Phate Zhang

Sales of major Chinese automakers' NEVs grew at a rapid pace in June, with retail sales expected to approach 500,000 units, the CPCA said.

Xpeng G9 will be the best SUV within RMB 500,000 ($74,550), said the company's chairman and CEO, He Xiaopeng.

The project, with a design capacity of 150,000 vehicles per year, is scheduled to start production by the end of 2024.

Nio fell 7.67 percent to S$21.9 before trading was suspended in Singapore. Its trading resumed at around 13:30 and the drop extended to 8.73 percent by press time.

Sunwoda plans to issue GDRs and have them listed on the SIX Swiss Exchange/London Stock Exchange. In March, Gotion High-tech announced a similar plan.

At press time, Nio was down 5.62 percent in Hong Kong, Xpeng was down 5.77 percent and Li Auto was down 3.98 percent.

Nio has taken note of the report, which is full of inaccuracies and misinterpretations of the company's disclosures, it told CnEVPost.

A firm called Grizzly Research claims that Nio is likely using an unconsolidated related party, Wuhan Weineng, to inflate revenue and profitability.

Li Auto's move seems to be a preparation for its capital needs in the coming years. As of March 31, it had cash reserves of RMB 51.19 billion

The technology enables batteries to achieve fast charging rates of 2C and above, with a lifetime of more than 1.5 million kilometers, GAC said.