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The Carpenters

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Chart: Huawei’s EV Brand Tops Upstart Pack for Third Month

Aito, a premium electric vehicle (EV) brand co-developed by Huawei Technologies Co. Ltd. and Seres Group Co. Ltd., led vehicle sales among China’s main EV upstarts for the third straight month, as the Chinese telecoms equipment maker further encroaches into the country’s highly competitive EV market.

In March, Aito sold 31,727 vehicles, including 24,598 new M7 SUVs and 6,243 M9 SUVs, it said in a statement on Monday, without providing figures for the same period a year ago for comparison.

Source : Caixin

China’s EV Exports to EU Slump YoY in Jan/Feb Amid Probe

Tom Hancock wrote . . . . . . . . .

China’s exports of electric vehicles to European Union countries dropped by nearly a fifth during the first two months of the year, according to official Chinese data, amid a probe by Brussels into unfair subsidies of the industry.

Just over 75,600 EVs shipped to the EU’s 27 member countries in January and February, Chinese customs data showed, down 19.6% from last year.

Recent rapid gains in imports from companies such as BYD Co. and SAIC Motor Corp.-owned MG Motors have triggered warnings from Western carmakers including Stellantis NV of a wave of new competitors at a tough time for the industry. In October, the European Commission launched a probe into whether Chinese government subsidies had given its manufacturers an unfair advantage.

Earlier this month, the EU said it’s moving closer to imposing additional tariffs on Chinese electric vehicles entering the bloc, citing what it called new proof that the government in Beijing is providing illegal financial support for the industry.

If the EU does impose duties, that would curtail a major market for Chinese EV exports, raising the prospect of similar moves in places like the UK to protect their markets being flooded by vehicles redirected from the EU.

Analysts often combine January and February economic data related to China to allow for more accurate comparisons, because of the moving date of the lunar new year which impacts economic activity.

The decline in exports in the first two months this year “transcends a mere statistical anomaly, shedding light on the complex challenges China faces internationally,” said the China Chamber of Commerce to the EU, a business lobby group said in a report.

“Speculation revolves around whether the EU’s anti-subsidy investigation into China’s EVs has exerted a dissuasive effect or is subtly influencing the dynamics of import-export trade,” it added.

The rapid growth in Chinese EV exports to EU countries since 2021 is reflected in the Chinese customs data with most months showing strong year-on-year growth. But there have been year-on-year declines in some other recent months, such as August and November last year.

The European Commission said earlier this month it had found a substantial increase in imports of EVs from China after it announced the probe, citing European data showing a 14% on-year increase between October 2023 and January 2024.

China’s data show a fall in EV exports to EU countries of about 4% on-year over the same period. Different countries trade data often differ due multiple factors such as differences in times between shipping and arrival of goods.

Source : BNN Bloomberg

IM Motors Says Its New L6 Model to Feature Solid-state Batteries with Over 1,000 km Range

Phate Zhang wrote . . . . . . . . .

The IM L6 will be built on a quasi-900 V high-voltage platform and will be the industry’s first to feature ultra-fast-charging solid-state batteries in a production vehicle, IM Motors co-CEO said.

IM Motors, the electric vehicle (EV) arm of SAIC Motor Corp, will equip its new model, the IM L6, with solid-state batteries that will give the vehicle a range of more than 1,000 kilometers.

The IM L6 will be built on a quasi-900 V high-voltage platform and will be the industry’s first to carry an ultra-fast-charging solid-state battery in a production vehicle, IM Motors co-CEO Liu Tao said on Weibo today.

“Over 1,000 kilometers of range + quasi 900 V ultra-fast charging will completely solve the mileage anxiety of pure electric vehicles,” Liu wrote in Weibo.

Liu emphasized that the more than 1,000-kilometer range will be realized on a four-wheel-drive version, which means a combination of ultra-long range and performance.

Generally speaking, four-wheel drive models offer more performance than two-wheel drive models, but consume more energy.

With exclusive patented technologies such as nanoscale solid-state electrolytes, the solid-state battery will be the industry’s first quasi-900 V ultra-fast-charging solid-state battery, allowing for nearly 1,000 kilometers of range in a shorter period of time, said Liu.

The pack utilizes safer solid-state electrolytes to ensure ultra-high-grade safety of the battery from the cell level, he claimed.

Separately, according to a report by local media outlet Wallstreetcn, the IM L6 will be powered by a solid-state battery with a capacity of 130 kWh.

IM Motors is also planning three generations of solid-state battery products, with specific information to be revealed at the IM L6 technical launch on April 8, according to the report.

In February, the IM L6 made its debut at the Geneva auto show as IM Motors’ fourth model.

The car will be unveiled in China at the 2024 Beijing auto show, which starts in April, and will officially go on sale in China in May, according to information previously announced by the company.

Nio announced the 150-kWh semi-solid-state battery when it unveiled the ET7 sedan at the January 9, 2021 Nio Day 2020 event.

The semisolid battery’s cells come from local startup Beijing WeLion New Energy Technology, which began delivering 360 Wh/kg Li-ion battery cells on June 30, 2023 to the EV maker.

On December 17, 2023, William Li, Nio’s founder, chairman and CEO, drove an ET7 sedan equipped with the 150-kWh battery pack to complete a real-life range challenge.

After 1,044 kilometers of driving, the ET7 had a 3 percent charge remaining and 36 kilometers of CLTC remaining, according to Nio’s announcement at the time.

IM Motors didn’t announce the supplier of its solid-state battery cells, though it appears to be SAIC-backed startup QingTao Energy Development.

On July 6, 2022, SAIC announced that it had formed a joint lab with QingTao to develop solid-state batteries.

On August 30, 2023, SAIC said it plans to form a joint venture with QingTao to build solid-state batteries together.

Source : CNEVPost

Hong Kong New Home Sales Hit 11-Year High After Property Curbs Removed

Krystal Chia wrote . . . . . . . . .

Hong Kong’s new home transactions hit an 11-year high in March, an encouraging sign for the beaten-down property market after the government lifted cooling measures.

There were close to 4,200 sales in the period, more than 14 times the figures from the prior month, according to real estate agent Midland Realty.

This comes after Hong Kong authorities scrapped property curbs in late February to revive the sector. Developers are counting on the pickup in sales to reduce excess inventories that are keeping a lid on prices.

“We think that the strong sentiment for firsthand transactions should extend into April,” said Sammy Po, chief executive of Midland Realty’s residential division for Hong Kong. “Even if non-Hong Kong buyers are asking for lower prices, they are showing a much higher level of interest to purchase a property.”

Part of the reason for the climb could be the launch of several new projects, including Wheelock Properties Ltd.’s Seasons Place and Henderson Land Development Co.’s Belgravia Place. Both have recorded strong results.

Over the long weekend, CK Asset Holdings Ltd. released more units of its Blue Coast development on the southside of Hong Kong Island, attracting 50 times more bidders than available apartments. It launched more units on Tuesday.

Blue Coast is “very affordable,” and the developer is very confident about sales, Executive Director Justin Chiu said at a news briefing. Agent data has indicated that more than a third of the bidders are from mainland China, although final results have yet to be determined ahead of the ballot to be drawn on Saturday, he added.

CK Asset expects to reap HK$8.8 billion ($1.1 billion) from the sale of 422 units in total.

Still, Hong Kong’s residential market may continue to weaken this year, with UBS Group AG expecting values to decline 5%. Buyers’ interest in new homes are also set to add pressure on prices in the secondary market.

Source : BNN Bloomberg

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Read also at China Daily

Shenzhen buyers storm HK after property curbs lifted . . . . .

China’s Xiaomi Releases Its First Self-developed NEV

From Xinhua . . . . . . . . .

Chinese tech firm Xiaomi on Thursday night released its first self-developed new energy vehicle model SU7.

Three versions of the model — SU7, SU7 Pro and SU7 Max — will enter the market, with the prices ranging from 215,900 yuan ($30,431) to 299,900 yuan.

Designed with a minimum range of 700 km, the SU7 and SU7 Max will start to be delivered to customers by late April, while the SU7 Pro will be delivered by the end of May.

Lei Jun, founder and CEO of Xiaomi, said at the launch event that the tech firm has achieved technological breakthroughs in key fields such as modeling design, batteries, intelligent driving and intelligent cockpits.

Xiaomi entered the NEV sector in 2021 and built a factory covering a land area of more than 700,000 square meters in Beijing.

Data from the China Association of Automobile Manufacturers shows that the production volume and the sales volume of NEVs in China reached 1.25 million units and 1.21 million units in the first two months of this year, up 28.2 percent and 29.4 percent year-on-year, respectively.

Source : China Daily