Tesla Rivals In China Unveil These New EVs At Shanghai Auto Show

Nio and XPeng reveal their latest electric vehicles at the Shanghai Auto Show. Polestar and Volkswagen also have new models due at the show.

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Apr 20, 2023 • 5 min read

China's EV manufacturers and their Western counterparts have launched an electric assault at the Shanghai Auto Show. However, a sharp downturn is looming in the world's largest market for electric cars. China EV shares fell Tuesday after the LI stock broke out, and XPEV rose Monday.

The event will see the latest electric vehicles (EVs), from Chinese startups Nio and XPeng, as well as BYDDF (the Chinese EV giant). Li Auto (LI), which has been working on a plan to build EVs that are powered only by batteries, may make an announcement.

In China, which is the largest auto market in the world, Nio, XPeng, and Li Auto are gaining ground on Tesla (TSLA), BYD, and other established players.

The Shanghai Auto Show will run from 18-27 April. The announcement comes at a time when EV prices are raging in China. Both automakers and startups are slashing their prices to boost demand.

Here are the most anticipated EVs at the Auto Show:

According to some reports, China's Build Your Dreams will unveil the much-anticipated Seagull at Shanghai Auto Show.

BYD Seagull is a city-friendly electric hatchback that fills a niche in the economy segment. It could also be powered by a new EV battery.

Prices are expected to start at less than 100,000 yuan ($15,000). The car should be on sale in the second quarter of this year.

BYD announced that on Sunday the Destroyer 07 Hybrid sedan would be revealed at the autoshow. Last week, BYD announced that an all-electric SUV called the Song L would be revealed at the same event.

The U9 supercar will be presented by the brand-new premium Yangwang brand, which is owned by the Chinese EV giant.

The Yangwang U9 should be priced around RMB 1,000,000 ($145,400). BYD claims that the car can accelerate to 60 miles an hour in under 3 seconds.

Yangwang, which means "looking upwards", began selling its U8 offroad SUV on Tuesday at the Shanghai show. The U8 starts from RMB 1,098,000 (about $160,000).

A sporty mid-size SUV, the N7 may be shown by Denza, another new premium brand, which is a joint venture of BYD with German auto giant Daimler.

Denza N7 will be available in the first half 2023.

Denza is also working on the N8, which will be available in all-electric or hybrid-electric version.

The stock market rose by 0.1% on Tuesday. On Monday, they rose by 2.6% to 29,28. BYD's stock entered the market early, just above its 200-day moving median.

Nio unveiled a new ES6 SUV on Tuesday, which is one of the company's most popular EVs. It also revealed an updated ET7 sedan.

Local media reported that the new Nio ET7 has "more than 15 upgrades and updates," including upgraded seats and a wireless charging panel for cellphones. The new ET7, including the battery, starts at RMB 458 000 ($66 600). Delivery will begin in mid-May.

Nio launched the new ES6 but did not reveal specifications or pricing.

Earlier reports claimed that the new ES6 would take design cues directly from the ET7. This includes a full width taillight, as opposed to the split design on the older ES6. Delivery will begin late in May.

The sales of the ET7 have slowed down as consumers wait for a refresh.

Nio's stock fell 2.5% Tuesday to 9.58. The shares recovered a declining 50-day moving median Monday.

The startup, which is in trouble, revealed the G6, a midsize electric crossover and its fifth model. XPeng has not announced specifications or pricing of the new G6.

Xpeng announced its new, lower-cost EV Architecture on Sunday. The G6 is the first model to adopt it.

The G6 will compete in China against the Tesla Model Y, thanks to its sleeker interior and improved design.

It added that the SUV would offer a much better range and interior space than competitors.

The XPeng G6 will target the "affordable-luxury" EV segment with a price range of RMB 200,000 (US$29,250) to $300,000.

In a recent research report, Deutsche Bank's Edison Yu stated that the G6 must be successful in order for XPeng to become relevant again in the market. XPeng has been lagging behind its rivals in EV sales.

XPeng spent the year 2022 in a slow lane. It is gearing up for a return in the second half 2023 with new models, including the G6, P7i sedan, and a 7-seat multipurpose vehicle.

XPEV shares fell 0.3% on Tuesday. The shares surged 15.2% Monday to 11.43, continuing their recent rally over the 50-day line.

The manufacturer of premium hybrid EVs will unveil its strategy for battery-electric vehicles (BEVs), also known as all-electric cars.

Li Auto has revealed very little so far about its BEV plan, other than to say that the products will range in price from RMB 200,000 ($29,900) to $500,000

Li Auto is currently focusing on a hybrid EV that uses an internal combustion engine to charge the battery. These vehicles, including the L7 L8 L9 are called "EREVs," or extended range EVs.

Li has a "dual energy strategy", which means it will not abandon EREVs and switch to BEVs.

LI stock fell nearly 3% on Tuesday. The MarketSmith chart shows that shares jumped 6.4% Monday to 26.13, after breaking out of a double bottom base at a 25.46 purchase point.

Polestar, a Swedish premium EV startup, will launch its high-performance SUV Polestar 4 on April 18.

The Polestar 4 is a mystery. It's often compared to the Model Y, and CnEVPost quoted Polestar CEO Thomas Ingenlath saying that it was "designed to create a new type of SUV coupe."

Polestar will also present the Polestar 3 at the Auto Show, which was launched in China last month and starts at RMB 698,000 (about $101,000).

Geely, a Chinese company, and Volvo, a Swedish firm owned by Geely.

Volkswagen (VWAGY), the German automaker, will debut its ID. The 7 will debut on April 18th.

It is expected to have a 15-inch touchscreen infotainment system and a head up display for displaying navigation information and vehicle speed. It will have a driving range of around 300 miles, which is more than the predecessor ID.4.

The ID. The ID 7 is the 6th model in Volkswagen ID's electric car series.

Volkswagen sells ID, which is made locally. Volkswagen already sells the locally made ID. Six SUVs and ID. Three hatchbacks in China.

BYD is gaining ground on Volkswagen, and hopes to take the top spot in China's car market from Volkswagen by this year.

Ford (F), at the Shanghai Auto Show will introduce the Edge L, an SUV with a large capacity, which includes a hybrid electric version. The company will also display a variety of conventionally-powered SUVs and trucks.

General Motors, the rival automaker, has not revealed much about its plans. GM will launch more than 20 new vehicles in China, but more than one third of them will be electric cars.

The Electra E5 is the first new-gen EV from Buick, branded Ultium, to be launched in the market on Thursday, just ahead of the autoshow.

Shanghai Auto Show is held at a crucial time for China, which is the largest auto and electric vehicle market in the world.

The growth of China's EV sales is expected to slow down to 31% this year, compared to 2022.

The price war in China was fueled by the end of EV subsidies.