To The Moon

🌟🌟🌟$XIAOMI-W(01810)$  launch of its new EV model SU7 has been a success and has gained more than 100,000 firm orders in just a few days after the sale started.  According to Lei Jun, Xiaomi Founder, Chairman and CEO the number of locked in orders has exceeded 40,000.  The first deliveries of the SU7 began on April 6 as well as Xiaomi EV stores in 28 Chinese cities.

Xiaomi SU7 is offered in 3 versions - Standard, Pro and Max with starting prices of RMB 215,900 (USD 29,840), RMB 245,900 and RMB 299,900 respectively. Xiaomi is hoping to compete with Tesla's Model 3 with more features and lower  pricing.

Xiaomi SU7 is so popular that there is now a waiting period of 21 to 24 weeks for the standard version of SU7, 19 to 22 weeks for the Pro version and 29 to 32 weeks for the Max version. 

Xiaomi 's share price is up just 1% last week which is much better than the other Chinese EV companies which saw the stock prices down.  Li Auto' s price is down 5.2% for the week, while Nio is down 5.1%, XPeng has dropped 5.5% and BYD is down by 6.6%.

$NIO Inc.(NIO)$  is gearing up for the marketing of Onvo, Ledao in China with the sub brand's official debut expected in a month's time.  This is a key brand for Nio to achieve scaled volume growth and amortise its manufacturing costs.

Nio is also testing the use of Humanoid robots on its factory production lines.    According to Yi Peng, Nio's Head of Humanoid robots, Nio is testing the Humanoid robot with fixing the humanoid robotic arms in tight spaces and multitasking with 5G and vision algorithms.  Nio is also planing to use humanoid robots in  some quality control processes.

Nio plans to  use the humanoid robots as a solution in dealing with increasing labour costs.  It is still early days but if successful, the Humanoid robots can help Nio to cut down its manufacturing costs. 

$XPeng Inc.(XPEV)$  delivered 9026 vehicles in March 2024, up 97% from 4545 in February and up 28% from 7002 a year ago. In Q1 2024 XPeng has delivered 21,821 vehicles which is in line with its guidance range of 21,000 to 22500 vehicles.

XPeng has just launched the G9 SUV and P7 sedan in Germany, bringing the 2 EV models to a wider European market. 

XPeng has entered into a partnership with Thai Dealer Group Nio Mobility Asia to expand into SouthEast Asian markets. XPeng will launch the model G6 in Thailand, Singapore and Malaysia with deliveries to begin in Q3 24.

According to He Xiao Peng, XPeng's Chairman and CEO, 2024 will be the first year of V2.0 for XPeng 's internationalisation efforts.  XPeng will work with premium dealers to gain more efficient access to key global markets.  These include Western Europe, the Middle East, Southeast Asia and the Commonwealth. 

$Li Auto(LI)$  delivered 28,984 vehicles in March, up 43% from 20,251 in February and up 39% from 20,823 in the same month last year.  In Q124 Li Auto delivered 80,400 vehicles, up 52% year on year but down 39% from Q423. 

On March 21, Li Auto has lowered its guidance for Q1 24 deliveries to 76,000 - 78,000 units, down from 100,000 to 103,000 units, citing lower than expected order intake. 

Li Auto said it is about to launch its lower price model the Li L6 in order to maintain the strong sales performance it has seen last year.  The Li L6 is a luxury mid to large size 5 seater SUV designed for young families. 

$BYD COMPANY(01211)$  is set to unveil Denza Z9 GT,  a smart luxury flagship sedan.  Denza is BYD 's premium brand as it tries to expand its presence in the premium EV market. 

Tesla regained the Global EV crown over BYD in Q1 2024  after being overtaken by BYD for the first time ever in December 2023.  However BYD is still China' s number 1 EV manufacturer in market share. 

BYD Chairman and President Wang Chuan Fu said that China could see EV penetration exceed 50% within 2024.  He expects that to happen within the next 3 months. 

China has the world's largest EV market.  It is exciting times ahead for these Chinese EV companies. 

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