Phate Zhang

Nio said the subsidiary had not been actually in operation and that the move had no impact on the company's business.

Wang, who joined Li Auto in September 2020, will be the highest-ranking executive to leave Li Auto since its inception.

The Nio ES7 is the model codenamed Gemini and is aimed at competing with the BMW X5L, which will be released this year.

Reduced purchase subsidies for NEVs in China and a shortage of parts supply are putting more pressure on lower-priced models.

Nio's 837th battery swap station in China is its first to be put into operation in the lunar year of the Tiger.

While there are other players who will rely on low prices to compete for market share, CATL has the lowest costs and highest reliability of supply, it said.

Seres' factory kept production going during the Chinese New Year holiday, and more than 1,000 vehicles for test drives and demonstrations have already arrived in stores, according to local media.

The world's largest hedge fund increased its position in Nio by 8 percent, reduced its position in Xpeng by 8 percent, and cut its position in Li Auto by 7.5 percent during the fourth quarter.

Hillhouse reduced its position in Nio by 59 percent in the fourth quarter and increased its positions in Xpeng and Li Auto by 455 percent and 363 percent, respectively.

Ora's main model, the Good Cat, sold 9,020 units in January, up 333 percent year-on-year.