Phate Zhang

Huawei-backed AITO already has the capacity to sell 20,000 cars per month, according to Richard Yu.

Aiways hasn't gained much of a presence in China, but its vehicles have made their way to a dozen other countries.

Volkswagen will take a 60 percent stake in the joint venture, and its software subsidiary Cariad will develop autonomous driving solutions with Horizon Robotics.

Some buyers would naturally be concerned about the residual value of a new brand, and a monthly subscription option allows customers to try out the cars, according to Edison Yu's team.

The joint venture will reportedly focus on developing self-driving technology and wireless connectivity software for Volkswagen.

The Polestar 3 costs twice as much in China as the Nio ES7 and about the same as the Porsche Taycan.

Tesla's Model Y sold 46,694 retail units in China in September, and the Model 3 sold 30,919 units.

The models ahead of the Nio ET7 are all traditional internal combustion engine cars, mainly from German luxury brands BMW, Mercedes-Benz and Audi.

For PHEVs, which have significantly smaller battery capacities, Chinese Internet users are debating whether owners should occupy highway charging piles during peak travel seasons.

The Atto 3, BYD's first global passenger car to target overseas markets, has already introduced to countries including Australia, New Zealand, Singapore, Cambodia and Costa Rica, as well as Europe.