Weibo, without giving any further details.

XPeng had previously pre-sold the P5 sedan. As per previous practice, it is expected to announce the G6's pre-sale price next week and the SUV's official price at the end of June.

The XPeng G6 will officially launch in June, with volume deliveries starting in July, and production capacity will climb rapidly, the company's management said in a May 24 analyst call after announcing first-quarter earnings.

The G6 will be a hot seller in China's new energy SUV market priced between 200,000 yuan ($28,150) and 300,000 yuan, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.

With about two months set aside for the G6 from the start of production to delivery, XPeng expects the model to reach more than double the sales of the P7i, its management said.

"With margins and cash burn looking materially worse following 1Q earnings, we believe management may be making its last stand with the G6," said Deutsche Bank analyst Edison Yu's team in a research note sent to investors on May 30.

Yu's team believes that XPeng management's words on the call indicate that the EV maker expects to sell 6,000-8,000 units of the G6 per month.

The G6 needs to be successful for XPeng to be truly relevant to the market again, Yu's team said.

XPeng unveiled a new architecture called SEPA (Smart Electric Platform Architecture) 2.0 at a technical conference in Shanghai on April 16, saying the G6 would be the first model built on the architecture.

On April 18, XPeng officially unveiled the G6 on the first day of the Shanghai auto show, saying that the G6 is the ultimate form of car before full self-driving is achieved.

The model is based on the 800 V high-voltage platform and can get a 300-kilometer range in as little as 10 minutes on a charge, XPeng said at the time. The company's other 800 V-based model is the flagship G9 SUV.

XPeng cited the Tesla Model Y as its main competitor to the G6 and hopes to attract consumers with its sleeker design and updated interior.

The vehicle is positioned as an all-electric midsize SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing in March showed.

For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm and 1,624 mm, respectively, and a wheelbase of 2,890 mm.

($1 = RMB 7.1042)

XPeng making its last stand with G6, says Deutsche Bank

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China Electric Elon Musk eMobility eV Giga Shanghai Tesla

Musk ends China visit after visiting Tesla Shanghai plant last night

Musk arrived in Shanghai from Beijing yesterday evening and toured the Shanghai factory overnight.

Tesla (NASDAQ: TSLA) CEO Elon Musk has wrapped up his brief visit to China, where he spent the past two days meeting with several Chinese officials and visiting Tesla's Shanghai factory.

Musk's private jet with registration number N628TS took off from Shanghai's Hongqiao Airport at 11:23 am Thursday and is expected to arrive in Austin, where Tesla is headquartered, in 12 hours and 50 minutes, according to flight-tracking platform Variflight.

The Tesla CEO arrived in Shanghai from Beijing yesterday evening and toured the Tesla Shanghai factory overnight.

Early this morning, Grace Tao, Tesla's vice president of external affairs, shared two images on Weibo showing Musk with Giga Shanghai employees.

(Images from Grace Tao's Weibo.)

The Weibo was posted at 0:28, while Tao was at the facility, her Weibo location information shows.

Neither Tao nor Tesla disclosed the exact schedule of Musk's activities at Giga Shanghai, though Bloomberg reported that the first cars to roll off the line at the plant on Thursday were prototypes of the updated Model 3 sedan.

Musk arrived in Beijing on May 30 on his private jet, and was later met by Chinese State Councilor and Foreign Minister Qin Gang in Beijing.

Tesla opposes decoupling and supply chain disconnection and is willing to continue to expand its business in China and share in China's development opportunities, Musk said, according to a statement from the Chinese Foreign Ministry.

On May 31, Chinese Minister of Industry and Information Technology (MIIT) Jin Zhuanglong met with Musk in Beijing, where the two sides exchanged views on topics including the development of new energy vehicles (NEVs) and smart connected vehicles, according to an announcement from the MIIT.

Musk then visited China's Ministry of Commerce and was met by Commerce Minister Wang Wentao.

In addition to the meeting with Chinese officials, Musk was seen meeting with Robin Zeng, chairman of , the world's largest power battery manufacturer, on May 30.

A picture circulating on Chinese social networks shows Musk and Zeng together in the lobby of a hotel.

Musk meets with more officials as he begins 2nd day of China visit

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China Electric eMobility eV Nio NIO EC7 NIO ES7 NIO ET5 Wait Times

NIO ET5 wait time becomes longer, EC7 and ES7 shorter

The ET5 wait time has changed from 2-3 weeks to about 3 weeks, the EC7 from 5-7 weeks to about 5 weeks, and the ES7 from about 4 weeks to about 3 weeks.  |  NIO US | NIO HK | NIO SG

(Image credit: CnEVPost)

NIO (NYSE: NIO) has three models that saw their wait times change today, with one becoming longer and the other two becoming shorter.

The ET5 -- NIO's cheapest model currently on sale -- has an updated wait time of about 3 weeks, slightly higher than the previous 2-3 weeks, the latest check by CnEVPost shows.

The sedan's wait time last changed on May 16, when it went from about two weeks to 2-3 weeks.

The latest wait time for the NIO ES7 SUV is about 3 weeks, a week shorter than the previous wait time of about 4 weeks. The last change in the wait time for the model was on May 9, when it went from about 3 weeks to about 4 weeks.

NIO launched the ES7 on June 15, 2022, the company's second model based on the NT 2.0 platform after the ET7 and the first SUV on the second-generation platform.

The first delivery of the NIO ES7 was on August 28, 2022. The company does not disclose deliveries of the ES7 when it announces delivery figures each month.

The wait time for NIO's new coupe SUV EC7 changed to about 5 weeks today, down from the previous 5-7 weeks. The last change in the model's wait time was on May 16, when it went from about 5 weeks to 5-7 weeks.

The EC7 was launched on NIO Day 2022 on December 24, 2022, with the first delivery on April 28 of this year.

Except for ET5, EC7 and ES7, the expected delivery dates of other NIO models remain unchanged today.

Deliveries of the new ES8 will begin in June, the wait time for the new ES6 is still not shown, and the ET7 is about 3 weeks, information from the NIO App monitored by CnEVPost shows.

Data table: Latest wait times for NIO models

(Screenshots on June 1.)

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China Electric eMobility eV Nio NIO Team XPeng XPeng Team

Former XPeng exec joins NIO as head of navigation division, report says

Former Internet center vice general manager Liu Fanfan has joined as head of the navigation and location services division, according to local media.

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NIO (NYSE: NIO) appears to be attracting a lot of XPeng (NYSE: XPEV) talent, and the trend continues.

Liu Fanfan, formerly vice general manager of XPeng's Internet center, has joined NIO as head of its navigation and location services division, local media outlet LatePost reported today.

Liu reports to Zhang Lei, NIO's vice president of digital cockpit and software development, and is also the head of smart cockpit delivery for NIO's NT 3.0 platform models, according to the report.

NIO is phasing out the NT 1.0 platform and transitioning its models to the NT 2.0 platform. The company's sub-brand models, which it plans to begin delivering next year, will be based on the next-generation NT 3.0 platform, according to the previously announced information.

Liu, who has worked for in-car navigation provider Telenav for more than 10 years, joined XPeng in March 2018 and was responsible for the map navigation, in-car systems and app ecosystem business at the Internet center.

During his time at the company, XPeng Internet center developed the in-car system Xmart OS, which debuted on the XPeng G3 in late 2018.

Xmart OS was upgraded to version 2.1.0 in October 2020, and introduced a full-scene voice interaction feature that allows control of 90 percent of XPeng's in-house developed applications by voice, the report noted.

XPeng's team expanded rapidly after its Hong Kong listing in June 2021, growing to nearly 14,000 people by the end of 2021, more than twice the size of the team at the end of 2020.

However, XPeng's team has undergone significant restructuring in 2022, with many of its mid-level R&D staff and executives leaving to join NIO between last year and this year, the LatePost report noted.

Last April, Harry Wong, formerly XPeng's director of self-driving products, officially joined NIO to take charge of the self-driving experience.

On September 6 last year, local automotive website Xchuxing reported that the former XPeng's head of voice recognition, Zhao Hengyi, had left in March and he would join NIO.

LatePost reported today that Zhao joined NIO ahead of Liu and is responsible for businesses including virtual voice assistant Nomi, reporting to Ted Li, NIO's head of product experience.

NIO kicks off preparations for NIO Day 2023

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Battery News China Electric eMobility eV sodium-ion battery

Cost advantage of sodium-ion batteries decreases as lithium prices fall

With the price of battery-grade lithium carbonate falling back to around RMB 300,000 per ton, the cost advantage of sodium batteries is seen as no longer prominent.

The dramatic rise in lithium carbonate prices over the past few years has led many to look to the lower cost of sodium-ion batteries.

However, with the prolonged decline in the price of lithium carbonate, a key raw material for lithium-ion batteries, earlier in the year, the cost advantage of sodium-ion batteries is seen as having diminished significantly.

Battery-grade lithium carbonate surged in 2022, with prices once topping RMB 600,000 (84,400) per ton, and in this context, sodium-ion batteries were highly sought after, the Shanghai Securities News noted in a report today.

However, very few models are confirmed to carry sodium-ion batteries this year, with only Chery's iCar, Sehol E10X and Jiangling EV3 having been the few ones, the report said.

Meanwhile, the price of battery-grade lithium carbonate has fallen back to around RMB 300,000 per ton, and the cost advantage of sodium batteries is no longer prominent, the report said.

Lithium carbonate price in China rose to about RMB 600,000 per ton at one point in November 2022, about 14 times the average RMB 41,000 per ton price in June 2020.

After that, however, lithium carbonate price began to decline until a month ago, when it finally stopped falling.

Prior to April 21, lithium carbonate price had not seen a single day of gains in China this year, falling about 65 percent since the beginning of the year.

Battery-grade lithium carbonate today averaged RMB 305,000 per ton in China, while industrial-grade lithium carbonate stood at RMB 290,000 per ton, according to data from Mysteel.

The battery industry chain has been actively developing sodium-ion batteries in recent years, and currently has mass production capabilities, but the feedback from the demand side is not positive, the China Passenger Car Association (CPCA) said in a report on May 22.

Sodium-ion batteries are still in the early stages of industrialization, and their cost advantages cannot be fully exploited at this time due to controversial core technology routes, inadequate supply chain preparation, and immature production processes, the CPCA said.

Sodium-ion's abundant resource reserves are difficult to quickly translate into cost advantages, and when the cost of lithium iron phosphate batteries is rapidly declining, automakers are hardly motivated to choose to carry sodium-ion batteries in the short term, according to the CPCA.

Nevertheless, the development of the sodium-ion industry chain in China continues.

There are currently more than 35 sodium-ion battery manufacturers in China in the interim-testing stage, with another 50 or more in the lab stage, Shanghai Securities News said, citing data from local think tank GGII.

Companies able to provide samples are expected to exceed 20 in the first half of 2023, and more than five companies will achieve mass production of sodium-ion batteries in the second half of the year, according to the report.

The sodium-ion battery industry chain is not yet mature, and it will take at least two to three years for the industry to really move toward industrialization, said Chen Liangqin, director of local lithium battery maker Veken Technology, as quoted by Shanghai Securities News.

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Battery-grade lithium carbonate price up by RMB 2,500 per ton

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China China Auto Market CPCA Electric eMobility eV Industry News Weekly Data

China NEV retail at 483,000 in 1st 4 weeks of May, flat from same period last month

In the first four weeks of May, retail sales of all passenger vehicles in China were 1,392,000 units, up 19 percent year-on-year but down 6 percent from the same period last month, according to the CPCA.

China NEV retail at 483,000 in 1st 4 weeks of May, flat from same period last month-CnEVPost

(Image credit: CnEVPost)

In the first four weeks of May, from May 1 to May 28, retail sales of passenger new energy vehicles (NEVs) in China were 483,000 units, up 82 percent year-on-year and flat compared with the same period last month, according to data released yesterday by the China Passenger Car Association (CPCA).

So far this year, China's retail sales of passenger NEVs were 2.236 million units, up 43 percent year-on-year.

Wholesale sales of passenger NEVs in China from May 1 to 28 were 550,000 units, up 81 percent year-on-year and up 1 percent from the same period in April, according to the CPCA.

So far this year, wholesale sales of passenger NEVs in China were 2.658 million units, up 49 percent year-on-year.

In the first four weeks of May, retail sales of all passenger vehicles in China were 1,392,000 units, up 19 percent year-on-year but down 6 percent from the same period last month, the CPCA said.

So far this year, cumulative retail sales of passenger cars in China were up 2 percent to 7.287 million units.

This means that the penetration of NEVs at retail in China was 34.7 percent in the first four weeks of May and 31.9 percent so far this year.

In the first week of May, May 1-7, the average daily retail sales of passenger cars in China were 54,000 units, up 67 percent from the same period last May and up 46 percent from the same period in April.

In the second week of May, from May 8 to 14, the average daily retail sales of passenger cars in China were 48,000 units, up 44 percent over the same period last May and up 6 percent over the same period in April.

In the third week of May, from May 15-21, the average daily retail sales of passenger cars in China were 48,000 units, up 15 percent from the same period last May but down 12 percent compared with the same period last month.

The average daily retail sales of passenger cars in China for the fourth week of May were 50,000 units, down 17 percent year-on-year and down 33 percent from the same period last month.

The last three days of April were the Labor Day holiday, while the last three days of May are normal sales time, so the month-end increase is still worth looking forward to, the CPCA said.

Data table: China auto sales in May 1-28

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China Electric eMobility eV Nio NIO Day

NIO kicks off preparations for NIO Day 2023

is more likely to announce plans for its sub-brands than new NIO-brand models on NIO Day 2023.

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With about five months of the year gone, NIO (NYSE: NIO) has kicked off preparations for its biggest event of the year, NIO Day.

NIO today began recruiting user advisory group members for NIO Day 2023 in China, with the registration deadline of 8:00 pm Beijing time on June 3.

NIO Day is an annual event for NIO and its friends, and the company has had a NIO Day user advisory panel since 2019, according to an article posted on the NIO App today.

Only NIO owners or those who have ordered a NIO vehicle can apply to join the NIO Day user advisory panel, and they also need to have ample spare time to participate in discussions and preparations for the event.

"Users with relevant experience or skills in large-scale event planning, execution, content direction, music production and planning, and art curation are especially welcome to join us," NIO said.

It will conduct an initial screening based on applications and subsequent interviews. In late June, the company will announce the names of the NIO Day 2023 user advisory panel members.

NIO typically holds its annual NIO Day event at the end of each year or at the beginning of the following year, and unveils the latest models and technologies.

The last such event, NIO Day 2022, was held on December 24 in Hefei, Anhui province, the city where NIO's vehicle assembly plants are located.

The city of NIO Day is not decided by NIO, but rather by its customers' votes. The company is expected to continue this practice this year.

NIO launched its preparations for NIO Day 2023 at about the same time as it did for the last event.

The company began recruiting members for the NIO Day 2022 user advisory panel on June 7, 2022, and on July 15 began the process of selecting cities to host the event.

On August 29, 2022, the host city for NIO Day 2022 was determined to be Hefei, and on December 8, the event was scheduled for December 24.

NIO launched the EC7 and the new ES8 at the last NIO Day event, with deliveries of the former already starting a month ago and the latter expected to start in June.

There is no clue what new models or technologies NIO will unveil on NIO Day 2023.

On December 14 last year, local auto media Auto Home reported that NIO was going to build its own "Mercedes Maybach" model, which was already in the design stage and would be a luxury sedan priced at 1 million yuan ($144,000).

The luxury sedan will be operated under the NIO brand, not a sub-brand, and will compete with the Mercedes-Benz Maybach S-class, the report said, citing an NIO insider close to the project.

If things go well, the model would be released as early as 2024 and sold globally, the source added.

It is worth noting that these rumors have never been confirmed by NIO.

In addition, NIO management previously mentioned that the company plans to start delivering mass-market models in the second half of 2024, with prices in the RMB 200,000 to 300,000 range.

The sub-brand, internally codenamed ALPS, will be based on the NT 3.0 platform and powered by NIO's own batteries.

In addition to ALPS, NIO is also planning a third brand with the internal code name Firefly, which will debut in Europe and is expected to go on sale in the third quarter of 2024, according to information previously revealed by the company's management.

Including the new ES8, which has not yet begun delivery, NIO currently has six models on sale, which seems to be a well-established model matrix.

On NIO Day 2023, the company is more likely to announce information about the two sub-brands than new models.

NIO's Firefly project will have its own plant, but city not yet determined, report says

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China Electric eMobility eV Insights Research Note XPeng XPeng G6

XPeng making its last stand with G6, says Deutsche Bank

With margins and cash burn looking worse following first-quarter earnings, management may be making its last stand with the G6, Deutsche Bank said.  |  XPeng US | XPeng HK

(Image credit: CnEVPost)

XPeng (NYSE: XPEV) is expected to officially launch its new SUV, the G6, late next month, which analysts say will be crucial as the company continues to face weak sales and financial performance.

"With margins and cash burn looking materially worse following 1Q earnings, we believe management may be making its last stand with the G6," Deutsche Bank analyst Edison Yu's team said in a research note sent to investors yesterday.

The team's previous view assumed XPeng could see stable natural margin improvement from the sharp drop in battery input prices, but those savings were mostly offset by incremental promotional activity and a poor mix.

" Therefore, the importance of the upcoming G6 has become even GREATER," the team wrote.

XPeng reported weaker-than-expected first-quarter earnings on May 24, with gross margins plunging to 1.7 percent. As a comparison, that figure was 12.2 percent and 8.7 percent in the same quarter last year and the fourth quarter of 2022, respectively.

The company reported a negative 2.5 percent vehicle margin in the first quarter, compared to 10.4 percent in the same period in 2022 and 5.7 percent in the fourth quarter of 2022.

The decline was due to increased sales promotions and the expiration of the new energy vehicle (NEV) subsidy in China, XPeng said.

XPeng's new SUV, the G6, will officially launch in June, with volume deliveries starting in July, and production capacity will climb quickly, its management said in a May 24 analyst call after announcing first-quarter earnings.

The G6 will be a hot seller in China's new energy SUV market priced between 200,000 yuan ($28,200) and 300,000 yuan, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.

The G6 has been set aside about two months from the start of production to delivery, and XPeng expects the model to reach more than twice the sales of the P7i, its management said.

That means, according to Yu's team, that XPeng management expects the G6 to sell 6,000-8,000 units a month.

The G6 needs to be successful for XPeng to be truly relevant to the market again, the team said.

XPeng will likely price the G6 significantly lower than the Model Y (RMB 263,900), hoping to attract consumers with a sleeker design and updated interior, the team said, adding that the X is already taking this approach with a starting price of just RMB 190,000.

A leaked image on Chinese social media on May 22 showed XPeng seeing the first production vehicle of the G6 roll off the line.

XPeng expects second-quarter vehicle deliveries to be between 21,000 and 22,000, and given that it delivered 7,079 vehicles in April, the guidance means the company expects it will deliver a total of 13,921 to 14,921 vehicles in May and June.

Yu's team also noted that XPeng's cash burn trajectory was worse than expected.

"XPeng exited 1Q23 with <25bn RMB in net cash as A/P became a big drag on working capital. This was caused by poor sales performance and also suggests to us suppliers are becoming less accommodative," the team wrote.

After months of lackluster G9 demand, XPeng management may be under pressure from suppliers to be more conservative with its outlook, the team said.

That said, XPeng's operating expenses and capex discipline are still very much intact and should at least get the company through most of next year, Yu's team said.

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XPeng Q1 earnings miss expectations, gross margin falls to 1.7%

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China Electric Elon Musk eMobility eV Tesla

Chinese foreign minister Qin Gang meets with Tesla CEO Elon Musk in Beijing

opposes decoupling and is willing to continue to expand its business in China and share in China's development opportunities, Musk said.

Tesla (NASDAQ: TSLA) CEO Elon Musk began his meetings with Chinese officials upon his arrival in Beijing.

On May 30, Chinese State Councilor and Foreign Minister Qin Gang met with Musk in Beijing, according to a statement on the Chinese Foreign Ministry website.

Chinese-style modernization will create unprecedented growth potential and market demand, and China's new energy vehicle (NEV) industry has a promising future, Qin said.

China will continue to unswervingly promote a high level of opening up to the outside world and is committed to creating a better market-oriented, rule-of-law and international business environment for enterprises from all countries, including Tesla, he said.

China's development is an opportunity for the world, and a healthy, stable and constructive US-China relationship will benefit both China and the United States, as well as the world, Qin said.

To develop Sino-US relations well, it is necessary to hold the steering wheel and move forward in the right direction of mutual respect, peaceful coexistence and win-win cooperation as proposed by President Xi Jinping, he said, using the analogy of Tesla's car.

The United States and China need to "apply the brakes" in time to avoid "dangerous driving"; good at "stepping on the accelerator pedal" to promote mutually beneficial cooperation, Qin said.

The Chinese people are hardworking and wise, and China's development achievements are well deserved, Musk said, according to the statement.

The interests of the United States and China are intertwined, like Siamese twins inseparable from each other, Musk said.

Tesla is opposed to decoupling and the disconnection of the supply chain and is willing to continue to expand its business in China and share the opportunities of China's development, Musk said.

The statement provided no further content. Qin previously knew Musk when he was China's ambassador to the United States.

On March 4, 2022, Qin tweeted that he had an inspiring conversation with Musk about cars on the road, stars in the sky, research on the human brain, the meaning of life on Earth and our future into space.

Last August, Qin congratulated Tesla's Shanghai plant for seeing its one millionth production vehicle roll off the line, citing it as a model for US-China cooperation.

"In less than 3 years, from 0 to 1,000,000. This is a marvelous achievement," Qin said in a retweet of Musk's tweet on August 16, 2022.

China's foreign ministry says welcome as Musk arrives in Beijing

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China Electric eMobility eV Nio NIO ES6 Wait Times

NIO App stops showing wait time for new ES6

has produced some new ES6 vehicles based on designer-recommended configuration combinations, and deliveries of customized vehicles will begin in mid-June.

(Image credit: CnEVPost)

NIO's (NYSE: NIO) mobile app has stopped showing the wait time for the new ES6, which previously showed an expected delivery date in May.

The electric vehicle maker officially launched the new ES6 in China on May 24, when it announced a starting price of RMB 368,000 ($51,920) including batteries.

Deliveries of the new ES6 started in 13 regions of China on the night of the launch on May 24, NIO announced on Weibo in the early morning hours of May 25.

This is NIO's fastest model from launch to delivery as it has changed its strategy to produce some vehicles earlier for quicker delivery.

NIO began production of the new ES6 based on designer-recommended configuration configurations, and if consumers purchase these vehicles, deliveries would officially begin on May 25, according to a May 24 post on the NIO App.

Consumers who wish to customize the vehicles can lock in their orders in the NIO App, and deliveries will begin in mid-June.

Notably, NIO appears to still be in the process of ramping up capacity for the new ES6, and deliveries of the model appeared to be limited last week.

NIO vehicles had 1,600 insurance registrations last week, according to figures shared by its local peer today.

This means that NIO's cumulative sales for the month through last week were about 5,300 units. NIO's numbers for the first three weeks of May were 1,100, 1,200 and 1,400 units, respectively.

Expected delivery dates for NIO's other models remain unchanged today, with the new ES8 set to begin delivery in June, the ES7 with a wait time of about 4 weeks, the EC7 with 5-7 weeks, the ET7 with about 3 weeks and the ET5 with 2-3 weeks.

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Data table: Latest wait times for NIO models

(Screenshots on May 30.)

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