China FAW becomes the seventh to join the Nio-led battery swap alliance after GAC Group, Changan Automobile, Geely Holding, Chery, JAC and Lotus.
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Xpeng's gross margin rose to 12.9 percent in the first quarter, marking a new model for the company, which is generating revenue from technology on top of its EV business, its CEO said.
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Xpeng delivered 21,821 vehicles in the first quarter, up 19.7 percent year-on-year but down 63.73 percent from the fourth quarter of 2023.
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Between May 1-19, Nio had 10,000 insurance registrations, Tesla 30,800, BYD 154,900, Xiaomi 4,000, Li Auto 18,600, and Xpeng 4,800 units.
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Li Auto's BEV endeavors appear to be facing structural challenges as transferring its EREV success to BEV is not so straightforward, Deutsche Bank said.
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Xpeng will spend RMB 3.5 billion ($480 million) in 2024 on R&D of AI technology around smart driving and recruit 4,000 new professionals.
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Li Auto had record weekly order growth over the Labor Day holiday in early May, its CEO said.
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Li Auto guides for second-quarter vehicle deliveries to be in the range of 105,000 to 110,000, meaning it expects to deliver a total of 79,213 to 84,213 vehicles in May and June.
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SAIC and Audi are combining their resources to jointly develop a series of EV models, with the first product expected to go on sale in 2025.
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At the end of 2023, Nio was taking about 295 days to clear receipts payable, and Xpeng 221 days, compared with 197 days and 179 days, respectively, in 2021, according to Bloomberg.
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