Tag: Li Auto

Categories
China Deliveries Electric eMobility eV EV Data Li Auto Monthly Data

Li Auto delivers record 32,575 vehicles in Jun, aims for 40,000 monthly deliveries in Q4

For the third quarter, targets monthly deliveries for Li L8 and Li L9 at over 10,000 each and aspire to achieve 15,000 Li L7 monthly deliveries.

Li Auto (NASDAQ: LI) delivered a record 32,575 vehicles in June, the first time it surpassed the 30,000 mark, according to data it released today.

That's up 150.12 percent from 13,024 vehicles in the same month last year and up 15.20 percent from 28,277 vehicles in May.

In the second quarter, Li Auto delivered 86,533 vehicles, up 201.65 percent year-on-year and up 64.56 percent from the first quarter.

Deliveries for the second quarter exceeded the upper end of the guidance range it previously provided of 76,000 to 81,000 units. The company previously provided second-quarter revenue guidance of between RMB 24.22 billion yuan ($3.34 billion) and 25.86 billion yuan.

In the first half of the year, Li Auto delivered 139,117 vehicles, up 130.31 percent year-on-year, surpassing last year's full-year deliveries of 133,246.

As of June 30, cumulative deliveries since Li Auto's inception stood at 396,451 vehicles, according to data monitored by CnEVPost.

"Benefiting from the comprehensive enhancement of our organizational processes and operating capabilities, our monthly deliveries exceeded 30,000 for the first time, making Li Auto currently the only Chinese premium brand to achieve this milestone," Li Xiang, founder, chairman and CEO of Li Auto, said.

"For the third quarter, we target monthly deliveries for Li L8 and Li L9 at over 10,000 each and aspire to achieve 15,000 Li L7 monthly deliveries," he added.

In addition, in the fourth quarter, Li Auto will challenge itself to achieve the 40,000-unit monthly delivery mark, Li said.

Li Auto is currently selling all extended-range electric vehicles (EREVs), essentially plug-in hybrids, including the five-seat Li L7 and the six-seat Li L8 and Li L9.

The company said it expects to launch its super flagship 5C BEV model, the Li MEGA, in the fourth quarter and believes it will be a new sales blockbuster in the RMB 500,000 and above price segment.

Li Auto unveiled the Li MEGA name at its first Family Tech Day event on June 17, saying the model would break the conventional perception that high-end pure electric vehicles cannot be hot sellers.

"We are confident that it will be the No. 1 seller of all passenger cars priced at 500,000 yuan or more, regardless of energy form and regardless of body form," the company said at the time.

The Li MEGA will be Li Auto's first foray into the BEV market, and it will be an MPV (multi-purpose vehicle) model, according to information it previously shared.

By 2025, Li Auto's product array will include a super flagship model, five EREVs, and five BEVs, it said on the first day of the Shanghai auto show on April 18.

By then, Li Auto's models for the market priced above RMB 200,000 will fully meet the needs of family users, the company previously said.

Li Auto aims to be the No. 1 seller in the Chinese market for passenger cars priced above 200,000 yuan, with annual deliveries reaching 1.6 million units by 2025, Li re-emphasized in a presentation yesterday to celebrate the company's eighth anniversary.

As of June 30, the company had 331 retail stores in 127 cities, as well as 323 service centers and Li Auto-authorized body and paint stores operating in 223 cities.

($1 = RMB 7.2523)

Li Auto deliveries in Jun: 32,575

The post Li Auto delivers record 32,575 vehicles in Jun, aims for 40,000 monthly deliveries in Q4 appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Categories
Battery Swap China Electric eMobility eV Nio

Nio puts 29 swap stations into operation, most ever in single day

In June, added 95 battery swap stations in China.

(Image credit: Nio)

Nio (NYSE: NIO) today saw the largest single-day increase in the number of battery swap stations, as the electric vehicle (EV) maker moves toward its goal of adding 1,000 stations this year.

Nio put 29 new battery swap stations into operation in China today, bringing the total to 1,543, with 423 of those stations located along highways.

This is the highest single-day addition of battery swap stations for Nio, surpassing the previous record of 22 on October 31, 2021, according to data monitored by CnEVPost.

In June, Nio added 95 battery swap stations, largely meeting the company's previously mentioned goal.

Nio announced plans late last year to add 400 battery swap stations in 2023, but that plan was raised to 1,000 on February 21.

William Li, Nio's founder, chairman and CEO, said at the time that the company would further accelerate the deployment of battery swap stations, with a goal of having more than 2,300 battery swap stations in China by the end of 2023.

The company will deploy about 100 battery swap stations in June and more quickly thereafter, which will help boost sales, Li said during a June 9 first-quarter earnings call.

In overseas markets, Nio put a new battery swap station into operation in Germany on June 29, its third in the country.

As of June 29, Nio had 18 battery swap stations and eight charging stations in Europe.

Nio also put 18 supercharging stations into operation in China today, bringing the total to 1,482 and providing 7,271 supercharging piles. It added four new destination charging stations today, bringing the total to 1,285 stations with 9,096 charging piles.

The company made a decision earlier this month that will likely have far-reaching implications for its battery swap system.

On June 12, Nio lowered the starting prices of its entire lineup of vehicles by RMB 30,000 ($4,140) and made the previously free battery swap service offered four or six times per month a paid option with an upgrade package that costs RMB 30,000.

The move is expected to increase the appeal of Nio vehicles in areas where battery swap stations are few, as potential customers will not have to worry about paying the extra price but not enjoying the convenience of battery swap service.

Nio's local counterpart (NASDAQ: LI), whose current models are all extended-range electric vehicles (EREVs) that can be refueled, has also begun building out its charging network.

Li Auto today put five supercharging stations into operation, bringing the total number to 30. The company opened the first seven superchargers for trial operation on April 20.

($1 = RMB 7.2491)

Nio swap station count update: 29 added, total 1,543

The post Nio puts 29 swap stations into operation, most ever in single day appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Categories
China Deliveries Electric eMobility eV EV Data Li Auto Monthly Data

Li Auto delivers over 32,000 vehicles in Jun, CEO says

This means that had another record month of deliveries in June, and the first time it has surpassed the 30,000-unit mark.

(Image credit: CnEVPost)

It's the practice for China's major electric vehicle (EV) makers to announce their deliveries for the previous month on the first day of each month, and Li Auto (NASDAQ: LI) couldn't wait to share a number today to showcase its strong performance.

Li Auto delivered more than 32,000 vehicles in June, taking premium Chinese brands to a whole new level of sales, its founder, chairman and CEO Li Xiang said in a speech today celebrating the company's eighth anniversary.

The company aims to become the No. 1 seller in the Chinese market for passenger cars priced at more than RMB 200,000 yuan ($27,590) and to reach 1.6 million annual deliveries by 2025, he said, repeating previous remarks.

The latest figure means that Li Auto's deliveries in June reached another record high and were the first time to exceed the 30,000-unit mark, up more than 145 percent from 13,024 units a year earlier.

The company delivered 28,277 vehicles in May, up 145.97 percent year-on-year and up 10.11 percent from April, the third consecutive month to exceed the 20,000-unit mark.

Earlier this week, local media reported that Li Auto had recently raised its full-year sales target to 400,000 units from the original 300,000. However, this was subsequently denied by Li.

Li Auto finished the first half of the year with more than 130,000 units sold and does not have any ability to make it to 400,000 units for the full year, he said on June 27.

The company's capabilities, including product, sales, capacity and organization, cannot support 400,000 units sold this year, and the gap is huge, Li said.

On June 18, Li said on Weibo that most members of Li Auto's management team thought the company should set an annual sales target of 360,000 units at the beginning of the year, but he ultimately decided to set a budget target based on annual sales of 306,000 units.

"This was partly because I didn't think we could be too optimistic about the economic environment this year, and partly because we didn't meet our budget targets for all three years from 2020-2022," he said at the time.

Li said the too-low targets he set led the company to place orders at suppliers at the beginning of the year that were clearly not keeping up with current sales, so several key components would take more than a quarter to reach the right capacity if production ramp-up began now.

($1 = RMB 7.2486)

Li Auto CEO denies raising sales target for this year to 400,000 units

The post Li Auto delivers over 32,000 vehicles in Jun, CEO says appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Categories
China Electric eMobility eV Sales Target XPeng XPeng G6

Xpeng targets G6 monthly sales of over 10,000

's Hong Kong-traded shares rose more than 14 percent to HK$51.80 at press time, giving it a 30 percent gain for the week.

(Image credit: CnEVPost)

Xpeng (NYSE: XPEV) officially launched the G6 yesterday, and the company's management clearly has high hopes for the new SUV.

The G6's monthly sales target is at least 10,000 units, Xpeng chairman and CEO He Xiaopeng said in an interview with local media after yesterday's G6 launch, according to a report by Auto Home.

Mr. He disagreed with the idea that Xpeng needs to turn its fortunes around with the G6, saying that a company that bets its future on one car is doing it wrong.

In the auto industry, automakers need long-term thinking and systemic competitiveness, he said.

Xpeng officially launched the G6 yesterday, offering five versions with starting prices of RMB 209,900 ($28,940), RMB 229,900, RMB 234,900, RMB 254,900 and RMB 276,900 respectively.

Of the five options, the three versions in the middle price range will be the best sellers, meaning the G6 will be in the RMB 250,000 range in terms of average sales price, according to Mr. He.

At yesterday's launch, he said the G6 is expected to be the top-selling smart electric SUV in China within two months priced at the RMB 250,000 level.

The Xpeng G6 received more than 25,000 pre-orders within 72 hours of the start of pre-sales on June 9, and more than 35,000 pre-orders as of June 28, said Yi Han, the company's vice president of marketing, repeating Mr. He's remarks at yesterday's launch event.

Forty percent of Xpeng G6 orders came from offline stores and 60 percent from online channels, Yi said.

Mr. He made it clear in yesterday's interview that Xpeng will not launch extended-range electric vehicle (EREV) models similar to (NASDAQ: LI).

As an entrepreneur, choices need to be made and trade-offs need to be made, he said.

In a June 15 speech, Mr. He said he could foresee a large number of hybrid models in China in the next two years, especially inside family cars.

"Because everyone sees the success, they will follow. Because they are following, a large number of models will focus on the same place. It's a very interesting thing," he said in the speech.

Xpeng shares traded in Hong Kong continued to rise today, up more than 14 percent to HK$51.80 at press time, giving it a 30 percent gain for the week.

($1 = RMB 7.2525)

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

The post Xpeng targets G6 monthly sales of over 10,000 appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Categories
China Electric eMobility eV Product Launch Tesla XPeng XPeng G6

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

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 '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 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, (NYSE: Nio) and (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 '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

The post Xpeng officially launches G6 with starting price of $29,010 to regain past glory appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Categories
China Deliveries Electric eMobility eV Nio NIO ES8

Nio begins delivery of new ES8 in China

The new ES8 was launched in December 2022 and currently has a starting price of about $68,900 including the battery.

(Image credit: )

Nio (NYSE: NIO) has begun deliveries of the new ES8 in China, having only allowed customers to lock in orders for the flagship SUV earlier today.

Deliveries of the new ES8 have officially kicked off, Nio announced on Weibo this afternoon.

The electric vehicle (EV) maker did not provide more information, including the number of first deliveries of the new ES8.

Nio launched the new ES8 on Nio Day 2022, December 24, 2022, as its first production vehicle transitions to the latest NT 2.0 platform.

The model is offered in three versions – regular version, Executive Edition, and Signature Edition -- and after price adjustments over the past few months, they now start at RMB 498,000 ($68,900), RMB 518,000, and RMB 598,000, respectively, including the battery.

If customers choose to purchase the car using the BaaS (battery as a service) plan, the starting prices for the three versions are RMB 428,000, RMB 448,000 and RMB 470,000 respectively, with the monthly battery rental cost starting at RMB 980.

It's worth noting that as Nio's highest-priced model, the new ES8 is unlikely to contribute much in terms of sales, even though it is one of the best models in its market.

In May, retail sales of models priced above RMB 400,000 in China were 53,000 units, accounting for just 3 percent of all passenger car sales of 1.74 million units, according to the China Passenger Car Association (CPCA).

Prior to the launch of the new ES8, its predecessor saw its highest sales ever in December 2021 at 2,782 units, contributing 26.5 percent of Nio's total sales of 10,489 units for the month, according to data monitored by CnEVPost.

Nio ES8 sales have been below 2,000 units since January 2022, with the less expensive ES6 contributing the bulk of sales in most months.

Nio launched the new ES6 on May 24, with a current starting price of RMB 338,000 including the battery. Deliveries of the new ES6 began on launch night.

When the EV maker reported first-quarter earnings on June 9, it guided for second-quarter deliveries of between 23,000 and 25,000 vehicles, meaning it expects to deliver 10,187-12,187 vehicles in June.

Nio sold 3,200 units last week and 8,000 from June 1 to June 25, according to figures shared yesterday by its local counterpart .

($1 = RMB 7.2274)

NIO's new order intake hits year-to-date high with launch of new ES6, Morgan Stanley says

The post Nio begins delivery of new ES8 in China appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Categories
China Electric eMobility eV Nio NIO ES8

Nio begins allowing consumers to lock in orders for new ES8

Deliveries of the new ES8, which starts at about $68,900 including the battery, will begin later today.

(Image credit: Nio)

Nio (NYSE: NIO) has begun allowing Chinese consumers to lock in orders for the new ES8, with first deliveries set to begin later today.

The new ES8 began accepting locked orders today, and show cars and vehicles for test drives are already arriving at the company's showrooms in various cities, according to a post on Nio's mobile app today.

The flagship SUV is Nio's transition to the NT 2.0 platform for its first production vehicle, with a length, width and height of 5,099 mm, 1,989 mm and 1,750 mm, respectively, and a wheelbase of 3,070 mm.

Nio is offering three options for the new ES8, including the regular, Executive and Signature editions, with starting prices of RMB 498,000 ($68,900), RMB 518,000 and RMB 598,000, respectively, including the battery.

If consumers choose to purchase the car using the BaaS (battery as a service) plan, the starting prices for the three versions are RMB 428,000, RMB 448,000 and RMB 470,000, respectively, and the monthly battery rental fee starts at RMB 980.

The first owners of the new ES8 will receive a 6-year or 150,000 km vehicle warranty and a 10-year unlimited mileage warranty on the battery, motor and electric control system. They will also receive free lifetime roadside assistance and up to 8 GB of traffic per month for 6 years of free car internet connectivity.

Consumers who purchase the new ES8 on or before July 31 will receive a home charging pile worth RMB 7,500, NOP+ two years free access worth RMB 9,120, Nio Air AR glasses and Nio Air smart ring worth RMB 2,597.

Nio launched the new ES8 on Nio Day 2022 on December 24, 2022, when the starting prices for the three versions including the battery were RMB 528,000, RMB 548,000 and RMB 638,000 respectively.

On June 12, Nio made the previously free battery swap benefit optional, thus reducing the price of all models by RMB 30,000.

Following this move, the starting prices of the three versions of the new ES8 were RMB 498,000, RMB 518,000 and RMB 608,000 respectively.

On June 24, Nio announced that the price of the Signature Edition of the new ES8 was adjusted to RMB 598,000, a further reduction of RMB 10,000. The prices of the regular and Executive editions remain unchanged.

Consumers can purchase the new ES8 with the optional benefit upgrade package in the vehicle configurator for RMB 30,000. The package includes four free battery swap services per month and a 10-year unlimited mileage warranty on the vehicle.

Consumers who purchase before July 31 can upgrade the 4 free battery swaps per month in the package to 6 per month if they forgo the free home charger.

Deliveries of the new ES8 will begin later today, Nio said.

Nio sold 3,200 units last week and 8,000 between June 1 and June 25, according to figures shared yesterday by .

The company guided for second-quarter deliveries of between 23,000 and 25,000 vehicles when it reported first-quarter earnings on June 9, meaning it expects to deliver 10,187-12,187 vehicles in June.

($1 = RMB 7.2274)

China NEV insurance registrations for week ending Jun 25: Tesla 16,700, Li Auto 7,500, Nio 3,200

The post Nio begins allowing consumers to lock in orders for new ES8 appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Categories
China Electric eMobility eV Li Auto Li Xiang Sales Target

Li Auto CEO denies raising sales target for this year to 400,000 units

finished the first half of the year with more than 130,000 units sold and does not have any ability to sell 400,000 vehicles for the full year, its CEO said.

(Image credit: CnEVPost)

Li Auto (NASDAQ: LI) CEO denied that the company raised its sales target to 400,000 units this year, after the reports sparked widespread discussion.

"A media report today that our target for this year has been adjusted to 400,000 units is false and unfounded," Li Auto founder, chairman and CEO Li Xiang said on Weibo today.

Li Auto finished the first half of the year with more than 130,000 units sold and does not have any ability to make the full year sales of 400,000 units, he said.

The company's capabilities, including product, sales, capacity and organization, cannot support 400,000 units sold this year, and the gap is huge, Li said.

"The automotive industry's capability chain is built one step at a time, with no particular shortcuts," he added.

In a report yesterday, local media outlet 36kr cited sources familiar with the matter as saying that Li Auto recently raised its full-year sales target to 400,000 units from the original 300,000.

In addition to the overall sales target, Li also set targets for sales of specific models, according to the report.

Li set a goal for the Li L7 to achieve 20,000 deliveries of a single model in October, and to keep deliveries of the more expensive Li L9 and Li L8 above 10,000 units, bringing overall deliveries to 40,000 units/month, the report said.

Earlier today, Li Auto said on Weibo that it had sold 27,300 units this month as of June 25 and was on track to reach its 30,000-unit monthly sales goal.

Assuming Li Auto sells 30,000 vehicles in June, the 400,000-unit full-year sales target means it will need to sell an average of about 44,000 units per month in the second half of the year.

On June 18, Li said on Weibo that most members of Li Auto's management team thought the company should set an annual sales target of 360,000 units at the beginning of the year, but he ultimately decided to set a budget target based on annual sales of 306,000 units.

"This was partly because I didn't think we could be too optimistic about the economic environment this year, and partly because we didn't meet our budget targets for all three years from 2020-2022," he said at the time.

Li said the too-low targets he set led the company to place orders at suppliers at the beginning of the year that were clearly not keeping up with current sales, so several key components would take more than a quarter to reach the right capacity if production ramp-up began now.

Separately, Li said in another Weibo today that the Li L7 is on track to deliver more than 13,000 units this month, although it faces an onslaught of new models in June including IM Motors' LS7, 's new ES6.

Sales of the Li L8 have risen from more than 7,000 last month to more than 9,000 this month, and the Li L9 has improved from slightly more than 6,000 last month to more than 8,000, he said.

In addition to deliveries that can exceed 30,000, Li Auto has seen record order in-takes, Li said, adding that capacity has become the biggest bottleneck in deliveries, not demand.

All three of Li Auto's SUVs currently on sale are extended-range electric vehicles (EREVs), which are essentially plug-in hybrids.

In retweeting Li Auto's Weibo today about last week's sales figures, Li hinted that the company could launch sedan models next.

The focus is generally on the sedan lineup as dealers of luxury brand fuel cars struggle to meet their first-half sales targets this week, so sedan sales for t first-tier luxury brands are very solid, he said.

"So, the question is, shall we launch sedan offerings?" He asked.

China NEV insurance registrations for week ending Jun 25: Tesla 16,700, Li Auto 7,500, Nio 3,200

The post Li Auto CEO denies raising sales target for this year to 400,000 units appeared first on CnEVPost.

For more articles, please visit CnEVPost.

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

China NEV insurance registrations for week ending Jun 25: Tesla 16,700, Li Auto 7,500, Nio 3,200

sold 8,000 units between June 1 and June 25. Its previous guidance implied 10,187-12,187 vehicles would be delivered in June.

For the week of June 19 to June 25, (NASDAQ: LI) sold 7,500 units, continuing to lead among China's new car-making brands, the company said today on Weibo.

As of June 25, Li Auto has sold 27,300 units this month and is on track to reach its 30,000-unit monthly sales goal, it said.

Li Auto didn't explain what that weekly sales tally was based on, but apparently they are insurance registrations. The company had suspended sharing those numbers in May, but has since resumed sharing them.

Nio (NYSE: NIO) sold 3,200 units last week and 8,000 units from June 1 to June 25, according to figures shared by Li Auto.

Notably, June 22 to June 24 was a three-day Dragon Boat Festival holiday, and June 25 was a Sunday, but a working day after the holiday.

Nio's weekly sales have continued to grow over the past three weeks, as deliveries of new models began. It was 1,500 units in the week of June 5 to June 11 and 2,000 units in the week of June 12 to June 18.

Nio officially launched the new ES6 on May 24 and the ET5 Touring on June 15.

Deliveries of the new ES6 began on the night of the launch on May 24, and deliveries of the ET5 Touring began on June 16.

In addition to these two new models, Nio will also begin deliveries of the new ES8 on June 28, which was launched on Nio Day 2022 on December 24, 2022.

When Nio reported first-quarter earnings on June 9, it guided for second-quarter deliveries of between 23,000 and 25,000 vehicles, meaning it expects to deliver between 10,187 and 12,187 vehicles in June.

On June 20, Nio signed a share subscription agreement with Abu Dhabi-based investment firm CYVN Holdings, which will invest a total of about $1.1 billion in it.

(NASDAQ: TSLA) sold 16,700 units in China last week and 57,300 units from June 1 to June 25, according to figures shared by Li Auto.

In the two weeks prior to last week, Tesla sold 16,400 units and 14,500 units respectively in China.

From June 1 to June 25, Tesla was the top-selling premium brand in China, surpassing Mercedes-Benz's 52,100 units and above Audi's 51,600 units, according to a table by Li Auto.

On June 16, Tesla announced that Chinese consumers who purchase and take delivery of an already produced rear-wheel drive version of the Model 3 this month will receive an insurance subsidy of RMB 8,000 ($1,110).

(NYSE: XPEV) sold 2,600 units last week and 6,400 units from June 1 to June 25.

Xpeng began pre-sales of the G6 on June 9 at a price starting at RMB 225,000, 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 the pre-sale, the company announced on Weibo on June 12.

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

Leapmotor sold 3,100 units last week and 10,600 units from June 1 to June 25.

On June 20, Leapmotor announced that it had reached 200,000 cumulative deliveries since its inception.

Leapmotor delivered 12,058 vehicles in May and had 192,962 cumulative deliveries by the end of May, according to data monitored by CnEVPost.

sold 2,600 units last week and 6,900 units between June 1 and June 25. It began deliveries of its third model, the Zeekr X, on June 12.

Denza sold 2,400 units last week, and 8,300 units from June 1 to June 25.

Denza, which currently has only the Denza D9 MPV on sale, will officially launch the Denza N7 on July 3, its first SUV since the rebranding last year.

The Denza N7 is aimed at the market for traditional internal combustion engine vehicles priced around 400,000 yuan, an executive said earlier.

sold 1,900 units last week and 6,700 between June 1 and June 25.

A total of 4,000 Neta EVs were shipped abroad, the latest new batch after 3,600 were sent to overseas markets in March, the company said on June 6.

Great Wall Motor's Wey brand sold 1,500 units last week and 5,000 units from June 1 to June 25.

Changan Automobile's NEV subsidiary Deepal sold 1,500 units last week and 4,900 units from June 1 to June 25.

-backed Aito sold 1,200 units last week, and 3,200 units from June 1 to June 25.

($1 = RMB 7.2181)

The post China NEV insurance registrations for week ending Jun 25: Tesla 16,700, Li Auto 7,500, Nio 3,200 appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Categories
China Electric eMobility eV Li Auto Sales Target

Li Auto reportedly lifts 2023 sales target from 300,000 to 400,000 units

The latest target means that in the second half of the year, will need to deliver an average of about 45,000 units per month.

Li Auto (NASDAQ: LI) reportedly raised its sales target for the year, after seeing strong delivery growth over the past few months.

Li Auto recently raised its full-year sales target to 400,000 units from the original 300,000, local media outlet 36kr said in a report today, citing people familiar with the matter.

In addition to the overall sales target, Li Auto founder, chairman and CEO Li Xiang also set targets for sales of specific models, according to the report.

He set a goal for the Li L7 to achieve 20,000 deliveries in a single month in October, and to keep deliveries of the more expensive Li L9 and Li L8 above 10,000 units, bringing overall deliveries to 40,000 units/month, the report said.

Assuming Li Auto delivers 30,000 vehicles in June, the latest target means that for the remaining six months, Li Auto would need to average about 45,000 deliveries per month to meet its goal, the report noted.

Li Auto has seen strong growth in the past few months, at a time when growth in China's new energy vehicle industry has slowed significantly.

It delivered a record 28,277 vehicles in May, the third consecutive month to surpass the 20,000-unit mark. From January to May, Li Auto's cumulative deliveries reached 106,542 units, according to data monitored by CnEVPost.

On June 17, the day of Li Auto's first Family Tech Day event, the Li L7 sold more than 1,000 units in a single day for the first time, Li said earlier this month.

Li Auto launched the Li L7, its first five-seat SUV, on February 8 and currently offers three versions with starting prices of RMB 319,800 ($44,200), RMB 339,800 and RMB 379,800, respectively.

All of the company's current models are extended-range electric vehicles (EREVs), with the other two being the higher-priced, six-seat Li L8 and Li L9.

The Li L7 was a model that was almost canceled during development, Li said on Weibo on June 18. He said he was quite determined to axe the model last September, but several other executives stopped him.

Most members of Li Auto's management team thought the company should set an annual sales target of 360,000 units at the beginning of the year, but he ultimately decided to set a budget target based on annual sales of 306,000 units, according to a June 18 Weibo post from Li.

"This was partly because I didn't think we could be too optimistic about the economic environment this year, and partly because we didn't meet our budget targets for all three years from 2020-2022," he said.

Li said the too-low targets he set led the company to place orders at suppliers at the beginning of the year that were clearly not keeping up with current sales, so several key components would take more than a quarter to reach the right capacity if production ramp-up began now.

Li Auto currently has two production lines in its Changzhou, Jiangsu plant, one for double-shift production and one for single-shift production. Li Auto will not be able to achieve 10,000 units/week capacity until the fourth quarter, when both of its lines will be on double-shift production, according to Li.

On May 10, Li Auto management said in a call with analysts after announcing its first-quarter earnings that the company was aiming to reach its goal of 30,000 units delivered in a single month in June.

Notably, the 36kr report mentioned that sales of Li Auto's cheaper Air version have been less than expected.

Li Auto had hoped that the Air version models would bring in 30 percent incremental sales, but Li said in its earnings call that the lineup only brought in 20 percent additional sales, the 36kr report noted.

To meet its sales targets, Li Auto will need new growth, and Li's approach was to launch the Li L9 Pro, the 36kr report said.

In a recent regulatory list from China's Ministry of Industry and Information Technology, Li Auto filed for the Li L9 model without LiDAR, the report noted.

The Li L9 Pro is likely to be priced at around RMB 419,800, which will help boost sales of the Li L9 and Li L8 to more than 20,000 units/month while improving the company's competitiveness in the price range above RMB 400,000, the report said.

In addition, with the launch of 's (NYSE: Nio) new ES6 and ET5 Touring, and an RMB 30,000 price cut across the company's model lineup, Li Auto will face stronger competition in the RMB 300,000 to 400,000 price range, according to the report.

Nio is aiming to double its sales this year compared to last year, implying full-year sales of about 240,000 units, according to previous comments from the company's management.

($1 = RMB 7.2345)

NIO keeps goal of doubling sales this year despite price war causing greater challenges

The post Li Auto reportedly lifts 2023 sales target from 300,000 to 400,000 units appeared first on CnEVPost.

For more articles, please visit CnEVPost.