EV Industry

"The rapid development of new energy vehicles and the rapid growth of luxury brand vehicles indicate the stimulation of domestic demand potential in the car market," the CPCA said.

Kaixin Auto Holdings, a US-listed Chinese used car dealership, announced Friday that it has decided to set up a new energy vehicle business unit that will include new energy vehicle development, production and marketing teams.

Geely's new energy vehicle sales in July were 7,794 units, up 22 percent year-over-year, according to figures released by the Chinese auto giant on Aug. 6.

China's share of new energy passenger cars reaches 51 percent in 2019, but drops to 41 percent in 2020 due to the policy environment and Covid-19.

The two will jointly develop and adapt based on Hesai's hybrid solid-state LiDAR AT128, Horizon Robotics' Journey 5 chip.

Against the backdrop of soaring new energy vehicle sales, lithium supply is expected to remain tight until the second half of 2022, according to a recent research note by CITIC Securities.

To date, Aiways has shipped a total of over 350 U5 models to Israel, all for delivery to general consumers.

Although new energy vehicles are rapidly being accepted by more and more consumers, there has been no exclusive insurance coverage tailored specifically for these models to date.

Chengdu, famous for being the home of China's panda breeding program, recently issued new regulations on the ride-hailing industry, requiring new vehicles used for ride-hailing to be new energy vehicles.

In the next year or two, China's new energy vehicle market will likely remain dominated by local brands, considering that nine of the top 10 electric vehicle companies are currently local companies, the report said.