Lei Kang

Amid Xpeng's internal concerns and distributor resistance, its wholesale sales model has only been tested on a small scale so far, according to local media.

Multiple media reports have previously suggested that Xiaomi's second model will be an all-electric SUV that will go into production in 2025.

China's overall passenger vehicle retail sales in May is expected to be around 1.65 million units, down 5.3 percent year-on-year, the CPCA said.

Xiaomi's smart driving team has now surpassed 1,000 people, with plans to add an extra 500 by the end of the year, Xiaomi EV said.

Wang Naiyan, former China CTO of autonomous driving tech firm TuSimple, will join Xiaomi EV, according to local media.

China's retail penetration of NEVs stood at 45.78 percent in the May 1-19 period, and 39.4 percent year-to-date.

CATL's efforts to expand overseas markets are now being personally led by its chairman, and the company will add two additional overseas plants to the six it has previously disclosed, according to local media.

"XPeng delivered 1Q24 earnings upside driven by earlier-than-expected recognition of high-margin VW tech and service revenue; 2Q24 volume outlook also came in better than feared," Deutsche Bank said.

Huawei's automotive business has already turned profitable as sales explode, especially for the Aito brand, an executive said.

"Li Auto delivered mostly in-line 1Q24 earnings results and 2Q24's volume outlook bracketed our forecast but pricing pressure appears much worse than anticipated," said Deutsche Bank.