China's EV makers and their Western counterparts launched an electric offensive at the Shanghai Auto Show, though a sharp slowdown looms in the world's biggest market for electric vehicles. China EV stocks tumbled in Wednesday's premarket action, after LI stock broke out, and XPEV stock soared, Monday.
XChinese startups Nio (NIO) and XPeng (XPEV), along with Chinese EV giant BYD (BYDDF), are rolling out their latest and greatest electric vehicles (EVs) at the event. Li Auto (LI) announced its long-awaited plan for EVs powered solely by batteries.
Nio, XPeng and Li Auto are emerging rivals to Tesla (TSLA) and BYD in China, the world's biggest auto market.
Shanghai Auto Show
The biennial Shanghai Auto Show runs from April 18-27. It comes as an EV price war roils China, with both auto stalwarts and startups slashing prices to prop up demand.
Here are some of the most eagerly anticipated EVs debuting at the auto show:
New Electric Vehicles: BYD Seagull
China's Build Your Dream (BYD) unveiled its much-awaited Seagull, starting presales Tuesday, on the first day of the Shanghai Auto Show.
As expected, BYD's Seagull fills an economy slot, with a starting price of RMB 78,800 ($11,460). The affordable mini city car supports fast charging, taking 30 minutes to charge from 30% to 80%, the company said. It uses BYD's advanced "Blade" batteries, based on lithium iron phosphate (LFP) technology.
The Seagull is smaller than BYD's current smallest car, the Dolphin. The electric hatchback should go on sale sometime in the current second quarter.
A Reuters report Wednesday said crowds "flocked" to the "unassuming" hatchback at the auto show. The Seagull is seen as a potential growth driver, with one industry expert telling the publication he expects it to become "the best selling car in China within six months of its launch."
BYD also launched a prototype of the Song L, an all-electric SUV. It expects to unveil the Destroyer 07 hybrid sedan at the auto show as well.
Meanwhile, the Chinese EV giant's brand-new, premium Yangwang brand will present the U9 electric supercar at the Shanghai event.
The Yangwang U9 price should run in the RMB 1 million ($145,400) range. The car can accelerate from 0 to 60 miles per hour in less than 3 seconds, BYD has said.
Yangwang (which means "looking up") began sales of its U8 off-road SUV at the Shanghai show Tuesday. The U8 starts at RMB 1,098,000 ($160,000).
Another new, premium brand called Denza, a joint venture between BYD and German auto giant Daimler, may show off the N7, a sporty, mid-size SUV.
The Denza N7 is set to be released in the first half of 2023.
Also in Denza's pipeline, the N8, a larger SUV, coming in both all-electric and hybrid-electric versions.
Shares were quiet early on the stock market today. On Monday, BYD stock cleared an early entry just above the 200-day moving average.
Nio ES6, ET7
On Tuesday, Nio debuted a revamped ES6 SUV, one of its most successful EVs, as well as an updated ET7 sedan.
The new Nio ET7 "brings more than 15 updates and upgrades," including improved seats and a cellphone wireless charging panel, local media reports said. Including the battery, the new ET7 starts at RMB 458,000 ($66,600). Deliveries start in mid May.
Nio also launched the new ES6, but did not announce specifications or pricing.
Earlier reports said the new ES6 will take design cues from the ET7, including a full-width taillight vs. the split design of the older ES6 it replaces. Deliveries begin in late May.
Sales of the ET7 and the ES6 have slowed as consumers await a needed refresh.
Nio stock fell 3.2% early Wednesday. Shares regained a falling 50-day moving average Monday but threaten to undercut it again.
New Electric Vehicles: XPeng G6
The embattled startup revealed the G6, its fifth production model and a mid-size electric crossover. XPeng did not announce specifications or pricing for the new G6.
On Sunday, Xpeng unveiled its next-generation, lower-cost EV architecture, while saying that the G6 will be the first new model to use it.
The G6 is expected to compete against the Tesla Model Y in China.
The SUV will offer improved range and more interior space than rival offerings, the company has said.
With a price tag forecast at RMB 200,000 ($29,250)-300,000, the XPeng G6 is set to target the "affordable luxury" EV segment.
The G6 will need to be successful to make XPeng truly relevant in the market again, Deutsche Bank analyst Edison Yu said in a recent research note. XPeng's EV sales have seriously lagged those of its startup rivals.
XPeng spent 2022 in the slow lane. But it is revving up for a comeback in the second half of 2023 as new models ramp up, including the G6, the P7i sedan and a seven-seat MPV, or multipurpose vehicle.
XPEV stock sank 6.8% early Wednesday. Shares gapped up 15.2% to 11.43 Monday, extending their recent rally above the 50-day line.
Li Auto BEVs
The maker of premium hybrid EVs unveiled its roadmap for all-electric vehicles, also known as battery electric vehicles or BEVs.
A new 800-volt fast-charging system will enable Li's first all-electric vehicles to get 400 kilometers (roughly 250 miles) of range on a 10-minute charge, the company said. The all-electric vehicles, also known as battery electric vehicles or BEVs, will use CATL's advanced new "Qilin" battery, among the first BEVs to do so, it added.
The release did not offer details on pricing or delivery date.
By 2025, Li's product lineup will include one "super flagship model," five hybrid-electric vehicles, and five BEVs, the release said.
Li Auto has said that its BEVs will be priced in the RMB 200,000 (roughly $29,000)-$500,000 range.
Thus far, Li Auto has specialized in a type of hybrid EV, which features a gas engine for charging the battery. It calls these vehicles (including its L7, L8 and L9) "EREVs," for extended range EVs.
Moving forward, Li plans a "dual-energy strategy," meaning it won't abandon EREVs while shifting to BEVs.
LI stock dropped 3.7% to 24.56 early Wednesday. On Monday, shares broke out from a double-bottom base with a 25.46 buy point, the MarketSmith chart shows. It now threatens to undercut that entry.
New Electric Vehicles: Polestar 4
Swedish premium EV startup Polestar (PSNY) launched the Polestar 4 high-performance SUV on April 18.
It has been seen as a Model Y rival. But CnEVPost reported that with a starting price range of RMB 349,800 ($50,870) to 533,800, it's priced much higher than the Model Y. The Model Y is the best-selling electric SUV in China, starting at RMB 261,900.
Polestar will present the Polestar 3, launched last month in China and starting at RMB 698,000 ($101,000), at the auto show as well.
The premium EV startup is co-owned by China's Geely and Sweden's Volvo.
Volkswagen ID. 7
German auto giant Volkswagen's (VWAGY) ID. 7 debuted on April 18. The company described the ID.7 as the "flagship" of its ID family of electric cars.
The mid-size sedan features a 15-inch infotainment touch screen and a head-up display, for projecting navigation info and vehicle speed. It offers around 300 miles of driving range, more than its predecessor ID.4.
The ID. 7 is the sixth model in Volkswagen's ID series of electric vehicles, which was built from the ground up to be electric.
Volkswagen already sells the locally made ID. 4 and ID. 6 SUVs, and smaller ID. 3 hatchbacks, in China.
The carmaker has been losing ground to BYD, which seeks to grab the crown as China's top car brand from Volkswagen this year.
Ford Edge L Hybrid EV
At the Shanghai Auto Show, Ford (F) will launch the Edge L, a large SUV, including a hybrid-electric version. It will also show off various conventionally powered SUVs and trucks, headlined by the debut of the new Ford Bronco in China.
Rival General Motors (GM) has said little about its plans for the auto show. But more than one-third of GM's more than 20 new launches in China this year will be electric vehicles.
Its Buick brand's first new-gen, Ultium-branded EV — the Electra E5 — launched in that market Thursday, ahead of the auto show.
The Shanghai Auto Show comes at a pivotal time in China, the world's largest auto and EV market.
While China EV sales more than doubled in 2022, they are expected to slow to 31% growth this year.
The slowdown follows an end to EV subsidies, which fueled the China EV price war.
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