Guidance

Nio's fourth-quarter delivery guidance of 43,000 to 48,000 units means it expects cumulative deliveries in November and December to reach 32,941 to 37,941 units.

Li Auto expects to deliver about 25,500 vehicles in the third quarter, meaning September deliveries will be around 10,507 vehicles.

The remarks by Nio's president mean that monthly sales of the Nio ET5 are expected to reach at least 15,000 units within a year.

Xpeng has fallen a cumulative 64 percent so far this year in Hong Kong. Li Auto has fallen a cumulative 11 percent so far this year. Nio has fallen 11 percent since listing in Hong Kong on March 10.

"Even if we embed some degree of conservatism, this suggests further demand deterioration in Aug/Sep on a sequential basis."

BYD will sell cars in Japan through a dealer network rather than directly operated stores, because the former is the way Japanese consumers are most familiar with, an executive said.

Li Auto expects third quarter revenue to be RMB 8.96 billion to RMB 9.56 billion, below market expectations of RMB 13.98 billion.

BYD's strong growth in NEV sales has driven a significant improvement in its earnings and eased the pressure on earnings from upstream raw material prices.

Xpeng expects second-quarter revenue of RMB 6.8 billion to RMB 7.5 billion, below market expectations of RMB 8.33 billion.

Li Auto aims to have its fast-charging network cover 36 national highways by 2025.