Phate Zhang

Nio's move to dissolve a subsidiary brought back memories of its darkest moment in 2019 for many and became the No. 1 trending topic on Weibo.

Neta delivered 11,009 vehicles in January, the third consecutive month over 10,000. All three of the brand's models currently start at less than 100,000 yuan ($15,700).

The Model Y sold 16,358 units in China in January, second only to BYD Song's 20,722 units.

Point72 increased its holdings in Xpeng by 695 percent in the fourth quarter, but sold all of its shares in Li Auto. It does not hold shares of Nio.

Li Auto delivered 35,221 vehicles in the fourth quarter of last year, above the previous guidance range of 30,000-32,000 vehicles.

Binli, founded by former Volkswagen China executive vice president Weiming Soh, recently received a strategic investment from Wuhan-based Changjiang Capital, according to local media.

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.