EV Industry

In April, production and sales in China's auto industry continued to face uncertainty, the CPCA said.

China's auto industry is facing higher costs and a lack of consumer momentum, but production and sales of NEVs have continued their rapid growth, the CAAM said.

Deutsche Bank analyst Edison Yu's team expects sales of EVs to fall across the board in April and may also be affected in May, leading to a broad downward revision of second-quarter volumes.

Due to the price hikes, NEV orders before the price hikes performed well, with ample orders overall, the CPCA said.

Nio said on Saturday that it has suspended production as Covid has caused partners in its supply chain to shut down production.

Demand remains firm as consumers expect EVs to continue to rise in prices, with waiting times generally at 2-3 months, according to a team of local analysts.

Nio has extended its gains to 13.5 percent, a new high since it went public in Hong Kong. Xpeng and Li Auto are both up over 10 percent.

"Fitch believes the prospects for China's EV market are bright, given still-strong demand," the credit rating firm said.

Edison Yu's team does not expect raw material price increases to have a materially negative impact on EV demand, considering that many ICE vehicle prices are also rising.

The event's organizing committee did not provide a new date, saying only that the exact date will be announced in the future.