EV Industry

HiPhi X has accumulated nearly 6,000 deliveries and sold at an average price of nearly RMB 700,000 ($103,950), it said.

Compared to the NEV market, China's overall auto market performed worse in April, with sales down 47.1 percent from March.

As of press time, Nio was up 5.29 percent, Xpeng was up 5.79 percent, Li Auto was up 9.88 percent and BYD was up 6.05 percent.

The penetration of NEVs in wholesale sales in April was 29.6 percent, up from 25.1 percent in March.

It's another sell-off unrelated to the fundamentals of these companies, as investors worry about the prospect of aggressive interest rate hikes by the Federal Reserve.

Former car designer has jumped on China's electric vehicle bandwagon, aiming to tap a market that accounts for more than half of global EV sales.

In April, China's auto sales are expected to be 1.171 million units, down 47.6 percent from March and down 48.1 percent year-on-year, the CAAM said today.

The inclusion of Chinese companies on the list is a step by the US side to enforce relevant laws and does not mean they will be delisted, the Foreign Ministry said.

China plans to hold a symposium with the country's big tech companies to show them that the regulatory storm will end to support the economy, according to multiple reports.

The Chinese government is discussing with US regulators the logistics of allowing on-site audit inspections of Chinese companies listed in New York, according to Bloomberg.