Phate Zhang

The committee has retained independent professional advisors to assist in the investigation, including an international law firm and a leading forensic accounting firm, Nio said.

The all-solid-state battery cells show excellent cycling performance, with 71 percent capacity retention even after 20,000 cycles.

CATL gained more share in June, as its major customers saw their output further return to normal.

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.