Category: Tesla

Top 10 best-selling EVs in Q1 2023, Tesla occupied the top 2, and BYD got five seats.

Post author By Qian Jin
Post date June 8, 2023

Among the top 10 best-selling EVs, Tesla accounted for 2 and BYD 5. It is worth noting that in addition to Tesla, the other 8 vehicles are all from Chinese companies.

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China contributes 56% of global EV sales in Q1, Counterpoint says

Post author By Lei Kang/CnEVPost
Post date June 8, 2023

The US overtook Germany as the world's second-largest EV market in the first quarter, while China remained in the lead, Counterpoint said.

(Image credit: CnEVPost)

In the first quarter, the US overtook Germany as the world's second-largest electric vehicle (EV) market, while China still holds the lead, market research firm Counterpoint Research said in a report yesterday.

Global passenger EV sales grew 32 percent year-on-year in the first quarter, with one in seven vehicles sold in the quarter being electric, the report said.

Global EV sales were largely driven by China with 56 percent of total EV sales in the first quarter coming from this market, said Abhik Mukherjee, a research analyst at Counterpoint.

In China, while overall passenger vehicle sales fell 12 percent in the first quarter, EV sales rose a remarkable 29 percent year-on-year, the report said.

The removal of subsidies for NEV purchases in China led to lower-than-expected EV sales in January.

Tesla cut prices on its models globally in January, and then other car brands announced similar price cuts on their models starting in February, which led to improved sales of EVs, the report said.

During the February-March period, nearly 40 automakers, including BYD, NIO, XPeng, Volkswagen, BMW, Mercedes-Benz, Nissan, Honda and Toyota, cut the prices of their vehicles by hundreds to tens of thousands of dollars, which eventually stoked a competitive price war in China, the report noted.

Initially, it was thought that the price war would soon be over and the automakers would benefit from increased sales. However, as the price war continues to stretch, several Chinese automakers have reported reduced earnings or even losses, according to the report.

Globally, battery electric vehicles (BEVs) accounted for 73 percent of all EV sales in the first quarter, while plug-in hybrid electric vehicles (PHEVs) made up the rest.

The top 10 EV models accounted for 37 percent of total passenger EV sales in the first quarter, with Tesla's Model Y remaining the world's best-selling model, followed by Tesla's Model 3 and BYD's Song, Counterpoint said.

In the first quarter, Tesla's Model Y became the world's best-selling passenger car model, even surpassing traditional fuel cars, according to the report.

By the end of 2023, global EV sales are expected to exceed 14.5 million units, said Soumen Mandal, senior analyst at Counterpoint, adding that US EV sales are expected to grow significantly this year with the implementation of the tax credit subsidy.

China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show

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Tags BYD, NIO, Tesla, XPeng

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Tesla asks Chinese suppliers to build plants in Mexico, report says

Post author By Phate Zhang/CnEVPost
Post date June 8, 2023

Tesla is asking several Chinese supply chain companies to build factories in Mexico in order to replicate a Giga Shanghai and its supply chain system there, according to local media.

(Image: Tesla China video screenshot)

China's well-established electric vehicle (EV) industry chain is one of the key factors in Tesla's success in the country. Now, the US EV maker is reportedly looking to replicate it in Mexico.

Tesla is asking several Chinese supply chain companies to build factories in Mexico to replicate a Giga Shanghai and its supply chain system there, local media outlet 36kr reported today.

Tesla's pace is urgent and suppliers could lose orders amounting to hundreds of millions of yuan if they don't respond in time, the report said, citing a person familiar with the matter.

On March 1, Tesla unveiled plans to build a factory in Mexico for the production of next-generation cars at an Investor Day event.

Mexican Foreign Ministry officials had said the plant would invest more than $5 billion and have a planned capacity of 1 million vehicles.

Some of Tesla's suppliers in China have announced plans to build factories in Mexico since the beginning of this year.

Ningbo Xusheng Group said in late March that it would build a production base in Mexico, with a total investment of no more than $276 million. Late May, the construction of the project was officially launched in Mexico's Coahuila state.

If all goes well, the plant will be ready for production in July or August next year, 36kr said, citing a source close to the project.

According to the report, a number of Chinese manufacturers of production line equipment have already set up offices in Mexico to take charge of design, after-sales support and other business aspects.

Mexico is now a hotbed of investment, many customers are coming over, and there are even supply chain companies bringing production line workers to Mexico to build factories, the report quoted a Tesla supplier source as saying.

Low labor costs, and industrial chain support are Mexico's advantages. However, there are supply chain sources said that Mexico is not as mature as the European and American markets, social and geopolitical risks are relatively high, the report noted.

On July 18 last year, Bloomberg reported that Chinese power battery giant CATL was considering building a manufacturing plant in at least two locations in Mexico, possibly to supply Tesla and Ford.

The CATL sites would help Mexico cement its role in the region's electric vehicle production, which has long been a major part of the auto industry's supply chain, the Bloomberg report noted.

Tesla's revamped Model 3 nears final trial production in Shanghai, report says

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Tags CATL, Tesla

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Lucid prepares for China entry, hires ex-NIO, Ford exec Zhu Jiang

Post author By Lei Kang/CnEVPost
Post date June 8, 2023

Zhu Jiang, a former executive at NIO, Ford and Jidu Auto, has joined Lucid to head up its China operations, and he said Lucid is starting to prepare for its entry into the country.

(Image credit: Lucid Motors)

US electric vehicle (EV) startup Lucid Motors (NASDAQ: LCID) has hired an auto industry veteran in China, as it began hiring for a slew of positions late last year.

Zhu Jiang, who previously served in executive roles at NIO (NYSE: NIO), Ford (NYSE: F) and Jidu Auto, the car-making arm of Baidu (NASDAQ: BIDU), has joined Lucid to head up its China operations, local media outlet Jiemian reported on June 7.

Lucid is just starting to prepare for its entry into the Chinese market, Zhu told the outlet.

Since April, Zhu has been sharing information about Lucid in the status of his personal WeChat account, according to the report.

Lucid said on May 31 that it was raising about $3 billion through a new stock offering, most of which came from Saudi Arabia's Public Investment Fund (PIF), which controls it.

The financing is aimed at allowing Lucid to accelerate bringing state-of-the-art EV technology and product experiences to users across the industry and around the world, and China is looking forward to it, Zhu said recently, according to Jiemian.

Zhu is a Chinese automotive industry veteran who joined BMW Brilliance in 2003 to head marketing activities and served as Mini brand director from November 2008 to 2012.

He left BMW to join Lexus in 2013 and helped the automaker achieve its first 100,000-vehicle annual sales in China in 2016.

Zhu joined NIO in 2017 as vice president of user development.

He left NIO in the first half of 2020 and joined Ford China on June 1, 2020, as chief operating officer of the EV business unit.

During his time at Ford, he led the team through the production and launch of Ford's first all-electric vehicle, the Mustang Mach-E, in China.

In November 2021, Zhu joined Jidu as vice president and head of user development and operations. Jidu was officially launched on March 2, 2021 and the first model has been unveiled but has not yet hit the market.

Lucid was co-founded in 2007 by Bernard Tse, former vice president and director of Tesla, and Sam Weng, a former Oracle executive. In December 2016, Lucid's first production car, the Lucid Air, was launched.

Lucid is targeting the high-end luxury EV market, with the Lucid Air starting at a current price of $87,400.

In July 2021, Lucid went public on NASDAQ through a merger with a special purpose acquisition company (SPAC) and currently has a market cap of $14.5 billion.

In November 2021, Lucid said in its first earnings report after listing that it planned to enter the Chinese market in 2023.

The company's CEO, Peter Rawlinson, said in a CNBC interview at the time that Lucid will build a factory in China by "mid-decade".

In December 2022, Lucid's website opened up 14 jobs in China, all of them in Shanghai, in areas including hardware engineering, supply chain, retail, logistics, digital, and legal.

Three of the 14 jobs were related to localization, implying that Lucid was launching preparations to enter China at that time.