Tag: XPeng

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China Electric eMobility eV Hedge Fund Positions Li Auto Nio XPeng

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng

Renaissance reduced its position in NIO by 0.16 percent, by 98.88 percent and by 20.44 percent during the first quarter.

Renaissance Technologies LLC, one of the world's most prominent hedge funds, held its position in NIO (NYSE: NIO) steady during the first quarter, but reduced its holdings in XPeng (NYSE: XPEV) and Li Auto (NASDAQ: LI).

Renaissance held 10,791,394 US-traded ADRs of NIO at the end of the first quarter, down 17,200 shares or 0.16 percent from 10,808,594 at the end of the fourth quarter, according to a Form 13F filing on Friday.

Renaissance's holdings in NIO were worth about $113 million, up $8.03 million, or 7.62 percent, from $105 million at the end of the second quarter, as NIO shares rose in the first quarter.

The fund began its holdings in NIO in the second quarter of 2021, when it bought 5,293,900 shares. It reduced its holdings in NIO by 28.63 percent and 14.77 percent in the third and fourth quarters of last year, respectively.

While maintaining a flat position in NIO, the fund reduced its holdings in XPeng and Li Auto, particularly in XPeng, in the first quarter.

At the end of the first quarter, Renaissance held 81,929 shares of XPeng's US-traded ADRs, down 7,236,771, or 98.88 percent, from 7,318,700 shares at the end of the fourth quarter last year.

The fund's holdings in XPeng were valued at $910,000, down 98.75 percent from $72.75 million at the end of the fourth quarter.

Renaissance first bought XPeng in the third quarter of 2021.

The fund owned 8,111,300 shares of Li Auto at the end of the first quarter, down 2,083,700 shares or 20.44 percent from 10,195,000 at the end of the fourth quarter.

Its holdings in Li Auto were worth $202 million, down 2.69 percent from $208 million at the end of the fourth quarter.

Renaissance first bought Li Auto in the second quarter of 2021 and increased its position in the company in each subsequent quarter until the fourth quarter of last year, when it reduced its stake in the automaker by 17.91 percent.

During the first quarter, NIO gained 7.79 percent, XPeng gained 9.14 percent and Li Auto gained 22.3 percent.

Baillie Gifford trims holdings in NIO, Tesla slightly in Q1

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Baillie Gifford China Electric eMobility eV Hedge Fund Positions Nio Tesla

Baillie Gifford trims holdings in NIO, Tesla slightly in Q1

Baillie Gifford trimmed its holdings in NIO and Tesla by 0.77 percent and 2.83 percent, respectively, in the first quarter, but the value of its holdings in them rose.

Baillie Gifford held 120,132,616 shares of NIO's US-traded ADRs at the end of the first quarter, according to a 13F filing posted on the SEC's website on May 3.

That's down 926,459 shares, or 0.77 percent, from 121,059,075 at the end of the fourth quarter, CnEVPost's calculations show.

During the fourth quarter of last year, Baillie Gifford's position in NIO increased by 24,277,897 shares or 25.09 percent.

Baillie Gifford's holdings in NIO were worth $1.26 billion at the end of the first quarter, up 6.97 percent from $1.18 billion at the end of the fourth quarter.

NIO rose 7.79 percent in the first quarter after it fell 38 percent in the fourth quarter of last year.

In addition to reducing its position in NIO slightly, Baillie Gifford also reduced its holdings in Tesla slightly in the first quarter.

At the end of the first quarter, the fund held 26,054,483 shares of Tesla, down 759,855 shares, or 2.83 percent, from 26,814,338 shares in the fourth quarter of last year.

However, Baillie Gifford's holdings in Tesla were worth $5.4 billion at the end of the first quarter, up 63.65 percent from $3.3 billion in the fourth quarter of last year, due to a big jump in Tesla's stock price in the first quarter.

Tesla rose 68.42 percent in the first quarter after it fell 59 percent in the fourth quarter of last year.

Baillie Gifford previously held (NASDAQ: LI), but liquidated its position in the extended-range electric vehicle (EREV) maker in the fourth quarter of last year.

As of March 31, Baillie Gifford did not own Li Auto, (NYSE: XPEV) or BYD (OTCMKTS: BYDDY) shares.

NIO asks its community for advice on pricing of new ES6

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China China EV Market Insight Electric eMobility eV Insights JD Power Tesla

Chinese consumers’ intent to buy NEVs rises for 6th consecutive year, JD Power study shows

Chinese consumers' intent to buy NEVs continues to rise, further squeezing the share of the fuel vehicle market, according to JD Power.

China passenger NEV retail drops 3.6% MoM to 527,000 in Apr, CPCA data show-CnEVPost

Among Chinese consumers who intend to buy a new vehicle in the next six months, the share of those considering new energy vehicles (NEVs) reached 33 percent, up 6 percentage points from 27 percent in 2022, for the sixth consecutive year of increases, according to a study by US market research firm JD Power.

JD Power released the figures in its China New Vehicle Intender Study (NVIS) yesterday, saying the long-term trend toward NEVs is becoming clearer.

Retail sales of new energy passenger vehicles in China were 527,000 units in April, contributing 32.3 percent of all passenger vehicle sales of 1.63 million units, according to data released by the China Passenger Car Association (CPCA) on May 9.

For comparison, the ratio was 27.1 percent in April last year and only 7.3 percent in January 2021.

In 2023, Chinese consumers' intent to buy NEVs continues to rise, further squeezing the share of the fuel vehicle market, according to JD Power. Intended buyers are consumers who plan to purchase a vehicle in the next six months.

The percentage of consumers considering new energy SUVs has increased significantly, from 11 percent last year to 16 percent this year, and is already on par with new energy sedans, according to JD Power.

Among the new energy models favored most by consumers, luxury plug-in hybrid SUVs and midsize all-electric SUVs saw the largest potential consumer growth, increasing by 6 percent and 5.5 percent, respectively.

The percentage of consumers considering purchasing compact pure electric sedans and mid-size pure electric sedans declined significantly, by 7.5 percent and 5.4 percent respectively.

Going forward, there is a significant trend of consumption upgrading alongside rising penetration of NEVs, according to JD Power.

Data released by the CPCA earlier this week also showed the trend, with retail sales of mini-electric vehicle specialist SAIC-GM-Wuling down 15.9 percent year-on-year in January-April and budget EV maker down 14 percent year-on-year in the period.

, which is targeting the higher-end market, saw retail sales in China increase 61.5 percent year-on-year during January to April, with (NASDAQ: LI) up 118.1 percent and NIO (NYSE: NIO) up 22.2 percent. All three of these companies' sales were dominated by SUVs.

Among other findings, JD Power said more than half of consumers prefer to buy local brands in China, with new car-making brands, in particular, more popular.

For the second year in a row, the percentage of people considering buying a local brand vehicle exceeded 50 percent. For Japanese brands the proportion slipped to 12 percent from 15 percent last year, while German brands rose to 17 percent from 13 percent.

Potential consumers with higher education and higher budgets are more receptive to battery swap and battery leasing sales models, JD Power said.

Potential consumers with adequate budgets are more willing to pay for the battery swap model and also have a stronger willingness to buy NEVs, according to the study.

BMW, Audi and Mercedes-Benz had the highest luxury brand influence scores in the JD Power study, scoring 683, 680 and 661 out of a total of 1,000 points, respectively.

NIO ranked 10th with a score of 607, the highest score among local Chinese luxury brands and higher than Porsche's 605.

HiPhi and IM Motors are the other two brands that made it into this luxury brand ranking, with scores of 549 and 542, respectively.

In the mainstream brand influence score, BYD ranked first with 678 points, Tesla 11th with 634 points, 15th with 631 points, and Li Auto in 34th place with 598 points.

Full CPCA rankings: Top-selling models and automakers in China in Apr

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China Earnings Electric eMobility eV Nio

NIO to report Q1 earnings on Jun 9

NIO delivered 31,041 vehicles in the first quarter, slightly above the lower end of its guidance range of 31,000 to 33,000 vehicles.  |  NIO US | NIO HK | NIO SG

NIO (NYSE: NIO) will report first quarter unaudited financial results on Friday, June 9, before the US market opens, the company announced today.

Previous figures showed it delivered 31,041 vehicles in the first quarter, just above the lower end of its guidance range of 31,000 to 33,000 vehicles.

NIO's previous revenue guidance for the first quarter was between RMB 10.93 billion and RMB 11.54 billion, implying year-on-year growth of about 10.2 percent to 16.5 percent.

(NASDAQ: LI) already reported first-quarter earnings that beat expectations yesterday, sending its shares soaring 13.93 percent in US trading on Wednesday.

Li Auto's deliveries in the first quarter were slightly above the lower end of its guidance range, but revenue was above the upper end of the guidance range.

(NYSE: XPEV) will report first-quarter earnings on May 24.

By the time NIO reports its first-quarter earnings, its deliveries in May should have been released on June 1. Therefore, its delivery guidance for the second quarter will then imply the company's delivery expectations for June.

NIO will officially launch the new ES6 later this month, which will be a model of strategic importance to it. The company today asked its community for input on the pricing of the SUV.

NIO's management will host an earnings conference call on June 9 at 8:00 am US Eastern Time (8:00 pm Beijing Time on June 9).

A live and archived webcast of the conference call will be available on NIO's investor relations website at https://ir.nio.com/news-events/events.

Participants who wish to participate in the conference using dial-up may register in advance using the link provided below.

https://s1.c-conf.com/diamondpass/10030774-agy6dc.html

A replay of the conference call will be available through June 16, 2023 at the following numbers:

United States: +1-855-883-1031

Hong Kong, China: +852-800-930-639

Chinese mainland: +86-400-1209-216

Singapore: +65-800-1013-223

International: +61-7-3107-6325

Replay PIN: 10030774

NIO asks its community for advice on pricing of new ES6

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

Insurance registrations for week ending Apr 30: Tesla 11,500, Li Auto 8,100, NIO 2,600

shared the numbers, saying its sales last week far outpaced those of other local new car-making brands.

Li Auto (NASDAQ: LI) today shared sales figures for the major new car makers as well as luxury car companies in China for the last week of April, which is worth a look, even though many automakers have already announced deliveries for last month.

For the week ending April 24 to April 30, Li Auto sold 8,100 units, far more than any other new carmaker brand, it said today on Weibo.

Li Auto continues to be in the top five luxury brands selling in China, the highest-ranking Chinese brand on the list, outpacing other traditional luxury brands besides Mercedes-Benz, BMW and Audi in weekly sales, it said.

Li L7 delivered more than 10,000 units in its first full delivery month, making it one of the preferred luxury five-seat SUVs for more families, Li Auto said.

Li Auto didn't specify what statistic that sales figure was based on, though apparently it was insurance registrations. Its figures for the first three weeks of April were 7,200, 6,300 and 4,177.

Previously, we had access to those numbers every Tuesday, and it was Li Auto's practice to share some of them later to show off that it was leading the pack among car-making newcomers.

The major third-party providers of Chinese auto insurance registrations data, as well as Weibo bloggers, stopped sharing them in April, though Li Auto continues to share some of them.

Li Auto delivered 25,681 vehicles in April, another monthly high while surpassing the 20,000-delivery mark for the second consecutive month, according to data it released on May 1.

vehicles sold 11,500 units in China last week, according to a table shared by Li Auto. The figure for Tesla was 10,300, 12,500 and 6,973 units in the previous three weeks.

The US electric vehicle maker sold 75,842 China-made vehicles in April, including exports, according to data released earlier today by the China Passenger Car Association (CPCA).

The sales include sales in China as well as exports, and the breakdown is expected to be available in the coming days.

NIO (NYSE: NIO) sold 2,600 units last week, according to Li Auto. The company sold 2,000, 700 and 1,316 units in the first three weeks of April, according to the previous data.

NIO's deliveries in April fell further to 6,658 units, as its product switchover continues, according to data released on May 1.

(NYSE: XPEV) saw sales of 2,500 units last week. It sold 1,900, 1,300 and 904 units in the first three weeks of April.

XPeng delivered 7,079 vehicles in April, down 21.36 percent from 9,002 a year ago, but up 1.1 percent from 7,002 in March.

sold 2,300 units last week, a figure that was 2,100, 1,600 and 1,476 units in the first three weeks of April.

, Denza, and sold 3,200, 2,700, and 2,600 units last week, respectively.

Among the luxury brands, Mercedes-Benz, BMW and Audi had the highest sales last week with 19,400, 15,700 and 14,500 respectively, according to data shared by Li Auto.

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China China EV Market Insight Electric eMobility eV EV Data Insights Monthly Data Nio Research Note

Deutsche Bank on Apr China EV sales: Li Auto shines while NIO struggles

Edison Yu's team continues to expect most automakers to be aggressive, as market share is a top priority.

China's major electric vehicle (EV) makers announced their April deliveries yesterday, and Deutsche Bank analyst Edison Yu's team provided their take, as usual.

"April sales were generally better than feared for most OEMs we track with the exception of NIO who is struggling at the moment from both weak demand for its sedans and a major production platform transition for its SUVs," the team said in a note sent to investors yesterday.

continues to impress, setting a monthly delivery record and showing continued strong traction for its three models in the premium SUV segment, the team said.

As a backdrop, Li Auto delivered a record 25,681 vehicles in April, surpassing the 20,000-delivery mark for the second consecutive month.

NIO deliveries fell further to 6,658 in April as the product switch continued. XPeng delivered 7,079 vehicles in April, essentially unchanged from March, and the company appears to be on the cusp of emerging from the mire of weak sales that lasted about one year.

Here is the full text of Yu's team's note.

April sales were generally better than feared for most OEMs we track with the exception of NIO who is struggling at the moment from both weak demand for its sedans and a major production platform transition for its SUVs.

Li Auto continues to impress, setting a record for monthly deliveries, demonstrating continued robust traction in the premium SUV segment with its 3 models.

's volume held in about flat MoM as new P7i ramps up.

Overall, we continue to expect most OEMs to be aggressive as market share is the #1 priority. Although there were no big price cuts announced at the Shanghai Auto Show, our view is that there is likely another wave of price cuts to come as industry demand remains soft.

Moreover, the price of lithium carbonate has dropped dramatically this year which provides more cushion on the gross margin side.

April OEM recap

Li Auto delivered 25,681 vehicles (+23% MoM, +516% YoY), beating our forecast and setting a new monthly record. This includes >10,000 units of the L7 in its first full month of deliveries (vs. 7,702 in March).

XPeng delivered 7,079 vehicles (+17% MoM; -55% YoY), slightly below our expectations. The P7i mid-cycle face-lift should help volume in May/June as management expressed confidence in the order book.

XPeng officially revealed the G6 at the Shanghai Auto Show last month and this will be the most important product for the company this year to grow sales (double current monthly sales by end of 3Q), set for late June deliveries.

NIO delivered only 6,658 vehicles (-36% MoM, +31% YoY), below our forecast. Demand for ET5 and ES7 appear to be getting weaker sequentially while the rest of the portfolio is undergoing a platform transition (except for ET7 getting an interior upgrade this month).

Deliveries of the new EC7 began on 4/28, a few weeks earlier than anticipated, suggesting operational execution is on track. The new ES6 is expected to begin deliveries toward end of May (NIO's best selling SUV model).

delivered sales of 8,101 vehicles (+22% MoM; +279% YoY). The average order value for 001 shooting break sedan is 336k RMB and 009 luxury MPV is 527k. Zeekr's upcoming X model is expected to garner higher relative volumes with starting price of just 190k (deliver in June, targeting 40,000 units for 2023).

NIO deliveries fall further to 6,658 in Apr as product switch continues

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China Deals Electric eMobility eV Onsemi SiC Tesla Zeekr

Zeekr, chipmaker Onsemi sign SiC power device supply deal

SiC power devices offer higher powertrain efficiency, enabling improved performance, faster charging and longer driving range.

(Image credit: CnEVPost)

Zeekr, 's electric vehicle (EV) brand, announced today that it has signed a long-term supply agreement with US chipmaker Onsemi involving a partnership for silicon carbide (SiC) power devices.

Zeekr will use Onsemi's M3E 1200V EliteSiC MOSFET products to complement its expanding lineup of high-performance all-electric models, according to a press release.

SiC power devices offer higher powertrain efficiency, which enables improved performance, faster charging and longer driving range, according to Zeekr.

"With cutting-edge technologies such as advanced SiC, Zeekr will be able to offer electric vehicles with improved performance and even lower carbon emissions," said Andy An, CEO of the company.

Zeekr, which was officially launched as an independent company in March 2021, saw its 100,000th vehicle delivered yesterday, making it one of the fastest new car makers to reach the milestone in China.

Its first model, the Zeekr 001, was launched on April 15, 2021, and deliveries began in October 2021.

On November 1, 2022, Zeekr's second model, the Zeekr 009 MPV, was launched, and its deliveries began on January 15.

On April 12, Zeekr launched its third model, the Zeekr X, which it hopes will become the benchmark for luxury compact cars.

Zeekr delivered 71,941 vehicles in 2022 and aims to double deliveries to about 140,000 in 2023.

As EV makers build higher-performance models, higher voltage platforms require more advanced power devices.

SiC modules are an upgrade to IGBT (insulated gate bipolar transistor chip) modules, a third-generation power semiconductor with higher efficiency, higher temperature resistance and higher voltage characteristics.

The module will help upgrade the electrical architecture of EVs from 400V to 800V and enable vehicles to charge from 0 to 80 percent in 10 minutes.

EV makers including , BYD, NIO, and are already using SiC chips in their models.

Zeekr releases Europe strategy, 2 models to debut in Sweden and Netherlands in Q4

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

Insurance registrations for week ending Apr 23: Tesla 10,300, Li Auto 7,200, NIO 2,000

NIO sold 2,000 units last week, up from 700 the week before and 1,316 in the first week of April.

(NASDAQ: LI) maintained strong sales last week, and NIO (NYSE: NIO) saw a significant rebound, the latest data show.

With 7,200 units sold in the week ending April 23, Li Auto far outpaced other new car-making brands, the automaker said today on Weibo.

With deliveries of the Air versions of the Li L8 and Li L7, Li Auto's weekly sales hit another record high, it said.

Li Auto didn't specify what statistic that sales figure was based on, though apparently, it was insurance registrations. Previously, we had access to those numbers every Tuesday, and Li Auto's practice was to share some of them on Wednesdays.

The main third-party agencies and Weibo bloggers that provide data on auto insurance registrations in China stopped sharing the data this month, but Li Auto continues to share some of it.

This is the first time Li Auto has shared those numbers on a Tuesday, though they weren't taken down to single digits.

(NASDAQ: TSLA) sold 10,300 units last week, according to the table shared by Li Auto. That was down from 12,500 units the week before and up from 6,973 units in the first week of April.

NIO sold 2,000 units last week, up from 700 the week before and 1,316 in the first week of April.

(NYSE: XPEV) sold 1,900 units last week, up from 1,300 units and 904 units in the previous two weeks.

sold 2,100 units last week, up from 1,600 units the previous week and 1,476 units in the first week of April.

Among luxury brands, Mercedes-Benz, BMW and Audi had the highest sales last week with 15,800, 15,600 and 14,800 respectively, according to data shared by Li Auto.

Insurance registrations for week ending Apr 16: Tesla 12,500, Li Auto 6,300, NIO 700

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charging China Electric eMobility eV Tesla

Tesla opens its Supercharger network in China to other brands of EVs on pilot basis

Tesla is initially opening 10 Supercharger stations in the Chinese mainland for 37 non-Tesla models.

(Image credit: CnEVPost)

Tesla announced today that it is opening its Supercharger network in the Chinese mainland on a pilot basis to other brands of electric vehicles (EVs), following its practice in more than 10 other markets.

The EV maker is initially opening 10 Supercharger stations for 37 non-Tesla models, according to an announcement it posted on WeChat.

Notably, the pilot is currently limited to Beijing and Shanghai, with each city offering five Supercharger stations to participate in the pilot.

The 37 non-Tesla models include the NIO ES6, NIO EC6, P7, Li ONE, 001, BYD Han EV, BYD Tang EV, and Polestar 2.

In addition to the Supercharger stations, Tesla has opened 120 destination charging stations on a pilot basis, covering 25 provinces and cities in the Chinese mainland.

To date, Tesla has more than 1,600 Supercharger stations in the Chinese mainland, offering more than 10,000 Superchargers, according to the announcement.

It also has more than 700 destination charging stations in the Chinese mainland, offering more than 2,000 charging piles.

At the end of 2021, Tesla opened its charging network to non-Tesla vehicles on a pilot basis in Europe, and the service is now available to owners in more than 10 countries and regions worldwide, the company said.

Now, owners of non-Tesla-branded EVs in the Chinese mainland can also enjoy an efficient, convenient and dense Tesla charging network, it said.

Tesla hopes its open and innovative business logic will bring together more industry partners to accelerate the world's transition to sustainable energy, it added.

Tesla prices: Here's how Model 3 and Model Y compare in China vs other markets

First 37 non-Tesla models that can use Tesla Superchargers in Chinese mainland

BrandModel
AiwaysU5
BMWi3, iX, iX3
PorscheTaycan
Mercedes-BenzEQC
BYDHan EV, Tang EV
Great Wall OraGood Cat
Dongfeng AeolusE70
Dongfeng NissanSylphy
Ford MustangMach-E
HiPhiHiPhi X
GAC AionLX
GAC ToyotaC-HR EV
Hozon U
Emgrand Gse, Geometry A, Geometry C
ZeekrZeekr 001
PolestarPolestar 2
Jaguar Land RoverI-Pace, Range Rover PHEV
SeresSF5
Li AutoLi ONE
LeapmotorC11
AITOM5
SAICMarvel R
FAW VolkswagenID.4 Crozz
WM MotorEX5
NIOEC6, ES6
VolvoXC40
XPengP7
FAW-Audie-tron
FAW ToyotaIZOA E
FAW HongqiE-HS9

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Auto Show China Electric eMobility eV Insights Research Note

Shanghai auto show: Takeaways from Deutsche Bank

Edison Yu's team shares their key takeaways on new model pricing, design, ADAS, and ultra-fast charging.

(Image credit: CnEVPost)

As one of the most important auto shows in several years, the ongoing Shanghai auto show is attracting a lot of interest. In a research note sent to investors today, Deutsche Bank analyst Edison Yu's team shares their thoughts on the event.

This year's Shanghai auto show began last week, with media days on April 18-19, professional visitor days on April 20-21, and general public access on April 22 - 27.

Yu's team shared their four key takeaways regarding new model pricing, local design, Advanced Driver Assistance System (ADAS) capabilities, and ultra-fast charging.

"Pricing to be competitive at least through early 2024 With the price war raging on, we continue to expect OEMs to be aggressive as market share is the #1 priority," the team wrote.

Although no significant price cuts were announced at the show, automakers were very careful in disclosing prices.

did not reveal pricing details for the G6 other than the previous range of 200,000 to 300,000 yuan. Likewise, NIO did not detail the price of the new ES6, the team noted.

(Image credit: CnEVPost)

If demand stays low, there could be another wave of price cuts, so the automakers do not want to overprice their new models. In addition, lithium carbonate prices have fallen sharply, providing more cushion for pure electric vehicles, Yu's team said.

The team expects G6 pricing to trend toward the lower end of the range previously mentioned by XPeng, especially given that the X starts at just 190,000 yuan and the Model Y could see one more price cut this year.

To offset the drop in average selling price, automakers are taking steps to squeeze the structural costs of new platforms, such as XPeng's SEPA 2.0 platform, according to the team.

In terms of product design, the quality of local models is improving rapidly, and several local automakers began turning to foreign talent a few years ago to speed up the process, the team said.

BYD's design chief is Wolfang Egger, previously at Audi, and NIO's vice president of design is Kris Tomasson who came over from BMW, the team noted.

The team highlighted two models that really showcase this shift: the BYD Song L and the Hozon GT Speedster.

(Image credit: CnEVPost)

"There are many other examples of bold and sleek design at the show and we expect this to be the new norm as the market shifts from ICE to EV," the team wrote.

With design and cost advantages, a natural extension is to export. During the show, Zeekr provided more details about its European strategy, the team noted.

On the ADAS side, Yu's team said subscriptions have proven difficult to monetize.

"We would have thought selling an ADAS subscription service could be easy next step. However, consumers are reluctant to adopt this business model," the team wrote.

XPeng is trying to dramatically reduce the cost of its XNGP system while improving its performance.

is currently beta testing the City NOA software with a goal of rolling it out to 100 cities nationwide by the end of 2023. The company believes its AD Max 3.0 system will be able to operate without HD maps and guarantees that all upgrades will be free for life with no subscription fees, the team noted.

NIO's NOP+ beta program is expected to end at the end of June and then begin charging subscribers RMB 380 per month.

"NIO is offering 2 years for free to 2023 ET7 buyers who pay the order deposit before June and we would expect this subscription to be increasingly used a promotional bundle to boost sales," the team wrote.

In terms of ultra-fast charging facilities, Yu's team said that automakers are just beginning to build up such capabilities, and real-world charging requires synchronization of the car, charger and grid. If any part becomes a bottleneck, charging speeds will not reach maximum performance.

NIO's ultra-fast 500 kW charger is now in service and open to other brands.

XPeng is rapidly rolling out its new S4 480 kW DC ultra-fast charging station, with a target of 500 this year.

Li Auto is focused on 800V solutions and expects its upcoming battery electric vehicle (BEV)to have 400 km of range in 10 minutes, the team noted.

Li Auto announced on April 18 that its first all-electric model will be the world's first to feature 's 4C Qilin Battery.

By 2025, Li Auto's product array will include a super flagship model, five extended-range electric vehicles (EREVs), and five BEVs, the company said.

Shanghai auto show: EVs take center stage, nearly 40 models equipped with LiDARs

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