Phate Zhang

Founded in 2020, GTC Power provides high energy density products and completed prototyping of 1Ah, 5Ah and 20Ah all-solid-state lithium batteries.

Didi's first model could be priced at around 150,000 yuan ($23,582) and aim for delivery in June next year, according to local media.

Nio opened down 8.11 percent, Xpeng opened down 5.24 percent and Li Auto opened down 14.98 percent.

Last week, some entities chose to "be first" and this may have turned into a fire sale where institutional shareholders simply have given up on China ADRs as an asset class.

CALB's first filing did not mention the amount it plans to raise, but media reports previously suggested its IPO could raise up to $1.5 billion.

Xpeng said these user speculations are not factually correct and will invite users to its stores for testing to dispel the doubts.

By the close of trading, Nio was down 14.14 percent in Hong Kong, Xpeng was down 22.2 percent, and Li Auto was down 19.6 percent. The Hang Seng Tech Index plunged 11.03 percent, the biggest one-day drop.

Like the brand's first model, the Voyah FREE SUV, the Dream MPV will be available in an all-electric version as well as a version with extended-range technology.

The BYD Seal is seen as the most direct challenger from BYD to the Tesla Model 3.

The move marks Xpeng's long-term commitment to accelerating the electrification of Europe and adhering to a sustainable strategy, it said.