Phate Zhang

Nio needs to continue to improve its financial performance to support the company's sustainable growth, and has a responsibility and obligation to put every penny of investor and shareholder money to good use, Li said.

Insurance registrations for major EV makers in China fell significantly last week, as the beginning of the year and the start of the month are typically low for deliveries.

The facilities allow vehicles to charge during low electricity use and discharge during peak times, helping to smooth the load on the grid and provide financial rewards for vehicle owners.

Li Auto's local counterpart Nio has unveiled its first in-house developed autonomous driving chip, which will be used in the ET9 executive flagship sedan.

Morgan Stanley cut its price targets on Nio and Xpeng, while raising its price target on Li Auto and maintaining its Overweight rating on them.

Evergrande NEV president Liu Yongzhuo has been taken into criminal detention on suspicion of violating the law, an announcement said.

The Sterra ES hit the market less than 20 days ago, and the new variant lowers the starting price by 12 percent, underscoring the brutal competition in China's EV market.

Zeekr's 200,000th vehicle delivered was the Zeekr 007, which hit the market on December 27, and the milestone means it has delivered 3,367 vehicles so far this month.

Nio's hardware chief Bai Jian has confirmed that he's taking over the phone business, and hinted that the Nio Phone may use the company's own image signal chips.

The move is in response to competition from Huawei-backed Aito's new M7, and Li Auto's sales expectation for the Li L6 is 20,000 units per month, according to local media.