Phate Zhang

Li Auto previously aimed to sell as many as 800,000 vehicles in 2024, and become the best-selling premium car brand in China.

The joint venture plans to launch a new product, including NEVs, every three to six months starting this year, with two new products to be launched this year.

Li said in a short video on Douyin that he took test rides and test drove the first model of the Onvo brand on the Nio factory campus.

The updated delivery guidance means that Li Auto now expects it to deliver between 24,584 and 26,584 vehicles in March.

Li Auto incorrectly treated a period of commercial validation as a period of rapid growth with the Li Mega, and this strategic miscalculation was the essential reason for the model's issues, its CEO said.

Nio began recruiting an additional 20,000 pioneer testers for NOP+, which will be the final user experience event before the feature is pushed out to all car owners.

The re-launched Luxeed S7 will bring new features and will be able to deliver soon after launch, with monthly sales expected to be at around 5,000 units, according to local media.

This is the latest reduction in Alibaba's holdings after it sold 25 million of Xpeng's ADSs last year. An Alibaba executive resigned as a director of Xpeng.

The standard version of Xiaomi's SU7 has specs that far exceed those of the Model 3 and has a very high initial sourcing cost, said Lei Jun.

Zeekr is targeting sales of 230,000 units in 2024 and will launch three new models to cover a wider market.