Tesla (TSLA) finds Western automakers, Chinese car giants and Chinese startups all challenging its dominance of the market for premium electric cars in China.
XA slew of upcoming, long-range electric vehicles from U.S.-listed EV stocks — including General Motors (GM), BYD (BYDDF), Nio (NIO), Xpeng (XPEV) and Li Auto (LI) — will further ramp up the challenge to Tesla in China. The country is both the world's largest car market and biggest EV market.
Expect targets for new EV launch dates to be in flux. Automakers face a Covid-19 resurgence in China that is adding to strains on auto supply chains, already beset with semiconductor shortages. Several models were expected to be unveiled in late April at the Beijing Auto Show, but that event has been delayed indefinitely.
Tesla itself has no plans for any new vehicles in 2022. CEO Elon Musk hopes to launch the Cybertruck next year, but that will largely be for the North America market.
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New Electric SUVs
Tesla's Model Y SUV is its top-selling electric vehicle in China. General Motors, Nio, Xpeng and Li Auto are all bringing new electric SUVs to the market.
Ford (F) and Volkswagen (VWAGY) already sell locally made, all-electric SUVs in China. Ford sells the Mustang Mach-E and Volkswagen sells the ID.4, the ID.3 and the China-only ID.6.
Cadillac Lyriq
The Cadillac Lyriq, a midsize electric SUV, is expected to debut in China around midyear. GM has priced the Lyriq at 439,700 RMB ($69,130). The Lyriq all-electric SUV has a driving range of 650 km (404 miles) on a charge, according to Chinese testing standards.
The Lyriq is the first electric vehicle from Cadillac, GM's luxury brand. In the U.S., the first Lyriq rolled off the assembly line in Tennessee on March 21, with deliveries set to begin in a few weeks. It has an estimated range of 300 miles on a full charge and starts at $59,990.
Nio ES7
The Nio ES7 is the Chinese startup's first SUV model based on a second-generation EV platform. It's supposed to go on sale later this year.
The electric SUV models that Nio currently sells — the ES8, ES6 and EC6 — are based on a first-gen EV platform.
The five-seater ES7 is expected to slot between the ES6 and ES8. Details on range and price are awaited.
Xpeng G9
Xpeng's G9 is a midsize SUV. Details on range and price are sketchy, but it will offer a proprietary, highly advanced driver assistance system.
It will add to the EV startup's existing lineup, which includes a compact electric SUV and two electric sedans.
Xpeng had planned to unveil the G9 SUV at the Beijing Auto Show and now plans a June unveiling, according to Chinese media reports.
Li L9
The Li L9 is a full-size electric SUV, likely to seat six or seven passengers. This is a range-extender SUV, which means it also houses a gas engine alongside a battery, with the engine used exclusively to charge the battery.
It's expected to cost RMB 450,000-500,000 ($70,749 to $78,611), slightly more than Li Auto's existing Li One SUV. The combined gas and electric range will be around 1,315 km, or 817 miles. It will be capable of highly automated driving, with an array of sensors including a roof-mounted Lidar, 12 ultrasonic radars and 12 cameras.
Li Auto has pushed back a targeted April 16 launch due to the Covid-19 surge in China.
Tesla Stock, EV Stocks
Shares of Tesla fell 3% to 1,025.49 in Friday's stock market trading. Tesla stock continues to work on a 1,208.10 cup-shape buy point, but has a handle on a weekly chart. GM rose 1.6% Friday, after slumping Thursday to its lowest level since late 2020. Nio sank 1.8%, adding to Thursday's 6.1% plunge and Li Auto declined 2% following Thursday's 4.1% loss. Both Nio stock and Li Auto stock sank further below their 50-day lines. XPEV lost 3.4% Friday. BYD stock edged up 0.1%.
New Electric Cars
Along with the Model Y, Tesla makes the Model 3 in China for local consumers. Chinese EV giant BYD and Chinese startups Nio and Xpeng are among those bringing new electric sedans to the market.
BYD Seal
The BYD Seal is expected to be slightly smaller than the automaker's existing Han model. It's expected to cost around RMB 220,000-280,000 ($34,589 to $44,022), which means a starting price modestly below that of the made-in-Shanghai Model 3.
Details about the Seal are mostly under wraps, but deliveries are likely to begin this summer. Photos from a regulatory filing showed a four-door sedan with a wraparound tail light.
Warren Buffett-backed BYD is emerging as an especially fierce rival to Tesla in China, where BYD easily outsells the global EV giant. The Seal sedan could signal more direct BYD-Tesla competition. Besides the Han EV, it sells various hybrid-electric EVs, including the Song, Qin and Tang.
BYD is expected to launch several more EVs and hybrids in 2022.
Nio ET5
In September, Nio's ET5 will join its larger, newly released sibling, the ET7. These are the first electric sedans from Tesla's China startup rival.
A midsize electric car, the ET5 resembles the Model 3, from the shark nose in profile to the glass roof.
The Nio ET5's range varies from 550 km (342 miles) to 1,000 km, though that is based on a loose China standard. It comes in different battery pack options. Pricing starts at RMB 328,000 ($51,569) and at RMB 258,000 ($40,563) for those who choose to buy the EV and "rent" the battery, via Nio's innovative battery subscription service.
A highly autonomous EV, the ET5 integrates high-performance sensors into the vehicle body. Other high-end features include soft-close doors, frameless windows, flush door handles and a digital key.
China EV Sales Boom; Headwinds
Sales of electric vehicles are booming in China, the world's largest car and EV market.
The BYD vs. Tesla rivalry will be closely watched.
Auto and battery giant BYD's Qin EV outsold the Model Y in China last year. BYD, for Build Your Dreams, also launched the Tang EV in Norway, where Tesla dominates. Just days ago, BYD announced it's shifting entirely to electric and hybrid vehicles after more than tripling March EV sales.
After the chip crisis, more challenges are brewing.
A temporary halt at Tesla's Shanghai factory is dragging on amid Covid-19 lockdowns in that city. Now the Beijing Auto Show has been postponed from April 21-30 to an uncertain date.
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