Phate Zhang

Beyond basic functions, Nio's innovation in its app is probably far underestimated.

As of the end of April, Nio has delivered 102,803 vehicles in the past nearly three years, with an average selling price of RMB 434,700 ($68,270).

At a time when its smartphone business is struggling due to US sanctions, Huawei has high hopes for its automotive business, even though the company won't be building cars itself.

Following its announcement of a recall plan in the United States, Tesla is also going to recall some of its imported models in China.

The rapid growth of China's electric vehicle industry has opened up opportunities for many foreign companies.

BMW had hoped to use the iX3 to challenge Tesla and new car makers, including Nio, in the Chinese market.

Mobileye's ecosystem is more closed and a local chip can provide Li Auto with a greater control.

BMW, Daimler and Ford have all set up facilities in China to store data generated locally by their vehicles.

The plant, with a total investment of RMB 6 billion ($940 million), will be used for research and development of vehicles, core components, autonomous driving, and other key technologies, the report said.

Edison Yu's team maintained a Hold rating on Li Auto but lowered its price target by $5 to $27 amid the broader re-rating in EV-related assets.