Phate Zhang

Polestar will own 49 percent of the joint venture, with Xingji Meizu holding the remaining 51 percent.

China's State Council Information Office will hold a briefing at 10 am Beijing time on June 21 on promoting the development of the NEV industry.

Yangwang will have separate sales channels from BYD and is in the process of building its first stores in 16 cities, and they are expected to start trial operations gradually in August.

The Li L7 is a model that was nearly canceled during development, according to Li Auto CEO Li Xiang.

"We are confident that it will be the No. 1 seller of all passenger cars priced at RMB 500,000 ($70,160) or more, regardless of energy form and regardless of body form," Li Auto said.

The ET5 Touring vehicles currently being delivered by Nio are produced in advance, and consumers who customize the model will have to wait about 3-4 weeks.

While touring cars might be relatively niche compared to sedans, some comparable offerings in the market can still deliver monthly sales of about 10,000 units on a consistent basis, Tim Hsiao's team said.

With Nio's broad price cuts and the rapid rollout of new NT 2.0 models, it could see a considerabe sales rebound in the second half of the year, according to Edison Yu's team.

Nio has produced some ET5 Touring vehicles based on designer-recommended configurations, and deliveries of these non-customized vehicles will officially begin on June 16.

The ET5 Touring and EL6 are priced higher in Europe than in China due to factors including transportation costs, local taxes and operating costs.