EV Industry

The price range of the Hongguang Mini EV is RMB 28,800-38,800, almost one-tenth of the China-made Tesla Model 3.

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.

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).

China's January-March auto sales are estimated at 6.34 million units, up 72.8 percent from a year earlier.

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.

From traditional car companies like Volkswagen to emerging car companies like Nio, all are facing the impact of chip shortages this year. Now it seems that the supply and demand imbalance may last longer than originally expected.

With the addition of technology companies, the "Warring States Era" of China's industry has begun, the analysts said.

For Chinese tech giants, there seems to be no one who doesn't want to enter the car-building arena, lured by the huge popularity of car-making newcomers, including Nio.

As of March 2021, China had 378 million motor vehicles, including 287 million cars.