Phate Zhang

In the meantime, stocks in the NEV industry chain in China's A-share market soared, with Gotion High-tech up 7.26 percent and CATL up 4.86 percent.

The Hengchi 5 offers a competitive price, though a question mark remains as to whether consumers will buy it, given Evergrande's debt concerns.

The first of the measures, developed by 17 government departments, is to support the purchase and use of NEVs.

Solid-state batteries with a range of more than 1,000 kilometers, developed by the two companies, will be the first to be installed in a new SAIC-owned model next year.

When demand is high enough, Nio could consider building dedicated battery swap stations for other brands, which could significantly reduce costs, according to Qin Lihong.

Of these, 8.1 million are pure electric vehicles, accounting for 80.93 percent of the total number of NEVs.

This represents an increase of about 135 percent over the 33,155 units sold in the same month last year and a 143 percent increase over the 32,165 units sold in May.

Nio will begin installing 500-kW ultrafast charging piles in China and Europe by the end of the year, and details of the third-generation swap station expected to be announced by the end of the year or early next year.

The regulations will take effect on August 1, marking a breakthrough in autonomous driving legislation in China.

The HiPhi Z features a futuristic design and a price tag of up to 800,000 yuan ($119,280).