Phate Zhang

"The trend is already happening," said Ni Jun, CATL's chief manufacturing officer.

Although some companies in Shanghai and surrounding cities are starting to resume production, it will be difficult to return to normal levels by the end of May, the CPCA said.

By comparison, in other major markets, the median price of EVs is 45 percent to 50 percent higher than conventional products.

Nio plans to build 31 R&D labs for lithium-ion cell and battery pack R&D, and will build one lithium-ion cell pilot production line and one battery pack production line.

Li Auto will build on the LWG platform to develop more environmentally friendly products, the company said.

Nio president said the ES7 launch will be held after the lockdown in Shanghai is lifted.

Xpeng delivered mixed underlying first-quarter results with guidance reflecting lingering challenges from the Covid lockdowns.

Tesla will more than double daily production at Giga Shanghai to 2,600 electric vehicles starting Tuesday, according to Reuters.

Xpeng resumed double-shift production at the Zhaoqing plant in mid-May and will accelerate deliveries to meet customer demand.

Xpeng expects second-quarter revenue of RMB 6.8 billion to RMB 7.5 billion, below market expectations of RMB 8.33 billion.