Lei Kang

China's NEV penetration at retail stood at 54.38 percent in October and 46.92 percent year-to-date, according to preliminary CPCA data.

The new brand will not use Audi's signature four-ring logo, but will instead use Audi's English name “AUDI” and will also launch a model to rival the Nio ET7, according to local media.

CATL and BYD continued to hold the top two positions as the world's largest battery makers in the January-September period, with the former seeing a slight decrease in share and the latter remaining unchanged.

Chinese customers who order a new Tesla vehicle through its official trade-in service before December 3 will have the chance to win a visit to Tesla's Shanghai factory.

As of now, all provinces in China have implemented the car replacement subsidy policy and brought a new wave of growth momentum to the automative market, the CPCA said.

In October, 27,707 Nio customers used the battery swap service for the first time.

Song family models continued to rank as the top-selling BYD models with record sales of 114,938 vehicles in October.

In the January-October period, Li Auto delivered 393,255 vehicles, up 38.16 percent year-on-year.

The program will last for four years, with a total lifecycle purchase value of about RMB 200 million ($28.1 million).

Nio has ramped up its car-buying incentives for this month, including increasing the free NOP+ access to 3 years from the previous 2 years, hoping to capitalize on the end-of-year peak season.