Phate Zhang

Including the battery, the new ES6 has a starting price of RMB 368,000 ($52,220) and the 150-kWh semi-solid-state battery pack will be available in July.

Xpeng reported a negative 2.5 percent vehicle margin for the first quarter, a decline attributed to increased sales promotions and the expiration of the NEV subsidy.

BYD has been using blade batteries in its full line of passenger cars and released a bus chassis platform using blade batteries in September last year.

Some auto bloggers on Weibo said Nio is gearing up for deliveries of the new ES6, which could start even as soon as the launch event is over.

The overall supply-demand pattern in China's lithium carbonate market has not changed much, and remains oversupplied, industry sources said.

Passenger vehicle sales in China are expected to be around 1.73 million units in May, up 27.7 percent year-on-year and up 6.6 percent from April, the CPCA said.

Tesla vehicles registered 10,200 insurance units in China last week, bringing the number to 26,118 for the first three weeks of May.

SAIC is ramping up development work on solid-state battery cells, with its first production model powered by solid-state battery set to roll off the assembly line in 2025, it said.

"We need to think strategically with a long-term mindset and use that to guide our short-term actions," Li said.

BYD said it is evaluating the feasibility of building a passenger car plant in Europe and is looking for a suitable location.