EV Industry

The joint venture will bring Qiantu's K50, K20 and K25 to Jordan and serve the Middle East and North African markets, Qiantu said.

HiPhi's third model, the HiPhi Y, which will be launched in China on July 15, will also be introduced to the European market soon and will be available for pre-order there by the end of the year.

Chinese car penetration is expected to rise to 16.5 percent in Europe and 12.8 percent in Southeast Asia by 2025, according to Canalys.

At present, 89 percent of the new energy heavy trucks are pure electric models, and half of them support battery swap.

From June 1 to June 11, retail sales of all passenger vehicles in China were 425,000 units, down 10 percent year-on-year and down 25 percent from the same period last month.

The deal accounts for over half of the more than $10 billion in investments signed on the first day of the Arab-China business conference in Riyadh on Sunday.

China's auto industry still needs to further recover and expand demand, and the release of consumption potential needs to be accelerated, the CAAM said.

The US overtook Germany as the world's second-largest EV market in the first quarter, while China remained in the lead, Counterpoint said.

NEV penetration at retail in China was 33.3 percent in May, up 6.7 percentage points from 26.6 percent a year earlier and up from 32.3 percent in April.

The preliminary figure was below the CPCA's previous estimate of around 580,000 units, suggesting that the market performed below expectations in the last week of May.