Phate Zhang

The CAAM said China's NEV sales are expected to reach 5.5 million units in 2022, up 56 percent year-on-year.

Mercedes-Benz and Tencent will establish a joint lab to speed up the German luxury carmaker's development of self-driving technology in China.

Nio bought back shares from strategic investors in Anhui twice, in 2020 and 2021, and there is no such thing as a future "gambling" failure, CEO William Li said.

Tesla Model Y retail sales in China in June were 52,150 units, well above the second place BYD Song's 31,787 units.

The Nio ET7 outpaced two models from local brand Hongqi and was behind only the ICE models from German luxury automakers.

BYD did not announce a price for the model in Singapore; it is priced in China at RMB 137,800 ($20,590) to RMB 165,800 after subsidies.

Pre-orders for the BYD Seal began on May 20 with a starting price of RMB 212,800 ($31,860) and orders reached 22,637 units within seven hours.

Deliveries of the Nio ET5 are expected to begin in September, and the Xpeng G9 will be officially launched in September.

BMW sold 75,891 EVs worldwide in the first half of the year, but its sales in China were not announced, providing only a growth rate.

Tom Zhu, president of Tesla China, will oversee Tesla's Asia-Pacific region, a position previously held by a US executive, according to Bloomberg.