Filed under: Earnings/Financials,Green,Tesla,Electric
Tesla shares accelerate toward $300 on strong deliveries, charging deals with other automakers originally appeared on Autoblog on Mon, 3 Jul 2023 12:42:00 EDT. Please see our terms for use of feeds.
Permalink | Email this | CommentsFiled under: Earnings/Financials,Green,Tesla,Electric
Tesla shares accelerate toward $300 on strong deliveries, charging deals with other automakers originally appeared on Autoblog on Mon, 3 Jul 2023 12:42:00 EDT. Please see our terms for use of feeds.
Permalink | Email this | CommentsDenza has delivered more than 10,000 vehicles for four consecutive months, and with the N7 SUV targeting a larger market, it is expected to gain further momentum.
BYD's (OTCMKTS: BYDDY) joint venture with Mercedes-Benz, Denza, which was unknown in China until a few years ago, gained momentum as BYD took a controlling stake in the company last year. Now, Denza is looking to build further on it.
Denza officially launched the Denza N7 at an event in Beijing on Monday, and the electric SUV targets the market where the Tesla Model Y sits with a starting price of RMB 301,800 ($41,680).
The Denza N7 is a 5-seat mid-size SUV with a length, width and height of 4,860 mm, 1,935 mm and 1,602 mm respectively, and a wheelbase of 2,940 mm.
For comparison, the Tesla Model Y is slightly smaller, measuring 4,750 mm in length, 1,921 mm in width and 1,624 mm in height, with a wheelbase of 2,890 mm.
The Model Y is currently offered in three versions in China with starting prices of RMB 263,900, RMB 313,900 and RMB 363,900 respectively. This Tesla model was the best-selling SUV in China from January to May.
Denza was established in 2010 as a joint venture between BYD and Daimler, with each holding a 50 percent stake at the time. In February 2022, the Daimler brand was rebranded as Mercedes-Benz. BYD increased its stake in Denza to 90 percent last year.
In August 2022, Denza launched the D9 MPV, the brand's first model after the reorganization. The Denza N7 is the second model after Denza's shareholding change and its first SUV.
Before the D9 was launched, Denza had little presence in China. With the D9 providing a new option for the MPV market, Denza has become one of the top new car-making brands in China in terms of deliveries.
In June, the Denza delivered 11,058 vehicles, marking the fourth consecutive month above the 10,000-unit mark, according to data released by BYD yesterday.
It is worth noting that these sales were contributed by the D9, while MPVs traditionally have a small total addressable market in China, only about 10 percent of the market for sedan or SUV models.
In May, retail sales of sedans in China were 851,469 units, SUVs were 795,611 units, and MPVs were only 94,983 units, according to the China Passenger Car Association (CPCA).
With the launch of the N7, Denza enters a market with significantly more space and is expected to see a further increase in sales.
The Denza N7 has received more than 20,000 pre-orders since it began accepting customer reservations on April 18, said Zhao Changjiang, general manager of Denza's sales division, at the launch event.
The Denza website currently shows four versions of the N7, with starting prices of RMB 319,800, RMB 339,800, RMB 349,800 and RMB 379,800 respectively.
All four versions are equipped with DiSus-A, an intelligent air body control system, which was announced by BYD on April 10 and is similar to the air suspension currently used in many high-end vehicles.
Customers who do not need the system can see the prices be reduced by RMB 18,000, resulting in two Air versions priced at RMB 301,800 and RMB 321,800, respectively.
The Denza N7 comes standard with BYD's signature blade battery based on lithium iron phosphate chemistry, all with a capacity of 91.3 kWh.
The two least expensive of these are the rear-wheel drive models with 230 kW of peak motor power and 360 Nm of peak torque, which can sprint from 0 to 100 km/h in 6.8 seconds. They both have a CLTC range of 702 km.
The other four higher-priced versions are four-wheel-drive models with 390 kW peak battery power and 670 Nm peak torque that can sprint from 0 to 100 km/h in 3.9 seconds. They have a CLTC range of 630 km.
Like the D9, the Denza N7 supports simultaneous charging with two charging guns, up to 150 kW when using one and 230 kW when using two.
In contrast to BYD's approach, Denza began the presentation by highlighting the N7's assisted driving capabilities, saying that the model is equipped with BYD's "Eyes of the God" driver-assisted driving system for the first time.
The Denza N7's assisted driving system includes two options, a standard version and an advanced version, the latter of which will use Nvidia's Orin-X chip with 254 TOPS of computing power.
The Denza N7 with the advanced version of the assisted driving solution will receive highway pilot assisted driving capability by the end of this year, while that capability in urban areas will become available in the first quarter of next year.
Denza did not mention information about the chip supplier for the standard version of the system, which is likely to be a lower-cost solution from a local manufacturer.
Denza N7 will be available for test drives on July 4, with deliveries starting in mid-July, Zhao said at the model's launch event.
($1 = RMB 7.2410)
The post Denza launches N7 SUV to take on Tesla Model Y as brand gains momentum appeared first on CnEVPost.
For more articles, please visit CnEVPost.
Filed under: Green,Tesla,Electric
Continue reading Tesla will struggle this year, may be forced to cut prices again, analyst says
Tesla will struggle this year, may be forced to cut prices again, analyst says originally appeared on Autoblog on Mon, 3 Jul 2023 08:00:00 EDT. Please see our terms for use of feeds.
Permalink | Email this | CommentsTesla Model 3 and Model Y delivered 446,915 units worldwide in the second quarter, beating market expectations of 437,400 and contributing 96 percent of deliveries.
Tesla (NASDAQ: TSLA) saw another record quarter of deliveries.
The US electric vehicle (EV) giant delivered 466,140 vehicles worldwide in the second quarter, up 83.02 percent year-on-year and up 10.23 percent from 422,875 in the first quarter, according to its overnight announcement.
It was also a new record for Tesla's EV deliveries and higher than the 448,400 units Wall Street analysts had expected.
Tesla's cheaper Model 3 and Model Y delivered 446,915 units worldwide in the second quarter, above market expectations of 437,400 units, contributing 96 percent of deliveries. A total of 19,255 Model S and Model X units were delivered, above expectations of 14,600 units.
Tesla produced 479,700 vehicles in the second quarter, including 460,211 Model 3 and Model Y, and 19,489 Model S with Model X.
Tesla's production and delivery gap was 13,560 units in the second quarter, down from 18,000 units in the previous quarter.
Tesla cut prices globally earlier this year, and its starting price for the Model 3 sedan came to an all-time low after it cut prices in China on January 6.
In early May, the company raised the prices of all Model 3s and Model Ys in China, all by 2,000 yuan ($275), an increase of less than 1 percent. The move was thought to be more aimed at dampening consumers' wait-and-see sentiment at the time.
In China, Tesla has a factory in Shanghai that produces the Model 3 and Model Y. It's the largest Tesla factory in the world, with an annual capacity of about 1.1 million units a year.
Tesla does not officially announce its deliveries in China, though the China Passenger Car Association (CPCA) publishes those numbers every month.
Tesla's retail sales in China in April and May were 39,956 and 42,508, respectively, and its Shanghai plant exported 35,886 and 35,187 units in the two months, according to the CPCA.
The company's June sales figures in China are expected to be available in a few days.
BYD (OTCMKTS: BYDDY), one of Tesla's main competitors in China, delivered 703,561 new energy vehicles (NEVs) in the second quarter, including 700,244 passenger cars and 3,317 commercial vehicles, according to data released yesterday.
BYD's passenger vehicle sales in the second quarter included 352,163 battery electric vehicles (BEVs) similar to Tesla vehicles and 348,081 plug-in hybrid vehicles (PHEVs).
($1 = RMB 7.2523)
BYD sells record 253,046 NEVs in Jun, sales in H1 exceed 1.25 million
The post Tesla delivers record 466,140 vehicles globally in Q2 appeared first on CnEVPost.
For more articles, please visit CnEVPost.
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)
The post Xpeng delivers 8,620 vehicles in Jun, Q2 deliveries exceed guidance range appeared first on CnEVPost.
For more articles, please visit CnEVPost.
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
The post Tesla offers up to $6,200 discounts for Model S and Model X in China appeared first on CnEVPost.
For more articles, please visit CnEVPost.
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.
Permalink | Email this | CommentsThe 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
The post Tesla Model Y wait times get longer in China appeared first on CnEVPost.
For more articles, please visit CnEVPost.
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)
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.