EV Industry

A new round of policies to boost auto consumption in rural areas will be released soon, possibly as soon as this month, Cailian reported.

China's NEV supply is expected to improve significantly in May compared to April, with retail sales of NEVs expected to show high growth compared to April, the CPCA said.

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.