Beijing has banned the acceptance of new gasoline vehicles on ride-hailing platforms since July 20, with only EVs accepted.
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Category: Policy
The move is seen as benefiting emerging domestic luxury EV models, while negatively impacting German models that dominate the market.
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Nio's four main models, the Onvo L60, and Tesla's Model 3 and Model Y are included in the list for the first time.
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The disorderly price war has intensified vicious competition and will further squeeze corporate profit margins, CAAM warned.
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China's commerce ministry will meet with industry bodies and automakers to discuss the sales of used cars that have never been driven, Reuters reported.
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BEVs contributed 27.61 percent of China's passenger car retail sales in 2024.
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Chinese regulators are beginning to regulate car companies' marketing of driver assistance features and the implementation of OTA updates.
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Shanghai now allows non-locally registered vehicles to be used to apply for trade-in subsidies of up to RMB 15,000.
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As of press time, BYD was down 11.15 percent, Nio 11.30 percent, Xpeng 11.40 percent and Li Auto 10.82 percent.
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Li Auto's weekly sales leaderboard, which it shares every Tuesday, may not continue to be published.
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