Phate Zhang

Like Li Auto, the company has chosen the extended-range technology route for its first vehicle, with an initial product positioning as a hardcore off-road model similar to the Mercedes-Benz G series.

Model Y sales exceeded 10,000 units for the first time in a single month, reaching 10,151 units, up 119 percent from the previous month.

China's new energy vehicle sales in March were 226,000 units, up 238.9 percent year on year, according to data released Friday by the China Association of Automobile Manufacturers (CAAM).

The new production site, with an annual capacity of 100,000 units, is planned to cover more than 733,000 square meters and will include production and powertrain plants as well as research and development facilities.

Nio also expects to release new initiatives for charging station service facilities, laying the groundwork for rapid growth in its user base, he said.

After the Nio ET7, Nio will "definitely" launch a second sedan that will be more competitive than the current Tesla Model 3, said William Li.

GAC announced Wednesday that it will showcase its super-fast-charging battery technology as well as its silicon cathode battery technology at the annual GAC TECH DAY event on April 9.

Businesses that see the opportunity have copied Nio's BaaS model by bringing battery rental services to the sale of electric scooters.

Geely's sales of all vehicles reached 100,029 units in March, up about 37 percent from a year ago and about 30 percent from February.

Nio's 100,000th mass-produced vehicle, a blue ES8, rolled off the production line at its manufacturing base in Hefei, Anhui Province on April 7.