EV Industry

The meeting covered topics including promoting the development of the NEV industry, boosting NEV consumption, and encouraging the expansion in overseas markets, according to local media.

China's NEV sales performed even worse at retail last week, leading to a significant drop in sales in the first half of the month compared to the same period in December.

In the first week of January, China's NEV retail sales were down 12 percent from the same period in December, while NEV wholesale sales were down 35 percent.

By the end of 2023, China had 15.52 million BEVs, accounting for 76.04 percent of all NEVs.

China's total vehicle sales in 2023 stood at 30,094,000 units, the first time it has surpassed the 30 million mark, with NEVs contributing 31.6 percent.

For the full year 2023, China's NEV penetration at retail was 35.7 percent, up 8.1 percentage points from 2022.

Morgan Stanley cut its price targets on Nio and Xpeng, while raising its price target on Li Auto and maintaining its Overweight rating on them.

Evergrande NEV president Liu Yongzhuo has been taken into criminal detention on suspicion of violating the law, an announcement said.

China's retail penetration of passenger NEVs was 39.6 percent in December and 35.7 percent in 2023, according to preliminary CPCA data.

Preliminary estimates show that for the full year 2023, China's wholesale sales of passenger NEVs were 8.88 million units, a year-on-year increase of 38 percent, according to the CPCA.