Phate Zhang

The Qin family of models sold a record 40,850 units in March, surpassing the Song family's 40,510 units to become the best-selling BYD model for the month.

In the first quarter, BYD sold 552,076 NEVs, up 92.81 percent year-on-year, but down 19.22 percent from the fourth quarter of last year.

Nio has nearly completed 20 million battery swap services, with an average of one Nio vehicle leaving a battery swap station with a fully charged battery every 1.9 seconds, said Li.

Nio's battery swap stations are well adapted and the time has come to offer output to other brands, according to Li.

In March, GAC Aion sold 40,016 vehicles, Leapmotor delivered 6,172 and Shenlan 8,568.

Nio will showcase six models based on the latest NT 2.0 platform at the Shanghai auto show, with the all-new ES6 making its debut.

Xpeng's new sports sedan, the P7i, launched for the China market in March, generated favorable market reception and its order backlog is gathering strong momentum, it said.

Nio delivered 31,041 vehicles in the first quarter, slightly above the lower end of its previous guidance range of 31,000 to 33,000 vehicles.

Li also said that Tesla's price cut comes after it faced stiff competition in China, where it does not have pricing power.

Nio ET7 deliveries in Europe began last October, and EL7 deliveries there began at the end of January.