Lei Kang

The testing site is expected to cover an area of 4 million square meters, with a total investment of RMB 2 billion ($293 million), and be operational in June 2024.

The first phase of the project, with an investment of RMB 5 billion, is expected to start production in December.

Zeekr plans to start selling vehicles in Europe later this year and is not planning to enter the US consumer market.

By the close of trading, Xpeng was down 6.82 percent in Hong Kong, Li Auto was down 6.55 percent and Nio was down 4.03 percent.

The Nio ES8, equipped with Mobileye's self-driving hardware and software, is planned for use in a robotaxi service and to integrate on-demand shuttles into local public transportation in Germany.

The Model S starts at RMB 789,900 ($115,000) in China and the Model X at RMB 879,900.

Xiaomi's first model will compete with Tesla's Model 3 sedan, but is stronger in size, and performance and similarly positioned to the Xpeng P7, according to local media.

The two models are built on Yangwang's e⁴ platform, the first mass-produced four-motor independent drive technology platform in China.

From January to October 2022, a total of 493,600 new vehicles were sold in Beijing, 34.24 percent of which were NEVs.

Deliveries of Lotus Eletre with optional electronic exterior mirrors will begin as early as July 1, 2023, the first day that Chinese regulations will allow car companies to use such mirrors.