Category: Tesla

Xpeng delivers 8,620 vehicles in Jun, Q2 deliveries exceed guidance range

Post author By Phate Zhang/CnEVPost
Post date July 1, 2023

Xpeng delivered 8,620 vehicles in June, up 14.84 percent from May and the fifth straight month of sequential growth. First deliveries of the G6 will begin later this month.

Xpeng (NYSE: XPEV) deliveries continued to improve modestly ahead of the start of deliveries of the new SUV G6.

The electric vehicle (EV) maker delivered 8,620 vehicles in June, up 14.84 percent from May and its fifth straight month of improvements sequentially, despite a 43.64 percent decline from a year ago, data released today showed.

Deliveries of Xpeng's flagship sedan P7 series rose 17 percent in June from the previous month, it said, without disclosing specific figures.

The company delivered 23,205 vehicles in the second quarter, up 27.29 percent from the first quarter but down 32.59 percent from the previous year.

The second-quarter deliveries were above the upper end of Xpeng's previous guidance range of 21,000 to 22,000 vehicles. It guided for second quarter revenue of between RMB 4.5 billion ($620 million) and RMB 4.7 billion.

In the first half of the year, Xpeng delivered 41,435 vehicles, a 39.93 percent decrease from 68,983 vehicles in the same period last year.

As of June 30, Xpeng's cumulative deliveries since inception were 300,145 vehicles, surpassing the 300,000 mark, data monitored by CnEVPost showed.

Xpeng launched its new SUV, the G6, in China on June 29 at a price significantly lower than its main competitor, the Tesla (NASDAQ: TSLA) Model Y.

The company is offering five versions of the G6 with starting prices of RMB 209,900, RMB 229,900, RMB 234,900, RMB 254,900 and RMB 276,900, respectively.

The starting price is RMB 15,100 lower than Xpeng's G6 pre-sale starting price of RMB 225,000 announced on June 9, and RMB 54,000 lower than the Model Y's starting price of RMB 263,900 in China.

Xpeng chairman and CEO He Xiaopeng said at the G6 launch event that the G6 had more than 35,000 pre-sale orders as of June 28 since pre-sale began on June 9.

(Image credit: CnEVPost)

The G6 is expected to become the top-selling smart electric SUV priced at the RMB 250,000 level in China within two months, he said.

In an interview with local media on June 30, Mr. He said the monthly sales target for the G6 is at least 10,000 units.

Initial deliveries of the G6 are set to begin this month, and display vehicles have arrived at showrooms nationwide and are ready for test drives, Xpeng said today.

Xpeng's ADAS feature, XNGP, will be available immediately upon delivery of all G6 Max versions, it said, adding that it plans to roll out its "AI Valet Driver" feature for all XNGP-equipped vehicles beginning in the fourth quarter.

The "AI Valet Driver" mode allows users to customize smart driving routes to their preferences in multiple Chinese cities, making driving in everyday driving scenarios safer and more efficient, the company said.

($1 = RMB 7.2523)

Xpeng targets G6 monthly sales of over 10,000

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Tags Tesla, XPeng

China Electric eMobility eV Tesla Tesla Model S Tesla Model X

Tesla offers up to $6,200 discounts for Model S and Model X in China

Post author By Phate Zhang/CnEVPost
Post date July 1, 2023

Tesla is offering discounts of RMB 35,000 to RMB 45,000 in China for the full lineup of Model S and Model X, which saw deliveries in the country begin at the end of March.

(Image from Tesla Weibo)

Tesla (NASDAQ: TSLA) is offering big discounts in China for its two higher-priced models that aren't made locally, likely in part because sales of those vehicles being imported to China are performing below expectations.

The US electric vehicle (EV) maker today announced what it calls an inventory car purchase incentive for the Model S and Model X on Weibo, with discounts of up to 45,000 yuan ($6,200), even though the prices for both models remain unchanged on Tesla's website.

Prices start at RMB 773,900 for the dual-motor all-wheel drive Model S and RMB 988,900 for the tri-motor all-wheel drive Model S Plaid, as per Tesla's published discounted prices.

Compared to the prices displayed on the Tesla China website of RMB 808,900 and RMB 1,028,900, these two versions of the Model S offer discounts of RMB 35,000 and RMB 40,000 respectively.

The discounted prices start at RMB 863,900 for the Model X dual motor AWD version and RMB 1,013,900 for the Model X Plaid tri-motor AWD version.

This is RMB 35,000 and RMB 45,000 lower than the RMB 898,900 and RMB 1,058,900, respectively, displayed on Tesla's China website.

In addition to these cash offers, Tesla is also encouraging owners to refer friends to purchase the two models.

If a customer purchases the Model S and Model X on the recommendation of someone else, they will receive an additional RMB 7,000 bonus, free Supercharging benefits for 3 or 6 years, and 90 days of free Enhanced Autopilot (EAP) access. The referrer will then receive 48,000 bonus points that can be redeemed for Supercharging miles.

On January 6, Tesla announced the prices of the Model S and Model X in China at the same time as it significantly reduced the prices of the locally produced Model 3 and Model Y.

At that time, the starting price of Model S was RMB 789,900 and Model S Plaid was RMB 1,009,900. Model X started at RMB 879,900 and Model X Plaid was 1,039,900.

On February 28, six new Tesla Model S and Model X entered Chinese customs, the first time these two models were imported into China. In mid-March, a new batch of 867 new Tesla Model S and Model X vehicles were imported into China.

On March 27, Tesla announced that deliveries of the new Model S and Model X in China officially began.

On May 5, the prices of the full line of both the new Model S and Model X models in China were raised by RMB 19,000. Since then, the prices of both models in China have remained unchanged.

Tesla has a factory in Shanghai that produces the Model 3 and Model Y. The factory delivered 77,695 vehicles in May, including 42,508 in China and 35,187 for export, according to the China Passenger Car Association (CPCA).

The Model Y sold 31,054 units at retail in China in May and was the best-selling SUV for the month, according to a ranking by the CPCA.

($1 = 7.2523 RMB)

Tesla starts offering insurance subsidies for car purchases in China again

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Earnings/Financials Electric Green Tesla

Tesla set to have more record deliveries this quarter

Post author By Bloomberg
Post date June 30, 2023

Filed under: Earnings/Financials,Green,Tesla,Electric

Continue reading Tesla set to have more record deliveries this quarter

Tesla set to have more record deliveries this quarter originally appeared on Autoblog on Fri, 30 Jun 2023 15:00:00 EDT. Please see our terms for use of feeds.

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Tags Earnings/Financials, Electric, Green, Tesla

China Electric eMobility eV Tesla Tesla Model Y Wait Times

Tesla Model Y wait times get longer in China

Post author By Phate Zhang/CnEVPost
Post date June 30, 2023

The latest wait times for all three versions of the Tesla Model Y in China are a slightly longer 2-6 weeks, the second change this year since January 9.

(Image credit: CnEVPost)

Tesla's (NASDAQ: TSLA) Model Y -- the best-selling SUV in China -- is seeing longer wait times, the second such change in the first half of this year.

The latest expected delivery dates for all three available versions of the Model Y in China -- the entry-level rear-wheel drive Model Y, the dual-motor all-wheel drive Model Y Long Range, and the dual-motor all-wheel drive Model Y Performance -- are all 2-6 weeks, CnEVPost's monitoring shows.

The last change in wait times for the Model Y in China was on January 9, when both the entry-level Model Y and Model Y Long Range went from 1-4 weeks to 2-5 weeks, and the Model Y Performance stayed at 1-4 weeks.

CnEVPost has been tracking wait times and price changes for Tesla models in China on a daily basis since April 2022. The latest change in Model Y wait times is the second in the first half of the year.

(Vehicle information displayed on Tesla's China website on June 30, 2023.)

Tesla has a factory in Shanghai that produces the Model 3 and Model Y. The expected delivery dates for the two versions of the Model 3 -- the entry-level rear-wheel drive version and the dual-motor all-wheel drive Model 3 Performance -- remain unchanged at 1-4 weeks.

The Model 3 and Model Y showed no change in price or core specification information today. There have been some changes to their pricing information in China in the first half of this year.

On January 6, Tesla significantly lowered the prices of the full range of Model 3 and Model Y in China. The specific adjustments at that time were as follows:

The price of the entry-level Model 3 was reduced by RMB 36,000 from RMB 265,900 ($36,660) to RMB 229,900 on January 6, and the Model 3 Performance was reduced by RMB 20,000 from RMB 349,900 to RMB 329,900.

The price of the entry-level Model Y was reduced by RMB 29,000 from RMB 288,900 to RMB 259,900 on January 6, and the Model Y Long Range was reduced by RMB 48,000 from RMB 357,900 to RMB 309,900. The Model Y Performance was reduced by RMB 38,000 to RMB 359,900 from RMB 397,900.

On February 10, Tesla increased the price of the base Model Y in China by RMB 2,000 to RMB 261,900.

On February 17, Tesla increased the price of Model Y Long Range and Model Y Performance in China both by RMB 2,000 to RMB 311,900 and RMB 361,900, respectively.

On May 2, Tesla increased the prices of the entire Model 3 and Model Y lineup by RMB 2,000 in China. Following this adjustment, the starting prices for the two versions of the Model 3 were RMB 231,900 and RMB 331,900, respectively, and the starting prices for the three versions of the Model Y were RMB 263,900, RMB 313,900 and RMB 363,900, respectively.

Prices for the Model 3 and Model Y have not changed in China since the May 2 price change.

Tesla sold 42,508 Model 3 and Model Y vehicles in China in May, and the Shanghai plant exported 35,187 vehicles, according to the China Passenger Car Association (CPCA).

Model Y retail sales in China in May were 31,054 units, up 428.58 percent year-on-year and up 16.05 percent from April.

This makes the Model Y the best-selling SUV in China in May, above the second-place BYD Yuan Plus with 26,072 units and the third-place BYD Song Plus with 22,079 units, according to a ranking by the CPCA.

From January to May, Model Y retail sales in China were 152,461 units, up 87.03 percent year-on-year, making it the best-selling SUV in China during that period.

Yesterday, local media outlet 36kr reported that Tesla's revamped China-made Model 3 will have an upgraded battery pack, with the base rear-wheel drive version using CATL's new M3P lithium iron phosphate battery, which will be upgraded from 60 kWh to 66 kWh in capacity.

The 66-kWh battery pack will not only be used in the improved Model 3, but also in the future upgraded Model Y, the report said, citing sources.

($1 = RMB 7.2525)

Tesla starts offering insurance subsidies for car purchases in China again

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Tags BYD, CATL, Tesla

China Electric eMobility eV Product Launch Tesla XPeng XPeng G6

Xpeng officially launches G6 with starting price of $29,010 to regain past glory

Post author By Phate Zhang/CnEVPost
Post date June 29, 2023

The G6 is expected to be the top-selling smart electric SUV in China in the RMB 250,000 price level within two months, said Xpeng's CEO.

(Image credit: Xpeng)

Xpeng (NYSE: XPEV) today officially launched its highly anticipated new SUV, the G6, in China at prices significantly below the pre-sale price to recapture its past glory.

The G6 is a direct competitor to the Tesla Model Y, and Xpeng is offering it in five versions, including two Pro versions and three Max versions.

These five versions start at RMB 209,900 ($29,010), RMB 229,900, RMB 234,900, RMB 254,900 and RMB 276,900 respectively.

The starting price is RMB 15,100 lower than Xpeng's G6 pre-sale price of RMB 225,000 announced on June 9.

The G6 measures 4,753 mm in length, 1,920 mm in width and 1,650 mm in height, and has a wheelbase of 2,890 mm, which is essentially the same as the Tesla Model Y, which measures 4,750 mm in length, 1,921 mm in width and 1,624 mm in height, and has a wheelbase of 2,890 mm.

The Model Y is currently available in three versions in China, with starting prices of RMB 263,900, RMB 313,900 and RMB 363,900 respectively.

The Tesla model sold 31,054 units at retail in China in May, making it once again the best-selling SUV in the country, according to a ranking released earlier this month by the China Passenger Car Association (CPCA).

Xpeng began pre-sales of the G6 on June 9 and later announced that the model had received more than 25,000 orders in 72 hours.

At today's launch event, Xpeng chairman and CEO He Xiaopeng said the G6 had more than 35,000 pre-sale orders as of June 28 since June 9.

The G6 is expected to become the top-selling smart electric SUV priced at the RMB 250,000 level in China within two months, he said.

It's worth noting that while Xpeng previously emphasized that the G6's most direct competitor is the Tesla Model Y, Mr. He's comments seem to rule out comparisons to the Model Y, which is priced above RMB 250,000 for all versions.

In China, consumers generally prefer SUVs with more space, which is why the earliest models from startups including Xpeng, Nio (NYSE: Nio) and Li Auto (NASDAQ: LI) were all SUVs.

Tesla's Model Y has also quickly become one of the best-selling electric vehicles in China after it starts production at its Shanghai plant in 2021.

From January to May, Model Y retail sales in China were 152,461 units, up 87.03 percent year-on-year, making it the best-selling SUV in China during that period.

Based on the 800 V platform, the Xpeng G6 boasts more than 100 advanced features, including a 3C battery that supports ultra-fast charging, and the company's signature driver assistance software, XNGP.

Four versions of the vehicle are single-motor rear-wheel drive models, offering a choice of two ranges -- 580 and 755 kilometers. The most expensive version is a dual-motor four-wheel drive model with a CLTC range of 700 kilometers.

The G6 can be charged from 0 to 80 percent in as little as 20 minutes, with combined energy consumption as low as 13.2 kWh per 100 km.

The model is equipped with battery cells from CATL's local rival CALB and battery packs produced by Xpeng's plant in Wuhan, Hubei, according to a previous regulatory filing.

In terms of performance, the lowest-priced Xpeng G6 can accelerate from 0 to 100 km/h in 6.6 seconds, while the highest-priced 4WD version is 3.9 seconds.

XNGP is an all-scenario assisted driving system, and Xpeng aims to have it provide driving assistance in all scenarios including highways, city roads, internal campus roads, and parking lots.

On June 15, Xpeng announced that the urban part of the system, City NGP (Navigation Guided Pilot), became available in Beijing after Guangzhou, Shenzhen and Shanghai.

Xpeng announced at today's launch event that XNGP will cover an additional 50 Chinese cities in the second half of the year, with the goal of being available in 200 cities next year.

The G6 show cars and vehicles for test drives are already available in Xpeng showrooms in China, and deliveries of the model will begin in July.

Xpeng also said today that the G6 is based on Chinese and European five-star safety standards and that deliveries in Europe will also begin next year.

Xpeng restarted its European expansion, once on hold, with the launch of the G9 and the new P7 in Europe in February.

The G6 will be crucial for Xpeng to boost weak sales, which fell to 5,218 units in January and have only recovered to just over 7,000 units in the past three months.

The G6 will be a hot seller in China's new-energy SUV market in the RMB 200,000 to 300,000 range, and will enable Xpeng's total deliveries to grow well above the industry's pace in the third quarter, the company's management said in a May 24 analyst call following its first-quarter earnings announcement.

Xpeng management also said at the time that it had set aside about two months between the start of production and delivery of the G6, a model that Xpeng hopes will reach more than double the sales of the P7i.

This means that Xpeng management expects monthly sales of the G6 to reach 6,000-8,000 units, Deutsche Bank analyst Edison Yu's team said in a May 30 research note.

($1 = RMB 7.2353)

XPeng making its last stand with G6, says Deutsche Bank

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Tags CATL, Li Auto, NIO, Tesla, XPeng

China Electric eMobility eV Tesla Tesla Model 3

Tesla to equip revamped Model 3 in China with CATL’s new battery, report says

Post author By Phate Zhang/CnEVPost
Post date June 29, 2023

Tesla's revamped China-made Model 3 will use CATL's new M3P lithium iron phosphate battery, with the base model battery pack capacity upgraded from 60 kWh to 66 kWh, according to 36kr.

(Image credit: CnEVPost)

Tesla's revamped China-made Model 3 will have upgraded battery packs, and the rear-wheel drive base model will use CATL's new M3P lithium iron phosphate battery, with capacity upgraded from 60 kWh to 66kWh, local media 36kr reported today.

Tesla has a practice of upgrading its batteries with every facelift, previously, the standard range version of the China-made Model 3 has been upgraded from 55 kWh to 60 kWh, the report noted.

The 66-kWh pack is not only available for the upgraded Model 3, but can also be used in future revisions of the Model Y, the report said, citing sources.

The range of the China-made Model 3 rear-drive version is currently 556 kilometers. The range of the facelifted Model 3 is expected to increase after receiving a 6-kWh boost in battery capacity, the report said.

The revamped Model 3, with the project code name Highland, is expected to launch in the third quarter, the report said, citing industry chain sources.

Tesla has a factory in Shanghai that produces the Model 3 and Model Y, with an annual capacity of about 1.1 million vehicles, making it the largest Tesla factory in the world.

On March 1, Reuters reported that Tesla was working to retool its Shanghai plant for a Model 3 facelift, a project codenamed Highland by Tesla.

The Highland version of the Model 3 is expected to go into production in Shanghai in September, the Reuters report said, citing a person familiar with the matter.

With Highland, Tesla aims to cut production costs and boost the appeal of the electric sedan, which debuted in 2017, people involved in the project said.

In addition to the Highland version of the Model 3, the Reuters report also mentioned that Tesla was preparing to make production changes to the Model Y.

The changes to the Model Y -- which Tesla has codenamed Project Juniper -- involve the exterior and interior of the SUV, with the goal of starting production in 2024, according to Reuters.

On May 16, Bloomberg reported that Tesla was nearing the final stages before starting trial production of its revamped Model 3 sedan in Shanghai.

The revamped Model 3 is slightly longer, sportier and has a sleeker interior design than earlier versions, according to the report.

On the battery front, it's worth noting that there were rumors last August that CATL would supply M3P batteries to Tesla.

CATL will begin supplying M3P batteries to Tesla in the fourth quarter, and will put them in Model Y using 72 kWh packs, local media outlet LatePost reported on August 3, 2022.

The lithium manganese iron phosphate (LMFP) material used in CATL's M3P battery will be supplied by Shenzhen Dynanonic Co, which had plans to put 110,000 tons of LMFP material into production in the second half of 2022, according to the report.

Tesla was also developing LMFP batteries, but with a long development cycle, it will first source such batteries from suppliers, the report said.

LMFP batteries are an improvement on lithium iron phosphate (LFP) batteries.

Batteries are usually named after the cathode materials they use. LMFP cathode materials can be made by adding manganese to the LFP cathode materials currently used to make LMFP batteries.

The LMFP route can be divided into two types, using 100 percent LMFP material as the cathode or doping the LMFP material with other materials such as aluminum or magnesium to make the cathode.

CATL's M3P batteries' cathode materials are doped with lithium ternary materials and LMFP materials, a solution that solves the problem of short cycle life and high internal resistance of LMFP batteries, as noted in the LatePost report.

On August 18, 2022, Sina Tech cited two people familiar with the matter as saying that Tesla would soon launch a new China-made Model 3, with the biggest highlight being that the entire lineup will use M3P batteries supplied by CATL, with a range improvement of at least 10 percent.

With the new battery pack, the two versions of the China-made Model 3 are expected to have a range of more than 600 km and 700 km, up from the previous 556 km to 675 km, the report said.

Tesla starts offering insurance subsidies for car purchases in China again

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Tags CATL, Tesla

China Electric eMobility eV Tesla XPeng XPeng G6 XPeng Stock

Xpeng shares up nearly 20% this week ahead of G6 launch

Post author By Phate Zhang/CnEVPost
Post date June 29, 2023

Xpeng will hold an official launch event for the G6 today starting at 8 pm Beijing time, where the official pricing will be announced.

Xpeng's (NYSE: XPEV) highly anticipated new SUV, the G6, a Tesla (NASDAQ: TSLA) Model Y competitor, will go on sale in China in about 10 hours. Ahead of that, investors are clearly excited.

Xpeng's Hong Kong-traded stock was up 4.72 percent to HK$46.90 as of press time, giving it a cumulative gain of more than 18 percent since Monday.

The Chinese electric vehicle (EV) company's US-traded ADRs rose 7.29 percent to $11.78 at yesterday's close, giving it an 18.99 percent gain for the week.

The biggest catalyst driving the rally in Xpeng shares this week is the upcoming launch of the G6.

Xpeng will hold the launch event of the G6 starting at 8 pm Beijing time (8 am US Eastern time) on June 29, and it posted a Weibo early this morning saying that everything is in place for the event.

(Image credit: XPeng)

Xpeng gave the G6 its debut on the first day of the Shanghai auto show on April 18, saying the G6 is the ultimate form of car before full autonomous 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 of charge, Xpeng said at the time. The company's other 800 V-based model is the flagship SUV G9.

Xpeng began pre-sales for the G6 on June 9, with pre-sale prices starting at RMB 225,000 ($31,090), significantly lower than the Tesla Model Y's starting price of RMB 263,900 in China.

The Xpeng G6 received more than 25,000 orders within 72 hours of the start of pre-sales, the company announced on Weibo on June 12.

The G6 show cars were already available at Xpeng stores, and the model would officially launch on June 29 with deliveries starting in July, the company said earlier this month.

Referring to the practices of other local Chinese EV companies, Xpeng will likely announce a lower final pricing than the pre-sale price when the G6 officially launches today, thus providing consumers with a surprise that exceeds expectations.

The Xpeng G6 is an all-electric mid-size 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 from 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.

The G6 will be a hot seller in China's new energy SUV market priced in the RMB 200,000 to 300,000 range and will enable Xpeng's total deliveries to grow well above the industry in the third quarter, the company's management said in a call with analysts after announcing its first-quarter earnings on May 24.

In the view of Wall Street analysts, the G6 will be critical to boosting Xpeng's sluggish sales.

"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 on May 30.

Xpeng management said in a May 24 conference call that it had set aside about two months between the start of production and delivery of the G6, and that Xpeng wanted the model to reach more than twice the sales of the P7i.

This 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.

($1 = RMB 7.2379)

XPeng says G6 gets over 25,000 orders 72 hours after pre-sale starts

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Tags Tesla, XPeng

China Electric eMobility eV GAC Aion Sales Target Tesla

GAC Aion aims to sell 500,000 all-electric vehicles this year

Post author By Lei Kang/CnEVPost
Post date June 29, 2023

GAC Aion sold 271,156 vehicles for the full year 2022, and the latest target implies an 84.4 percent increase.

(Image credit: CnEVPost)

GAC Aion, the electric vehicle (EV) subsidiary of Guangzhou-based GAC Group, is targeting sales of about 500,000 vehicles this year, implying an almost doubling of growth from last year.

GAC Aion plans to produce and sell 500,000 pure-play EVs this year and launch its overseas business efforts, GAC Group spokeswoman Yin Jie said at a June 27 press conference held by the Guangzhou municipal government.

GAC Aion will aim to exceed 1 million vehicles in annual production and sales by 2025, Yin said, adding that the company is now moving full steam ahead with its initial public offering (IPO) efforts.

For the full year 2022, GAC Aion sold 271,156 vehicles, according to data monitored by CnEVPost.

This year's sales target of 500,000 vehicles would represent an 84.4 percent increase.

GAC Aion sold a record 45,003 vehicles in May, its third consecutive month of more than 40,000, figures it released earlier this month show.

This represents a 113.73 percent increase over the 21,056 vehicles sold in the same month last year and a 9.73 percent increase over the 41,012 vehicles sold in April.

In a ranking released earlier this month by the China Passenger Car Association (CPCA), GAC Aion ranked second among the top 10 new energy vehicle (NEV) retail sales, behind BYD's 220,735 units.

From January to May, GAC Aion sold 166,323 vehicles, which was an increase of 118.44 percent from 76,142 units in the same period last year.

This makes GAC Aion the No. 3 player in retail sales in China from January to May, behind BYD with 923,343 units and Tesla with 219,893 units.

GAC Group aims to see NEVs contributing 25 percent of sales by 2025, with its own brands contributing 50 percent of those NEV sales, Yi said in the press conference.