Lei Kang

The interior of the Xpeng Mona M03 features a minimalist design similar to that of the Tesla Model 3, with few physical buttons visible.

The Yangwang U9, an all-electric supercar, went on sale on February 25 at a starting price of RMB 1.68 million ($231,560).

China's passenger car retail sales fell in July from June, but the NEV market was bolstered by fast-growing sales of hybrid models, the CPCA said.

The current Xiaomi EV factory is a phase 1 project with an annual capacity of 150,000 units, and the second phase is also planned to have an annual capacity of 150,000 units.

Neta has started production at its plant in Thailand and is building a new plant in Malaysia.

BYD and Leapmotor will benefit the most, followed by Xpeng, Geely Auto, Changan, Great Wall Motor and GAC due to their relatively large exposure to low-priced vehicles, said Deutsche Bank.

Li Auto's move comes as the price war in China's auto industry eases, after some luxury brands have rolled back steep discounts.

The Stelato S9 is expected to be priced from RMB 450,000 ($61,990) to RMB 550,000.

China's retail penetration of NEVs stood at 49.35 percent in the July 1-21 period, and 42.45 percent year-to-date.

The models will be sold in China and also to overseas markets such as Japan, according to local media.