EV Industry

In retail, China's NEV penetration rate was 34.2 percent in March, up 6 percentage points from 28.2 percent in March 2022 and up from 31.6 percent in February.

This was up 27 percent from February, but below the CPCA's estimate of around 560,000 units announced in late March.

With consumers in a wait-and-see mood, orders and transaction rates did not increase significantly, and auto demand recovered less than expected, the CADA said.

In the first quarter, wholesale sales of new energy passenger vehicles in China are expected to be 1.48 million, up 25 percent year-on-year, the CPCA said.

The H-Pilot assisted driving system is available for the first time for the Hengchi 5, giving the vehicle the ability to perform full-speed adaptive cruise control and lane keeping.

Price wars have now become the consensus among investors, setting a relatively low bar for EV makers to beat.

The overall market is recovering at a slower pace than previously expected due to increased consumer wait-and-see sentiment caused by big price cuts, the CPCA said.

Evergrande NEV's only model currently on sale, the Hengchi 5, has delivered more than 900 units, according to an exchange announcement.

Reducing prices to deal with inventory and properly recover costs are normal business practices, but these tactics should not turn into price wars, the CAAM said.

Mullen has acquired Qiantu's North and South American intellectual property and distribution rights, allowing the assembly and distribution of the Qiantu K50 in the Americas.