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China Electric eMobility eV Evergrande Hengchi Hengchi 5 Industry News

Evergrande NEV puts Hengchi 5 production on hold due to lack of funds

Evergrande NEV said it plans to resume production of the Hengchi 5 in May.

Evergrande NEV puts Hengchi 5 production on hold due to lack of funds-CnEVPost

(A Hengchi 5 on display at the 2021 Shanghai auto show. Image credit: CnEVPost)

Evergrande New Energy Vehicle Group (Evergrande NEV), the electric vehicle (EV) unit of China's Evergrande Group, has put production of its first model on hold, after warning of the risk a month ago.

Evergrande NEV has already delivered more than 900 Hengchi 5 units to consumers, but will suspend production of the model at its Tianjin plant due to a lack of funding, according to a Hong Kong Stock Exchange announcement yesterday.

The group plans to resume production of the model in May, the announcement added.

Hengchi 5 is the first mass-produced model of Evergrande NEV's Hengchi Auto, and its deliveries started on October 29, 2022.

The model is currently available in only one version, with a starting price of RMB 179,000 ($25,930).

On December 2, Reuters reported that Evergrande NEV suspended mass production of the Hengchi 5 due to a lack of sufficient new orders.

On March 23, Evergrande NEV said in a Hong Kong Stock Exchange announcement that it had continued to push ahead with cost-saving initiatives to focus its financial resources on supporting mass production of Hengchi 5, with layoffs at its Swedish subsidiary National Electric Vehicle Sweden AB.

However, Evergrande NEV would be at risk of halting production in the event that additional liquidity is not available, the announcement said.

The group will plan to launch a number of flagship models if it can seek more than RMB 29 billion in future financing and hopes to get them into mass production, the announcement said.

Interestingly, the Hengchi 5 received an OTA upgrade on April 3, when the H-Pilot assisted driving system became available for the first time.

Trading of Evergrande NEV's shares in Hong Kong has been suspended from April 1, 2022, and the timing for restarting trading has not yet been determined.

($1 = RMB 6.9041)

Hengchi 5 gets assisted driving capability days after Evergrande NEV warns of production halt risk

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China Electric Electric cars eMobility eV Weekly Data

China EV startup’s sales in the week of April 17-23: Li Auto 7.2k, Neta 3k, Nio 2k

Nio is up 180%, Xpeng up 46% and Li Auto up 14%

The post China EV startup’s sales in the week of April 17-23: Li Auto 7.2k, Neta 3k, Nio 2k appeared first on CarNewsChina.com.

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

Insurance registrations for week ending Apr 23: Tesla 10,300, Li Auto 7,200, NIO 2,000

NIO sold 2,000 units last week, up from 700 the week before and 1,316 in the first week of April.

(NASDAQ: LI) maintained strong sales last week, and NIO (NYSE: NIO) saw a significant rebound, the latest data show.

With 7,200 units sold in the week ending April 23, Li Auto far outpaced other new car-making brands, the automaker said today on Weibo.

With deliveries of the Air versions of the Li L8 and Li L7, Li Auto's weekly sales hit another record high, it said.

Li Auto didn't specify what statistic that sales figure was based on, though apparently, it was insurance registrations. Previously, we had access to those numbers every Tuesday, and Li Auto's practice was to share some of them on Wednesdays.

The main third-party agencies and Weibo bloggers that provide data on auto insurance registrations in China stopped sharing the data this month, but Li Auto continues to share some of it.

This is the first time Li Auto has shared those numbers on a Tuesday, though they weren't taken down to single digits.

(NASDAQ: TSLA) sold 10,300 units last week, according to the table shared by Li Auto. That was down from 12,500 units the week before and up from 6,973 units in the first week of April.

NIO sold 2,000 units last week, up from 700 the week before and 1,316 in the first week of April.

(NYSE: XPEV) sold 1,900 units last week, up from 1,300 units and 904 units in the previous two weeks.

sold 2,100 units last week, up from 1,600 units the previous week and 1,476 units in the first week of April.

Among luxury brands, Mercedes-Benz, BMW and Audi had the highest sales last week with 15,800, 15,600 and 14,800 respectively, according to data shared by Li Auto.

Insurance registrations for week ending Apr 16: Tesla 12,500, Li Auto 6,300, NIO 700

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Electric eMobility eV

New York Installing Solar on Prisons — But Awkwardly Avoids Saying That

In a recent press release from the governor’s office in the State of New York, things got a little awkward. They started out on strong footing, but seemed to be embarrassed about where they plan to install a bunch of solar capacity. “Governor Kathy Hochul today, during Earth Week, announced the deployment of more than […]
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Electric eMobility eV

New York Installing Solar on Prisons — But Awkwardly Avoids Saying That

In a recent press release from the governor’s office in the State of New York, things got a little awkward. They started out on strong footing, but seemed to be embarrassed about where they plan to install a bunch of solar capacity. “Governor Kathy Hochul today, during Earth Week, announced the deployment of more than […]
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Electric eMobility eV

VinFast Delivers The First $20,000 VF 5 Plus Vehicles

The Vietnamese EV maker received 3,000 reservations for the small SUV.
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Electric eMobility eV

See An Armed Suspect Carjack A Tesla At Gunpoint During A High-Speed Chase

The carjacking victim, a Hollywood doctor, was left speechless and shaking.
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China Dual Credit Electric eMobility eV Industry News Policy

China to introduce credit pool for NEV dual credit system that is expected to facilitate credit trading

Automakers can voluntarily apply for storage of positive credits when the supply exceeds demand, and release credits when the supply is less than demand.

China to introduce credit pool for NEV dual credit system that is expected to facilitate credit trading-CnEVPost

(Image credit: CnEVPost)

China will introduce a new credits trading system for the dual-credit mechanism in the new energy vehicle (NEV) industry, which is expected to facilitate credits trading between automakers.

The country has launched the second revision of its dual-credit mechanism, which will implement a credits pool management system and explore mechanisms to interact with the carbon trading market, the Shanghai Securities News said in a report today.

The 2023 annual credits report press conference was held today in Beijing, where China's industry regulators released the information, according to the report.

Under the credit pool system, automakers can voluntarily apply for storage of positive credits for NEVs when the supply exceeds demand.

The storage of positive credits collected into the pool is valid for five years. The previous carryover ratio requirement will be canceled, i.e. there will no longer be a discount for credits carried over to the next year.

When the supply of credits is less than the demand, automakers can release the stored positive credits to regulate the supply and demand in the credits market.

The trigger condition for the pool to collect and release credits is determined by the ratio of supply to demand, which refers to the ratio of positive NEV credits available for trading in the current year to the negative credits to be offset by external trading.

The Shanghai Securities News report provided no further information on this new mechanism.

China released the dual-credit policy in 2017, whose full name is "Parallel Management Measures for Average Fuel Consumption of Passenger Vehicle Enterprises and New Energy Vehicle Credits". The policy has been in effect since April 1, 2018.

Automakers that fail to meet the fuel consumption control requirements can offset the negative credits from excessive fuel consumption by generating their own NEV credits, or by purchasing credits from other companies.

If a car company is unable to bring negative credits to zero, then they will need to submit a product adjustment plan to the MIIT and set a deadline for compliance.

Until their negative credits are zeroed out, products with substandard fuel consumption cannot be sold to the public.

The policy is seen as one of the keys to promoting the rapid growth of China's NEV industry, allowing the country to reach its 2025 NEV penetration target of more than 25 percent ahead of schedule.

For the full year 2022, China's retail sales of new energy passenger vehicles were 5.67 million units, up 90 percent year-on-year, contributing 27.6 percent of all passenger vehicle sales, according to the China Passenger Car Association (CPCA).

China's 'dual credit' policy, what you need to know

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Battery Swap China China Holidays Electric eMobility eV Nio NIO Benefits

NIO to allow vehicle owners free access to swap stations along highways for upcoming Labor Day holiday

NIO offered similar benefits during the Chinese New Year holiday earlier in the year and saw a surge in battery swap services.  |  NIO US | NIO HK | NIO SG

NIO to allow vehicle owners free access to swap stations along highways for upcoming Labor Day holiday-CnEVPost

(Image credit: CnEVPost)

NIO (NYSE: NIO) will continue to allow its car owners unlimited free access to battery swap stations along highways in China for the upcoming golden week, following a similar campaign earlier this year.

For the upcoming Labor Day holiday, all NIO owners will have unlimited free access to battery swap stations along highways, the electric vehicle (EV) maker announced today on its mobile app.

The Labor Day holiday in China runs from April 29 to May 3 this year, and NIO owners will have free access to these battery swap stations from April 28 to May 4, although vehicles used for operations are excluded.

Most NIO owners currently have the benefit of four to six free battery swaps per month, with a few early adopters having unlimited access to the service.

The benefits NIO is offering for the upcoming holiday season are in addition to the benefits owners already have.

The company offered similar benefits during the Chinese New Year holiday earlier this year, allowing for a spike in the number of services offered at its battery swap stations.

NIO offered free access to battery swap stations from January 13 to February 5 during this year's Chinese New Year holiday, which ran from January 21 to January 27.

On January 27, NIO's battery swap stations reached an all-time high of 62,356 services in a single day, according to its previously announced data.

The free battery swap service provided during the Chinese New Year holiday did not put additional cost pressure on NIO, as the revenue generated by its charging stations at the time largely covered those costs, the company said at a media briefing in early February.

As of April 25, NIO had 1,369 battery swap stations in China, including 362 along highways, according to data monitored by CnEVPost.

The company also has 2,512 charging stations in China, providing 14,903 charging piles.

NIO's goal is to add 1,000 battery swap stations this year, bringing the number of facilities to 2,300 by the end of 2023.

NIO provides nearly 1 million battery swap services in half month around Chinese New Year holiday

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China Electric eMobility eV Nio NIO ES7 Wait Times

NIO ES7 wait time reduced to about 3 weeks

The wait information for the NIO ES7 last changed on April 17, when it went from about 2 weeks to 3-5 weeks.

NIO ES7 wait time reduced to about 3 weeks-CnEVPost

(Image credit: CnEVPost)

The wait time for the NIO (NYSE: NIO) ES7 in China has been slightly shortened, with that information for the SUV becoming longer a week ago.

For consumers currently locking in orders for the ES7, delivery is expected in about 3 weeks, information from the NIO App monitored by CnEVPost shows.

The last change in the wait information for the NIO ES7 was on April 17, when it went from about 2 weeks to 3-5 weeks.

NIO ES7 wait time reduced to about 3 weeks-CnEVPost

(Screenshot on April 25.)

NIO's website and app currently showcase 7 models -- the new ES8, ES7, new ES6, EC7, EC6, ET7, ET5.

All are new models based on the NT 2.0 platform, except for the EC6, which is an older model based on the NT 1.0 platform.

In the vehicle configurator of NIO App, only five models are available -- the new ES8, ES7, EC7, ET7, ET5, while the configurator of the new ES6 and the EC6 based on NT 1.0 platform is not available.

On the first day of the Shanghai auto show on April 18, NIO launched the 2023 ET7 and unveiled the new ES6. The price of the new ET7 is the same as the previously available version, while the price of the new ES6 was not announced.

On April 21, the NIO App saw major changes to the vehicle configurator, with the ET7's wait times starting to be displayed again.

Except for the ES7, wait times for all other NIO models are unchanged today -- deliveries of the new ES8 are expected to begin in June, wait times for both the EC7 and ET7 are about 4 weeks, and for the ET5 is about 2 weeks.

NIO delivered 10,378 vehicles in March, up 3.94 percent from 9,985 units a year ago but down 14.6 percent from 12,157 units in February.

As of March 31, cumulative deliveries of NIO vehicles reached 320,597 units.

NIO's battery swap network completes initial coverage of Beijing-Taipei highway

Changes in wait times for NIO models

DateModelPrevChangeLatest
04/25/23ES7 (NT 2.0)3-5 weeks↓About 3 weeks
04/21/23ET7 (NT 2.0)NANAAbout 4 weeks
04/21/23EC7 (NT 2.0)Mid MayNAAbout 4 weeks
04/17/23ES7 (NT 2.0)About 2 weeks↑3-5 weeks
04/14/23ES6 (NT 1.0)About 2 weeksNAStop showing
04/10/23ET5 (NT 2.0)About 3 weeks↓About 2 weeks
04/10/23ES7 (NT 2.0)About 3 weeks↓About 2 weeks
03/28/23ET5 (NT 2.0)3-4 weeks↓About 3 weeks
03/28/23ES7 (NT 2.0)4-6 weeks↓About 3 weeks
03/14/23ET5 (NT 2.0)2-3 weeks↑3-4 weeks
03/14/23ES7 (NT 2.0)About 3 weeks↑4-6 weeks
03/13/23ET7 (NT 2.0)About 3 weeksNAStop showing
02/14/23ES7 (NT 2.0)3-4 weeks↓About 3 weeks
02/14/23ET7 (NT 2.0)3-4 weeks↓About 3 weeks
02/14/23ET5 (NT 2.0)About 3 weeks↓2-3 weeks
02/6/23ET5 (NT 2.0)3-4 weeks↓About 3 weeks
01/28/23ES7 (NT 2.0)2-3 weeks↑3-4 weeks
01/28/23ET7 (NT 2.0)2-3 weeks↑3-4 weeks
01/28/23ET5 (NT 2.0)7-9 weeks↓3-4 weeks
01/11/23ET5 (NT 2.0)8-10 weeks↓7-9 weeks
01/5/23ET5 (NT 2.0)9-11 weeks↓8-10 weeks
12/29/22ET5 (NT 2.0)10-12 weeks↓9-11 weeks
12/22/22ET5 (NT 2.0)12-14 weeks↓10-12 weeks
12/20/22ES7 (NT 2.0)4-6 weeks↓2-3 weeks
12/13/22ET5 (NT 2.0)13-15 weeks↓12-14 weeks
12/13/22ET7 (NT 2.0)About 2 weeks↑2-3 weeks
12/13/22EC6 (NT 1.0)About 2 weeksNAStop showing
12/2/22ET5 (NT 2.0)21-23 weeks↓13-15 weeks
11/25/22ES7 (NT 2.0)7-9 weeks↓4-6 weeks
11/25/22ET7 (NT 2.0)3-5 weeks↓About 2 weeks
11/23/22ES8 (NT 1.0)About 2 weeksNAStop showing
11/16/22ET7 (NT 2.0)4-6 weeks↓3-5 weeks
11/10/22ES8 (NT 1.0)2-3 weeks↓About 2 weeks
11/10/22ES6 (NT 1.0)2-3 weeks↓About 2 weeks
11/10/22EC6 (NT 1.0)2-3 weeks↓About 2 weeks
11/3/22ES7 (NT 2.0)11-13 weeks↓7-9 weeks
11/3/22ET7 (NT 2.0)6-8 weeks↓4-6 weeks
11/3/22ES8 (NT 1.0)2-4 weeks↓2-3 weeks
11/3/22ES6 (NT 1.0)2-4 weeks↓2-3 weeks
11/3/22EC6 (NT 1.0)2-4 weeks↓2-3 weeks
10/31/22ES7 (NT 2.0)12-14 weeks↓11-13 weeks
10/31/22ES8 (NT 1.0)3-5 weeks↓2-4 weeks
10/31/22ES6 (NT 1.0)3-5 weeks↓2-4 weeks
10/31/22EC6 (NT 1.0)3-5 weeks↓2-4 weeks
10/21/22ES7 (NT 2.0)13-15 weeks↓12-14 weeks
10/21/22ET7 (NT 2.0)11-13 weeks↓6-8 weeks
10/21/22ET5 (NT 2.0)21-23 weeksNAStop showing
10/21/22ES8 (NT 1.0)4-6 weeks↓3-5 weeks
10/21/22ES6 (NT 1.0)4-6 weeks↓3-5 weeks
10/21/22EC6 (NT 1.0)4-6 weeks↓3-5 weeks

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