Chinese EV rivals shine in August, Li Auto (LI) hits record sales

German Chancellor reveals plans for EV expansion law at IAA Munich

German Chancellor, Olaf Scholz took a tour of this years IAA car show in Munich on Tuesday where he revealed a groundbreaking initiative to expand the electric vehicle industry in his country.

In his address, he praised the German car industry's dedication to electrification while expressing his disapproval of ongoing protests. Scholz announced a new law, expected in the coming weeks, designed to significantly increase the number of electric vehicle charging stations across the country.

Under... More

Tesla (TSLA) sues Chinese tech firm in IP dispute

Chinese national security newspaper, The Shanghai Securities Journal, reports Tuesday that American electric automaker, Tesla (NASDAQ: TSLA) has filed a lawsuit against Chinese chip designer, Bingling Intelligent Technology, over tech secret infringement and unfair competition disputes.

Tesla alleges that Bingling violated its intellectual property rights, particularly in... More

Renault CEO says Ampere IPO value could reach $10 Billion

According to CEO Luca de Meol, Renault's Ampere electric vehicle division, set to go public through an initial public offering (IPO), might attain a valuation of around 10 billion euros ($10.8 billion).

During an interview with the Financial Times at the Munich IAA car show on Monday, De Meo suggested that Ampere's market worth could range... More

UBS cuts estimates on Renault and Volkswagen as Chinese competition rises

UBS downgraded French automaker, Renault to a Sell rating (From Neutral) and cut their 12-month price target on the automotive stock to 31.00 (From 42.00) as competition from Chinese rivals intensifies.

UBS anticipates continued robust financial performance in the upcoming quarters with the potential for additional positive surprises. However, it is noteworthy that most indicators have ceased to show improvement. An analysis by UBS, including the examination of the BYD teardown Q-Series, leads analyst David Lesne to believe that legacy automakers... More

Li Auto Inc. (LI) Delivered 34,914 EVs in August 2023

Li Auto Inc. (Nasdaq: LI), a leader in Chinas new energy vehicle market, today announced that the Company delivered 34,914 vehicles in August 2023, up 663.8% year over year, with monthly deliveries for each of the three Li L series models exceeding 10,000 vehicles. The cumulative deliveries of Li Auto vehicles in 2023 reached 208,165 as of the end of August.

As increasing family users recognize and trust our products, we delivered robust performance in August, with monthly deliveries for each of Li L7, Li L8, and Li L9 surpassing 10,000 vehicles, commented Xiang Li, chairman and chief... More

XPeng Inc. (XPEV) Delivered 13,690 EVs in August 2023

XPeng Inc. (NYSE: XPEV), a leading Chinese smart electric vehicle (Smart EV) company, today announced its vehicle delivery results for August 2023.

In August 2023, XPENG recorded monthly deliveries of 13,690 Smart EVs, a 24% increase over the prior month and a 43% increase year-over-year. Since the start of this year, XPENGs monthly delivery volume has continuously increased, maintaining solid growth... More

NIO Inc. (NIO) Delivered 19,329 Vehicles in August 2023

NIO Inc. (NYSE: NIO), a pioneer and a leading company in the premium smart electric vehicle market, today announced its August 2023 delivery results.

NIO delivered 19,329 vehicles in August 2023, representing an increase of 81.0% year-over-year. The deliveries consisted of 12,015 premium smart electric SUVs, and... More

Mizuho cuts price target on Nio (NIO) while raising delivery estimates

Mizuho reiterated a Buy rating on Nio Inc. (NYSE: NIO) but cut their 12-month price target on the stock to $18.00 (From $20.00) after the Chinese electric automaker reported its 2Q earnings report.

NIO reported 2Q revenues of RMB 8.77B, missing the consensus estimate of RMB 9.51B. Deliveries for the quarter were down 24% compared to the first 3 months of the year. However, management... More

SunCar (SDA) renews service agreement with Nio (NIO) for 1 year

Chinese digital automotive after-sales service provider, SunCar Technology (NASDAQ: SDA) announced today that it has renewed its one-year insurance intermediation service agreement with electric automaker, Nio Inc. (NYSE: NIO).

We have witnessed strong growth momentum for NEVs in... More

SunCar Technology (SDA) Announces Service Agreement with Nio Auto (NIO)

SunCar Technology Group Inc. (SunCar or the Company) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China, today announced that it has renewed its one-year insurance intermediation service agreement with Nio Inc. (NASDAQ: NIO), a multinational automobile manufacturer headquartered in Shanghai, China with over $7 billion annual revenue specializing in designing and developing electric vehicles.

Mr. YE Zaichang, Chairman & CEO of SunCar, commented: SunCar leverage the experience of NEV customers and partners like Nio, who are NEV... More

Nio (NIO) to launch mobile phone in September

Nio Inc. (NYSE: NIO), the Chinese electric vehicle manufacturer, has announced its intentions to introduce its first self-designed mobile phone in late September. The company aims to enhance the allure of its vehicles by offering improved software and connectivity through this new venture.

"Our phone business is not to compete with those phone makers," CEO William Li told investors.

Li, the founder and of Nio, played a pivotal role in spearheading the phone initiative,... More

NIO (NIO) PT Raised to $10.50 at JPMorgan

JPMorgan analyst Nick Lai raised the price target on NIO (NYSE: NIO) to $10.50 (from $9.00) while maintaining a Neutral rating.... More

XPeng (XPEV) To Attend IAA Mobility 2023 as EU Deliveries Begin

XPeng Motors (NYSE: XPEV), a leading Chinese smart electric vehicle (Smart EV) company, today announced the beginning of P7 deliveries in four key European markets and its participation in IAA Mobility 2023, Munich, Germany.

Outstanding Smart EVs for Europe

XPENG G9 and P7 were launched in February this year, with excitement around the brand and positive feedback continuing to build up with deliveries beginning.

In June, XPENG G9 broke the charging record at the two-day NAF (Norwegian Automobile Federation) and Motor EV Summer test, also known as El-Prix 2023, reaching a peak charging... More

China's Nio to launch first mobile phone in Sept to boost appeal of EV

SHANGHAI (Reuters) - Nio plans to launch its first self-developed mobile telephone in late September, the Chinese electric vehicle maker said, aiming to improve the appeal of its cars with better software and connectivity.

It becomes China's latest automaker to join a trend of rolling out car systems that allow drivers to use their smartphones to remotely open doors, turn on air-conditioning or start their cars, among other functions.

Nio's founder and chief executive,... More