Lei Kang

Zeekr's plant shutdown is expected to last from January 11 to February 1, covering the upcoming Chinese New Year holiday, which runs from January 21 to January 27.

Tesla delivered more than 10,000 vehicles in China on the day of the price cut, with Ningbo, Zhejiang province seeing more than 200 Tesla vehicles delivered each day over the weekend just past, media report said.

The first Zeekr 009 production vehicle rolled off the production line at Zeekr's Ningbo plant on January 8, and its delivery will begin shortly.

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.