Phate Zhang

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.

Xpeng P7 is about to receive a major new version of the OTA upgrade, with the Xmart OS version number upgraded to 2.6.0.

New energy vehicles are one of the hottest topics in China right now, and in addition to Internet companies jumping on the car-making bandwagon, the number of companies providing infrastructure is also growing rapidly.

The starting price for this version is RMB 388,900 and the premium version is priced at RMB 429,900. They are expected to be delivered in November and December this year.

Li Auto posted revenue of RMB 3.58 billion ($545.7 million) in the first quarter, beating Wall Street estimates of RMB 3.355 billion, according to the company's unaudited earnings report released Wednesday.

Li Auto does have plans for overseas markets and is thinking seriously about them, Shen Yanan, co-founder and president of the Chinese electric car company, said Wednesday.

He said Li Auto doesn't mind getting its capital reserves in any way it can, including secondary market financing, bank loans and debt issuance.

China will start letting local cities apply to participate in a full-scale electrification pilot and study support policies in the hope that electrification of the public sector will boost private consumption.

All data generated from vehicles sold in the Chinese mainland will be stored locally, the company said.

This price comes as a surprise to many, as just last Friday, a well-known car blogger said that the new Li ONE will be priced at RMB 400,000, up RMB 72,000 ($11,000) from the current model.