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China Electric eMobility eV Tesla XPeng XPeng G6

XPeng begins pre-sales of G6 with starting price significantly lower than Tesla Model Y

The G6's pre-sale starting price is RMB 38,900 lower than the Model Y and RMB 84,900 lower than 's flagship SUV, the G9.

(Image credit: CnEVPost)

XPeng (NYSE: XPEV) has begun pre-sales of its highly anticipated new SUV, the G6, at a price significantly lower than the rival Tesla Model Y.

Pre-sales for the G6 start at RMB 225,000 ($31,610), XPeng announced today on Weibo.

For comparison, the model's direct competitor, the Tesla Model Y, is currently offered in China in three versions starting at RMB 263,900, RMB 313,900, and RMB 363,900 respectively.

This means that the XPeng G6 starts at RMB 38,900 less than the Model Y. The G6 is also RMB 84,900 less than the XPeng flagship SUV, the G9, which starts at RMB 309,900.

It is important to note that the pre-sale price is not the final price and XPeng may offer new pricing based on consumer feedback when the G6 is officially launched.

Consumers who pay RMB 2,000 to reserve the XPeng G6 now will receive an RMB 5,000 discount when they pay for the car.

The XPeng G6 will be officially launched in June, with volume deliveries starting in July, and production capacity will climb rapidly, its management said in a May 24 analyst call after announcing first-quarter earnings.

The G6 will be a hot seller in China's new energy SUV market priced in the RMB 200,000 to 300,000 range, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.

The G6 has been set aside about two months from the start of production to delivery, and XPeng expects the model to reach more than double the sales of the P7i, its management said.

That means 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 research note sent to investors on May 30.

XPeng will likely price the G6 significantly lower than the Model Y, hoping to attract consumers with a sleeker design and updated interior, the team said, adding that the X is already taking that approach with a starting price of just RMB 190,000.

XPeng unveiled an architecture called SEPA (Smart Electric Platform Architecture) 2.0 at a technology conference in Shanghai on April 16, saying the G6 will be the first model built on it.

On April 18, XPeng officially unveiled the G6 on the first day of the Shanghai auto show, saying that the G6 is the ultimate form of car before fully autonomous driving is achieved.

The model is based on the 800 V high-voltage platform and can get a 300-kilometer range in as little as 10 minutes on a charge, XPeng said at the time. The company's other 800 V-based model is the G9.

XPeng cites the Tesla Model Y as its main competitor to the G6. The vehicle is positioned as an all-electric midsize SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing in March showed.

For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm and 1,624 mm and a wheelbase of 2,890 mm.

($1 = RMB 7.1187)

XPeng making its last stand with G6, says Deutsche Bank

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China Electric eMobility eV Tesla XPeng XPeng G6

XPeng begins pre-sales of G6 with starting price significantly lower than Tesla Model Y

The G6's pre-sale starting price is RMB 38,900 lower than the Model Y and RMB 84,900 lower than 's flagship SUV, the G9.

(Image credit: CnEVPost)

XPeng (NYSE: XPEV) has begun pre-sales of its highly anticipated new SUV, the G6, at a price significantly lower than the rival Tesla Model Y.

Pre-sales for the G6 start at RMB 225,000 ($31,610), XPeng announced today on Weibo.

For comparison, the model's direct competitor, the Tesla Model Y, is currently offered in China in three versions starting at RMB 263,900, RMB 313,900, and RMB 363,900 respectively.

This means that the XPeng G6 starts at RMB 38,900 less than the Model Y. The G6 is also RMB 84,900 less than the XPeng flagship SUV, the G9, which starts at RMB 309,900.

It is important to note that the pre-sale price is not the final price and XPeng may offer new pricing based on consumer feedback when the G6 is officially launched.

Consumers who pay RMB 2,000 to reserve the XPeng G6 now will receive an RMB 5,000 discount when they pay for the car.

The XPeng G6 will be officially launched in June, with volume deliveries starting in July, and production capacity will climb rapidly, its management said in a May 24 analyst call after announcing first-quarter earnings.

The G6 will be a hot seller in China's new energy SUV market priced in the RMB 200,000 to 300,000 range, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.

The G6 has been set aside about two months from the start of production to delivery, and XPeng expects the model to reach more than double the sales of the P7i, its management said.

That means 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 research note sent to investors on May 30.

XPeng will likely price the G6 significantly lower than the Model Y, hoping to attract consumers with a sleeker design and updated interior, the team said, adding that the X is already taking that approach with a starting price of just RMB 190,000.

XPeng unveiled an architecture called SEPA (Smart Electric Platform Architecture) 2.0 at a technology conference in Shanghai on April 16, saying the G6 will be the first model built on it.

On April 18, XPeng officially unveiled the G6 on the first day of the Shanghai auto show, saying that the G6 is the ultimate form of car before fully autonomous driving is achieved.

The model is based on the 800 V high-voltage platform and can get a 300-kilometer range in as little as 10 minutes on a charge, XPeng said at the time. The company's other 800 V-based model is the G9.

XPeng cites the Tesla Model Y as its main competitor to the G6. The vehicle is positioned as an all-electric midsize SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing in March showed.

For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm and 1,624 mm and a wheelbase of 2,890 mm.

($1 = RMB 7.1187)

XPeng making its last stand with G6, says Deutsche Bank

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China Electric eMobility eV Zeekr Zeekr X

Zeekr sees 1st production cars of Zeekr X roll off line as delivery nears

The first production vehicles of the X rolled off the production line today and will be shipped to stores in various cities, with first deliveries expected to begin in the middle of this month.

(Image credit: Zeekr)

Zeekr, 's premium electric vehicle (EV) brand, saw the first production vehicles of its third model, the Zeekr X, roll off the production line as deliveries approach.

The first production vehicles of the Zeekr X rolled off the production line today and will be shipped to stores in various cities, with first deliveries expected to begin in the middle of this month, Zeekr said.

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

The Zeekr X comes in three versions, with one starting at RMB 189,800 ($26,670) and the other two at RMB 209,800.

The Zeekr X has been available for pre-order since its launch, and the model aims to deliver 40,000 units this year.

Zeekr was officially launched as a separate company in March 2021, and models currently on sale include the Zeekr 001 hatchback and the Zeekr 009 MPV, both of which are built at the company's plant in Ningbo, Zhejiang province.

The Zeekr X is not built in Ningbo, but at a Geely plant in Chengdu, Sichuan province, which CnEVPost visited in April and saw the highly automated production line.

(Image credit: CnEVPost)

The plant that produces the Zeekr X incorporates advanced manufacturing technologies including 5G, AI, and industrial big data to drive product development with a digital twin, Zeekr said in a press release today.

The factory's smart manufacturing system has a rigorous, comprehensive, and high standard of quality testing to ensure the quality of the Zeekr X, the company said.

As the delivery of the Zeekr X enters its countdown phase, Zeekr's channel touchpoints are in full swing, it said.

(Image credit: CnEVPost)

As of May 31, Zeekr's direct stores are opening at an average rate of one store every two days and now cover 73 cities, including 304 stores, the company said.

Zeekr delivered 8,678 vehicles in May, up 100.42 percent from 4,330 vehicles in the same month last year and up 7.12 percent from 8,101 vehicles in April.

This is the fourth sequential increase in monthly deliveries for Zeekr, after a big drop in deliveries in January due to the shutdown of the Ningbo plant for upgrades.

Zeekr launches Zeekr X SUV to gain further share from market dominated by German luxury automakers

($1 = RMB 7.1155)

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China Electric eMobility eV Nio NIO ET5 Nio ET5 Touring

ET5 Touring said to be available at NIO showrooms in China starting Jun 10

The ET5 Touring has arrived at stores and will be available in NIO showrooms on the evening of June 9, and those interested can check it out on June 10, according to a blogger who has been following NIO for a long time.

(Image credit: @肉肉爸比ev)

The ET5 Touring, a derivative of NIO's (NYSE: NIO) ET5 sedan, hasn't been officially launched yet, but it's no longer a secret.

The ET5 Touring has quietly arrived in NIO stores, longtime NIO follower and car blogger @肉肉爸比ev said on Weibo today.

The model will enter NIO's showrooms on the evening of June 9 and those interested can check it out on June 10, the blogger said, without providing any more information.

Notably, NIO has not yet announced an official launch date for the ET5 Touring, and the electric vehicle (EV) maker will announce first-quarter earnings before the US stock market opens on June 9 and then hold an analyst call.

On June 2, car blogger Wu Ying, who has about 1 million followers on Weibo, said the ET5 Touring will be launched on June 15.

On June 5, the first slide on the front page of NIO's English website showed a picture of part of the interior details of a model, with the text "Inspired By Life."

The date on the image implies that the event will take place on June 15.

The information on NIO's website does not suggest that the model is the ET5 Touring, but the image shows that it does not appear to have a HUD (heads-up display), and the ET5 is currently the only one in NIO's product lineup that does not support HUD.

NIO plans to launch a new model based on NT 2.0, the ET5 Touring, a midsize smart electric wagon that will begin deliveries to customers in June, it said when it announced May deliveries on June 1.

The ET5 Touring will be launched globally in June and deliveries will begin in China, it said in a separate press release.

For the ET5 Touring, Deutsche Bank analyst Edison Yu's team expects pricing of RMB 335,000 ($47,030) - RMB 345,000, which would be slightly higher than the regular ET5's RMB 328,000.

NIO management aims to capitalize on the success of the 001, which proves there is a sizable local market for luxury sport EV wagons, the team said in a research note sent to investors on June 5.

The ET5 Touring has been seen frequently in Europe as well as China over the past two months.

($1 = RMB 7.1232)

NIO Q1 earnings preview: Struggling along for another quarter

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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 4: Tesla 14,500, Li Auto 6,600, NIO 1,700

launched the new ES6 on May 24, though the model is likely still in the process of climbing capacity and not contributing much to sales.

(NASDAQ: LI) kept sales strong last week, while its two local peers, NIO (NYSE: NIO) and (NYSE: XPEV), remained weak.

With 6,600 units sold in the week of May 29 to June 4, Li Auto continues to lead the pack among China's new car-making brands, the company said today on Weibo.

That's far more than other new car brands and more than the second and third places combined, Li Auto said.

Li Auto has delivered more than 20,000 units for three consecutive months, and this month the company will aim to reach its 30,000-unit monthly sales target, it added.

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

All of Li Auto's models currently on sale are extended-range electric vehicles (EREVs), essentially plug-in hybrids that are targeting a broader market, including the five-seat Li L7 and the six-seat Li L9 and Li L8.

NIO and XPeng, on the other hand, offer only purely electric models and face a growing but much smaller market space.

NIO sold 1,700 units last week, according to figures shared by Li Auto. This is slightly higher than the previous week's 1,600 units.

Last week included the last three days of May and the first four days of June. The insurance data represents the number of vehicles registered in China.

NIO launched the new ES6 on May 24, although the model is likely still in the process of climbing capacity and thus still not contributing much to sales.

The electric vehicle (EV) maker delivered 6,155 vehicles in May, down 7.55 percent from April and down 12.37 percent year-on-year, according to data released on June 1.

NIO will finish climbing capacity for the new ES6 in June to deliver vehicles as early as possible, Jim Wei, the company's senior vice president of user operations, said in announcing May delivery figures on the NIO App on June 1.

In a research note sent to investors yesterday, Morgan Stanley analyst Tim Hsiao's team said that NIO's overall new order intake hit a year-to-date high thanks to the launch of the new ES6.

(NASDAQ: TSLA) sold 14,500 units last week, up from 12,800 the week before, according to figures shared by Li Auto.

Tesla sold 77,695 China-made vehicles in May, including those exported, data released yesterday by the China Passenger Car Association (CPCA) showed.

This was up 2.44 percent from 75,842 vehicles in April and up 141.55 percent from 32,165 vehicles in the same month last year.

XPeng (NYSE: XPEV) sold 2,100 units last week, unchanged from the previous week.

The company delivered 7,506 vehicles in May, down 25.87 percent year-on-year, but up 6.03 percent from April.

XPeng will begin pre-sales of the G6, the new SUV designed to compete with Tesla's Model Y, on June 9.

sold 2,100 units last week, up from 1,900 units the week before.

The company delivered 8,678 vehicles in May, up 100.42 percent from 4,330 in the same month last year and up 7.12 percent from 8,101 in April.

This is the fourth consecutive increase in monthly deliveries for Zeekr, which will begin deliveries of its third model, the Zeekr X, later this month.

Leapmotor sales were 3,400 units last week, down from 3,600 the week before. was 2,900 units last week, up from 2,100 the week before.

https://cnevdata.com/2023/06/06/china-nev-weekly-insurance-registrations-0606/

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China Electric eMobility eV Nio Nio ET5 Touring

NIO may launch ET5 Touring on Jun 15, more photos revealed

management aims to capitalize on the success of the 001, which proves there is a sizeable local market for luxury sporty EV wagons, Deutsche Bank said.

NIO (NYSE: NIO) will likely launch the ET5 Touring in 10 days, after the electric vehicle (EV) maker said last week that deliveries of the model would begin this month.

The first slide on the front page of NIO's English-language website shows a picture of part of a model's interior detail, with text that reads "Inspired By Life. Witness the launch of our next chapter."

The date on the image implies that the event will take place on June 15.

The information on NIO's website does not suggest that the model is the ET5 Touring, but the image shows that it does not appear to have a HUD (heads-up display), and the ET5 is currently the only one in NIO's product lineup that does not support HUD.

NIO plans to launch a new model based on NT 2.0, the ET5 Touring, a midsize smart electric wagon that will begin deliveries to customers in June, it said when it announced May deliveries on June 1.

The ET5 Touring will be launched globally in June and deliveries will begin in the Chinese market, it said in a separate press release.

On June 2, car blogger Wu Ying, who has about 1 million followers on Weibo, said NIO would launch the ET5 Touring on June 15.

NIO did not confirm the information, though one of its energy service Weibo accounts liked the Weibo post.

More images of the ET5 Touring have also been widely circulated on Weibo in the past few days.

Here are the images shared by car blogger De Lu as well as Dong Maimai.

For the ET5 Touring, Deutsche Bank analyst Edison Yu's team expects pricing of RMB 335,000 ($47,090) - RMB 345,000, which will be slightly higher than the regular ET5's RMB 328,000.

NIO management aims to capitalize on the success of the Zeekr 001, which proves there is a sizable local market for luxury sporty EV wagons, the team said in a research note sent to investors today.

NIO delivered 31,041 vehicles in the first quarter, with the ET5 contributing 18,703, or 60 percent, according to data monitored by CnEVPost.

($1 = RMB 7.1135)

NIO Q1 earnings preview: Struggling along for another quarter

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China Earnings Earnings Preview Electric eMobility eV Insights Nio Research Note

NIO Q1 earnings preview: Struggling along for another quarter

Deutsche Bank expects to report soft results for the first quarter, with downside risk to margins, though some relief in on the way.

NIO (NYSE: NIO) will report first-quarter unaudited financial results on Friday, June 9, before the US markets open. As usual, Deutsche Bank analyst Edison Yu's team provided their preview.

"NIO is suffering from weaker-than-expected demand and is facing its greatest adversity since nearly going bankrupt in 2020," the team said in a research note sent to investors today titled "Struggling along for another quarter."

The team expects NIO to report soft results in the first quarter, with downside risk to margins, and a very weak outlook for sales, and margins in the second quarter.

First quarter earnings

Previous data showed that NIO delivered 31,041 vehicles in the first quarter, slightly above the lower end of the 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.

Yu's team expects NIO to report revenue of RMB 10.9 billion in the first quarter, with a gross margin of 2.5 percent and adjusted earnings per share of RMB -3.07.

This compares to the current analyst consensus estimates of RMB 11.7 billion, 7.4 percent, and RMB -2.66, respectively, in a Bloomberg survey.

Looking ahead, Yu's team expects NIO to deliver 21,000-23,000 units in the second quarter.

NIO delivered only 12,813 units in April and May combined due to very low demand for the ET7 and ES7, the team noted.

The EV maker delivered 6,155 vehicles in May, down 7.55 percent from 6,658 in April, according to data released on June 1.

Why the weak sales?

While production and supply chain issues appear to be resolved, underlying demand for NIO's premium BEVs has been disappointing as customers opt for gasoline models from German luxury carmakers BMW, Mercedes-Benz, Audi and EREVs, Yu's team said.

The team attributed NIO's recent weak sales to 3 main factors. The following is from their research note:

1. NIO's pricing is the highest amongst the start-ups and premium BEV demand has been generally weak across the board.

2. The premium segment appears to be electrifying more slowly which may be counter-intuitive to those outside China. Based on our analysis of the premium SUV market (>300k RMB), the BEV mix is only 12% YTD, compared with PHEV (includes EREV) at 18%, leaving 70% for ICE.

This compares with the overall market that is 21% BEV and 10% PHEV, showing customer preferences are quite different depending on the sub-segment.

Our read is the EREV value position is resonating with a much broader audience than anticipated which Li Auto has done a very effective job at maximizing.

3. We believe NIO's brand appeal has hit a wall of sorts as it is struggling to get momentum outside of Shanghai (and surrounding provinces) and also beyond finance/tech social circles.

To illustrate this, we look at the performance of NIO's best-selling ET5. Nearly 40% of sales mix comes from this region and ET5 sells quite poorly in the south despite in theory having the broadest appeal amongst NIO's offerings.

Moreover, based on our channel checks, affluent older customers simply are not buying into the brand (yet) and still prefer traditional BBA cars.

Management will need to figure out ways to augment the appeal of its unique services such as battery swapping. For existing customers, the usage is actually quite high, having set records during recent holiday (69k swaps in one day or ~20% of car parc).

Some relief on the way

NIO officially launched the new ES6 -- the best-selling NIO SUV in history -- in China on May 24, and deliveries began the same night.

In addition to the new ES6, NIO will also begin deliveries of the new ES8 and the ET5 Touring, a derivative of the ET5 sedan, this month.

NIO's deliveries in June will get a boost from a full month of new ES6 deliveries and partial contributions from the ET5 Touring, Yu's team said.

The new ES6 starts at RMB 368,000, higher than expected, as many potential buyers are comparing it to the Li Auto Li L7, which starts at RMB 319,800, the team said.

(Image credit: CnEVPost)

For the ET5 Touring, the team expects pricing to be at RMB 335,000 - RMB 345,000, slightly higher than the regular ET5.

NIO management aims to capitalize on the success of the 001, which proves there is a sizable local market for luxury sport EV wagons, the team said.

Yu's team expects NIO to see only a minimal improvement on vehicle margins in the second quarter.

"While lower battery input costs should help by at least 1-2% sequentially along with phasing out of aggressive promotional activity on first-gen 866 models, this will be partially offset by lack of overhead absorption/higher D&A as overall volume in 2Q will be down materially compared with 1Q," the team wrote .

As sales improve in the second half of the year, auto margins should return to double digits, the team said.

On the operating cost side, with sales under so much pressure, Yu's team suspects NIO management may be forced to show some level of restraint.

"We are skeptical NIO can achieve 'core' breakeven in 4Q23 and overall breakeven in 2024," the team wrote.

Also, cash burn will intensify due to declining deliveries, similar to what XPeng is experiencing, the team said, adding that they suspect NIO management will roll back its previous RMB 10 billion capex outlook.

Notably, the team remains bullish on the company's prospects, despite many investors have lost patience after multiple sales and margin disappointments.

"We think the stock is already embedding in a very negative path forward and we reiterate NIO's longer-term strategy of having multiple brands, holistic charging infrastructure, and an aspirational ecosystem can still ultimately win out once the dust settles on the EV wars," The team wrote.

NIO's local peers react to launch of new ES6

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China Deliveries Electric eMobility eV EV Data Monthly Data Zeekr

Zeekr delivers 8,678 vehicles in May, up 7.12% from Apr

In the January-May period, delivered 32,013 vehicles, up 117.66 percent from a year earlier. The company is targeting about 140,000 deliveries this year.

Zeekr, 's premium electric vehicle (EV) brand, delivered 8,678 vehicles in May, up 100.42 percent from 4,330 in the same month last year and up 7.12 percent from 8,101 in April, according to data released today.

This is Zeekr's fourth sequential increase in monthly deliveries, after a big drop in deliveries in January due to a plant shutdown for upgrades.

In the January-May period, Zeekr delivered 32,013 vehicles, up 117.66 percent from 14,708 units in the same period last year, and the company is targeting to double its full-year deliveries this year to about 140,000 units compared to 2022.

By the end of May, Zeekr's cumulative deliveries since its inception stood at 109,961 vehicles, data monitored by CnEVPost showed.

Zeekr is currently delivering the Zeekr 001 shooting brake as well as the Zeekr 09 MPV, for which the company does not release breakout figures.

The average order amount for the Zeekr 001 is RMB 336,000 ($47,290) and RMB 527,000 for the Zeekr 009, it said.

The Zeekr 001 is currently offered in four versions with starting prices of RMB 300,000, RMB 300,000, RMB 349,000 and RMB 386,000, respectively. The Zeekr 009 is currently offered in two versions with starting prices of RMB 499,000 and RMB 588,000, respectively.

Zeekr was officially established as an independent company in March 2021, and its first model, the Zeekr 001, was launched on April 15, 2021, with deliveries beginning 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.

The Zeekr X comes in three versions, one starting at RMB 189,800 and the other two at RMB 209,800.

The Zeekr X is taking reservations and deliveries will begin in June, with the model aiming to deliver 40,000 units this year.

($1 = RMB 7.1057)

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

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China Electric eMobility eV Insights Research Note XPeng XPeng G6

XPeng making its last stand with G6, says Deutsche Bank

With margins and cash burn looking worse following first-quarter earnings, management may be making its last stand with the G6, Deutsche Bank said.  |  XPeng US | XPeng HK

(Image credit: CnEVPost)

XPeng (NYSE: XPEV) is expected to officially launch its new SUV, the G6, late next month, which analysts say will be crucial as the company continues to face weak sales and financial performance.

"With margins and cash burn looking materially worse following 1Q earnings, we believe management may be making its last stand with the G6," Deutsche Bank analyst Edison Yu's team said in a research note sent to investors yesterday.

The team's previous view assumed XPeng could see stable natural margin improvement from the sharp drop in battery input prices, but those savings were mostly offset by incremental promotional activity and a poor mix.

" Therefore, the importance of the upcoming G6 has become even GREATER," the team wrote.

XPeng reported weaker-than-expected first-quarter earnings on May 24, with gross margins plunging to 1.7 percent. As a comparison, that figure was 12.2 percent and 8.7 percent in the same quarter last year and the fourth quarter of 2022, respectively.

The company reported a negative 2.5 percent vehicle margin in the first quarter, compared to 10.4 percent in the same period in 2022 and 5.7 percent in the fourth quarter of 2022.

The decline was due to increased sales promotions and the expiration of the new energy vehicle (NEV) subsidy in China, XPeng said.

XPeng's new SUV, the G6, will officially launch in June, with volume deliveries starting in July, and production capacity will climb quickly, its management said in a May 24 analyst call after announcing first-quarter earnings.

The G6 will be a hot seller in China's new energy SUV market priced between 200,000 yuan ($28,200) and 300,000 yuan, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.

The G6 has been set aside about two months from the start of production to delivery, and XPeng expects the model to reach more than twice the sales of the P7i, its management said.

That means, according to Yu's team, that XPeng management expects the G6 to sell 6,000-8,000 units a month.

The G6 needs to be successful for XPeng to be truly relevant to the market again, the team said.

XPeng will likely price the G6 significantly lower than the Model Y (RMB 263,900), hoping to attract consumers with a sleeker design and updated interior, the team said, adding that the X is already taking this approach with a starting price of just RMB 190,000.

A leaked image on Chinese social media on May 22 showed XPeng seeing the first production vehicle of the G6 roll off the line.

XPeng expects second-quarter vehicle deliveries to be between 21,000 and 22,000, and given that it delivered 7,079 vehicles in April, the guidance means the company expects it will deliver a total of 13,921 to 14,921 vehicles in May and June.

Yu's team also noted that XPeng's cash burn trajectory was worse than expected.

"XPeng exited 1Q23 with <25bn RMB in net cash as A/P became a big drag on working capital. This was caused by poor sales performance and also suggests to us suppliers are becoming less accommodative," the team wrote.

After months of lackluster G9 demand, XPeng management may be under pressure from suppliers to be more conservative with its outlook, the team said.

That said, XPeng's operating expenses and capex discipline are still very much intact and should at least get the company through most of next year, Yu's team said.

($1 = RMB 7.0951)

XPeng Q1 earnings miss expectations, gross margin falls to 1.7%

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

China NEV insurance registrations for week ending May 28: Li Auto 7,100, XPeng 2,100, NIO 1,600

's cumulative sales so far this month were around 5,300 units, with the company launching and starting deliveries of the new ES6 on May 24.

For the week of May 22 to May 28, (NASDAQ: LI) sold 7,100 vehicles, continuing to lead among China's new car brands, the company said today on Weibo.

Li Auto didn't explain what that sales volume was based on, but apparently, they were insurance registrations. The company had suspended sharing those numbers earlier this month, but has now resumed sharing them.

Last week's numbers mean that Li Auto sold 25,413 vehicles from May 1 to May 28. In the first three weeks of May, Li Auto's numbers were 4,543, 6,670 and 7,100 vehicles.

Li Auto is currently untroubled by the product switch, and its founder, chairman and CEO Li Xiang said on Weibo on May 24 that the company's five-seat SUV, Li L7, is expected to reach 20,000 monthly sales in October.

All of Li Auto's models currently on sale are extended-range electric vehicles (EREVs), with the other two models being the six-seat Li L9 and Li L8.

NIO (NYSE: NIO) sold 1,600 units last week, according to figures shared by Li Auto.

This means that NIO's cumulative sales for the month through last week were about 5,300 units. NIO's numbers for the first three weeks of May were 1,100, 1,200 and 1,400 units, respectively.

NIO officially launched the new ES6 on May 24, after the wait for the model by potential consumers seemed to have been holding down its sales.

Deliveries of the new ES6 began on the evening of May 24, although the vehicles were produced by NIO in advance rather than customized by consumers to their liking.

NIO began production of the new ES6 based on designer-recommended configuration combinations, and if consumers purchase these vehicles, official deliveries will begin on May 25, according to a May 24 post on the NIO App.

Consumers who wish to customize the vehicles can lock in their orders in the NIO App, and deliveries will begin in mid-June.

(NYSE: XPEV) vehicles sold 2,100 units last week, up from 1,500 units the week before. The numbers were 870 and 1,500 in the first two weeks of May, respectively.

Since May 1, XPeng vehicles have sold 5,970 units this month.

(NASDAQ: TSLA) sold 12,800 units in China last week, up from 10,200 the week before, according to figures shared by Li Auto.

That figure for Tesla was 5,928 and 9,990 in the first two weeks of May and 38,918 cumulatively so far this month.

was at 1,900 last week, down from 2,000 the week before and up from 1,500 in the second week of May. Its numbers for the first week of May are not available.

sold 2,100 units last week, up from 1,500 the week before. That figure was 1,000 and 1,700 units in the first two weeks of May, for a cumulative total of 6,300 units so far this month.

Leapmotor sold 3,600 units last week, up from 3,000 the week before. That figure was 2,200 and 2,500 units in the first two weeks of May, and 11,300 units so far this month.

China NEV insurance registrations for week ending May 21: Li Auto 7,100, XPeng 1,500, NIO 1,400

The post China NEV insurance registrations for week ending May 28: Li Auto 7,100, XPeng 2,100, NIO 1,600 appeared first on CnEVPost.

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