Phate Zhang

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

Shen has reduced his holdings of Li Auto shares several times since last December.

From January to August, the Tesla Model Y is also the best-selling premium SUV in China with 172,418 retail sales.

Eve Energy said it has finalized a cell supply relationship with BMW to provide large cylindrical lithium-ion cells for the latter's Neue Klasse line of models.

CATL will supply BMW with new cylindrical cells with a standard diameter of 46 mm, which will be produced at two battery plants in China and Europe.

The penetration of NEVs in China reached a record 27.9 percent in August, up 3.4 percentage points from 24.5 percent in July.

Tesla announced the development today as China approaches the traditional Mid-Autumn Festival holiday over the weekend, which is typically a peak travel time.

Pricing information for the Xpeng G9 has not yet been released, and analysts believe this will be the most important factor for the market to gauge the G9's sales prospects.

Before the ET5 began locking in orders, Nio's showrooms were filled with visitors, reminiscent of when deliveries of the locally produced Tesla Model 3 began in early 2020.

"The race is just getting started, and I think Xiaomi has plenty of opportunities," Lei Jun said.