Phate Zhang

Nio has extended its gains to 13.5 percent, a new high since it went public in Hong Kong. Xpeng and Li Auto are both up over 10 percent.

"Fitch believes the prospects for China's EV market are bright, given still-strong demand," the credit rating firm said.

Edison Yu's team does not expect raw material price increases to have a materially negative impact on EV demand, considering that many ICE vehicle prices are also rising.

The BYD Song family sold 26,729 units in March, and the Qin family 24,797 units.

An SUV with a LiDAR and camera setup on the roof similar to the Nio ET7 sedan has been seen in a parking lot.

BYD has stopped production of fuel vehicles since March 2022, saying it is based on strategic development needs.

In the automotive section, BYD will focus on pure electric and plug-in hybrid vehicle businesses in the future.

Tesla Giga Shanghai produces about 6,000 Model 3 and Model Y vehicles a week, according to Reuters.

Tesla's production in the first quarter was slightly lower than the fourth quarter of last year due to supply chain challenges and plant shutdowns.

The event's organizing committee did not provide a new date, saying only that the exact date will be announced in the future.