New Energy Vehicle Industry Highlights: Latest Developments and Market Trends

Latest News in the New Energy Electric Vehicle Industry

Li Auto Enters the Middle East Market, Abu Dhabi Flagship Store Opens – On May 11, Lantu Automobile held a brand launch event in the UAE, marking its official entry into the Middle East market. The Abu Dhabi flagship store opened at the event, announcing that the Lantu FREE and Lantu Dreamer models would be available for sale locally, priced at approximately 364,000 RMB and 550,000 RMB respectively. The flagship store, located near the Abu Dhabi Corniche, features a design that reflects Lantu’s brand philosophy of “light, calm, and elegance,” cleverly integrating elements of Eastern and Arab cultures to provide a comprehensive service experience. Saeed Faiz Karim, CEO of Abu Dhabi Automotive Company, praised Lantu’s commitment to quality and safety, emphasizing its leading position in high-end manufacturing and core technologies. He stated that choosing Lantu is not only about selecting a reliable business partner but also about participating in the global mobility revolution. Lantu has successfully entered over 40 countries, including Norway, the Netherlands, and Italy, becoming one of the fastest high-end new energy brands to go global.

Avita 012 Limited Edition Unveiled, Only 700 Units Worldwide – Avita announced that its limited edition 012 luxury smart car has been showcased in six major cities: Beijing, Shanghai, Chengdu, Shenzhen, Hangzhou, and Changsha. Launched in March this year, the model is priced at 700,000 RMB, with only 700 units available globally. The car was co-created by Avita and Dior’s menswear artistic director Kim Jones. Features include exclusive logos on locations such as the Halo screen, wheel rims, and B-pillar, with customizable personal logos. The car is equipped with active air intakes, electronic side mirrors, and an adjustable rear wing. The interior features ivory white and apricot yellow tones, with seats wrapped in full-grain Nappa leather, European ash wood trim, and Australian wool blend carpets. It features a four-seat layout, a starry sky roof, a rear climate control compartment, and a unique co-branded logo. Additionally, it includes a 35.4-inch instrument screen, a 15.6-inch central control screen, a 16-inch rear entertainment screen, and four independent climate zones. The Avita 012 is powered by Huawei’s DriveONE dual-motor system, delivering a total power of 402 kW and a peak torque of 687 N·m, with a top speed of 220 km/h and a 0-100 km/h acceleration time of just 3.8 seconds. Its 93.4 kWh battery provides an electric range of 650 km under CLTC conditions and can be charged to 80% in just 10 minutes.

Geely Galaxy Star 8 Sedan Launched, Starting at 115,800 RMB Aiming for Million Sales Target – On May 9, Geely’s Galaxy Star 8 sedan officially launched, positioned as the world’s first 5m, 3L-class luxury hybrid sedan. The model is priced at 125,800 RMB, with a limited-time starting price of 115,800 RMB. Customers who place orders before June 30 will receive a complimentary 23-speaker system and VIP seating. Geely’s sales company general manager Fan Junyi stated that the pricing is based on market pricing methods, but “the final price is determined by users.” The Galaxy Star 8 offers two power versions: the Thor EM-P super electric hybrid and the Thor EM-i super electric hybrid, with pure electric ranges of 60 km and 130 km respectively, and 0-100 km/h acceleration in around 6 seconds. In addition to the 60 km EM-i Enjoy version and the 130 km EM-i Premium version, other models come standard with the advanced H1 smart driving system, supporting high-speed navigation and automatic parking features. Geely’s passenger car sales in April reached 234,112 vehicles, a 53% year-on-year increase, with Galaxy brand sales reaching 96,632 vehicles, up 281%; from January to April, Galaxy brand cumulative sales reached 356,341 vehicles, a year-on-year increase of 230%. Fan Junyi expressed confidence in achieving the Galaxy brand’s annual sales target of one million units, supported by the launch of new products.

Spain’s Baltasar Unveils Revolt R Electric Supercar, 80% Charge in 5 Minutes – Recently, Spanish niche manufacturer Baltasar unveiled the Revolt R concept car at the Barcelona Auto Show. This model combines supercar performance with ultra-fast charging capabilities. The Revolt R features a pure electric drive, is hand-built, and includes a carbon fiber monocoque structure and FIA-standard chrome-molybdenum steel roll cage, weighing under 800 kg, significantly lighter than the US Mazda MX-5 Miata. The Revolt R is expected to be powered by two rear-mounted electric motors, delivering a combined output of 500 horsepower and a peak torque of 1,000 Nm. While the battery capacity is not disclosed, the model employs a 700-volt electrical architecture, with Baltasar claiming it can achieve 80% charge in just 5 minutes. Aerodynamic enhancements include a new front lip, headlights, front fenders, and a prominent carbon fiber rear wing, complemented by golden-painted wheels with bald tires. The interior features carbon fiber racing seats and golden pedals, designed specifically for track driving. The price and release date for the Revolt R remain unconfirmed, but it is expected to start at around 450,000 euros.

Lantu Dreamer Launches in the Middle East, FREE+ Domestic Pre-orders Next Month – On May 11, Lantu announced that the Lantu Dreamer is officially entering the Middle East market and plans to open pre-orders for the Lantu FREE+ model in China next month. The Lantu Dreamer features a 2+2+3 seating layout with both PHEV and EV power versions. The PHEV variant delivers a combined output of 420 kW, equipped with a 41.7 kWh battery, achieving a pure electric range of up to 235 km under CLTC conditions; the EV variant has a combined output of 320 kW, with a 108.7 kWh battery, offering a range of 650 km. The Lantu FREE+ model debuted at the Shanghai Auto Show, showcasing a new illuminated grille and optimized body proportions. It will be the first to feature Huawei’s ADS4 and Harmony Cabin 5, along with an EDC Magic Carpet chassis supporting five driving modes to meet varied driving needs.

Tesla AI Agent Launches: Optimizing Communication and Enhancing Owner Experience – On May 11, Tesla announced the implementation of a new artificial intelligence strategy aimed at improving the service experience for vehicle owners. Service issues have been a focal point of customer complaints, and this latest improvement centers on the application of AI technology. Raj Jegannathan, head of Tesla’s AI and IT infrastructure, cybersecurity, and vehicle service division, stated that the company is introducing an AI Agent specifically designed to handle customer communication services. This new AI agent can detect delays in communications between the company and customers, monitor the emotional tone of conversations, and automatically escalate certain important requests to management. Tesla is piloting this AI agent at ten locations, with its initial deployment date set for May 8. Customers can input the word “Escalate” in the message center of the mobile app, prompting the system to automatically escalate issues to senior management after a two-week delay. This feature aims to help customers more easily reach company executives, potentially addressing communication issues that have plagued owners in recent years. Tesla aims to accelerate the entire service process through various innovative strategies, such as F1-style rapid service, with a goal of completing two-thirds of repair requests within the same day.

98-Year-Old WWII Veteran Drives Tank Over Tesla Model 3, Accidentally Demonstrates Vehicle Durability – Recently, a protest organized by the political action group “Team Donkey” against Tesla CEO Elon Musk took place in the UK. During the event, 98-year-old WWII veteran Ken Turner drove a Sherman tank over a Tesla Model 3 to express dissatisfaction with Musk’s support for extreme right-wing forces in Europe. Although the panoramic glass roof and windows of the Model 3 were crushed by the tank, the lower half of the vehicle appeared largely intact, and the doors still seemed operable. The durability of the Model 3 under the tank’s weight attracted attention. A standard M4 Sherman tank weighs approximately 30 to 38 tons, and the Model 3’s performance under such pressure was surprising. Although the video showed that the high-voltage battery might have been removed, the vehicle’s battery appeared to survive the ordeal without significant damage. Many social media users commented that the occupants of the Model 3 likely survived the encounter with the tank, further affirming the safety of Tesla vehicles.

China’s New Energy Passenger Vehicle Exports Surge 44.2% in April, BYD and Tesla Lead – On May 11, the Passenger Car Association released an analysis report for April 2025, indicating that the national export volume of new energy passenger vehicles reached 189,000 units, a year-on-year increase of 44.2% and a month-on-month increase of 31.6%, accounting for 44.6% of total passenger vehicle exports, up 14 percentage points from the same period last year. Pure electric models accounted for 65% of new energy exports, with A00 and A0 level pure electric vehicles making up 33% of total new energy exports. Manufacturers such as BYD, Tesla China, and Chery performed exceptionally well in new energy exports, exporting 72,405, 29,728, and 21,323 units respectively. The Passenger Car Association noted that the scale advantage and market expansion demand for Chinese new energy vehicles have led to a growing number of domestic brands gaining recognition overseas. Data from overseas markets revealed that A0 level electric vehicles once accounted for nearly 50% of total exports, making them the absolute mainstay of domestic exports. However, recent targeted tax measures on small electric vehicles in Europe could set minimum sales prices, highlighting the competitive nature of small electric vehicles in the global market. Thus, China urgently needs to guide the development of small electric vehicles through fiscal policies and supportive measures like the C7 driver’s license for small electric vehicles to promote sustainable growth in its electric vehicle sector worldwide.

Skoda ENYAQ vRS Electric Hatchback Released: 0-100 km/h in 5.4 Seconds, Range of 547 km – On May 11, Skoda released official images of the 2025 ENYAQ vRS hatchback. This performance-oriented model features a dual-motor all-wheel-drive system, achieving a 0-100 km/h acceleration time of just 5.4 seconds. The ENYAQ vRS showcases a teal paint job, split headlights, darkened air intakes, pronounced body lines, and a continuous tail light and spoiler. The vehicle is available with 20/21-inch wheels, a 5-inch full LCD instrument panel, and a 13-inch central control screen, alongside a heated perforated leather steering wheel and sport seats with enhanced side support. The 2025 Skoda ENYAQ vRS boasts a combined output of 335 horsepower and peak torque of 545 Nm, powered by a 79 kWh battery with a range of 547 km. This new car not only excels in performance but also stands out in design and features in the market.

Toyota Reports Slight Decline in Global Sales for FY2024, Anticipates Recovery in FY2025 – On May 11, Toyota China’s official website released its consolidated financial report for FY2024, showing that the combined global production of Toyota and Lexus reached 9.67 million units, a year-on-year decrease of 2.9%, while global sales amounted to 10.27 million units, a slight decline of 0.3%. For FY2024, Toyota’s revenue reached 48.0367 trillion yen, an increase of 2.9413 trillion yen year-on-year. Operating profit stood at 4.7955 trillion yen, and pre-tax profit reached 6.4145 trillion yen, with net profit at 4.765 trillion yen. Despite supply constraints due to certification issues in the first half of the year, production is expected to recover to 10 million units in the second half. Toyota has also invested 745 billion yen in talent training, including suppliers and dealers, as well as in BEV, hydrogen fuel, and software sectors. For FY2025, Toyota anticipates revenue of 48.5 trillion yen, with projected production of 10 million new vehicles and sales of 10.4 million new vehicles. Currently, there are 150 million Toyota vehicle owners globally.

NIO Achieves 700,000 Vehicle Delivery Milestone, New Model Pre-orders Open with Multiple Benefits – Recently, NIO founder, chairman, and CEO Li Bin announced the delivery of the 700,000th NIO vehicle at the Wuhan New Energy Research Institute building, marking a significant recognition of user support and trust. Li emphasized that this milestone reflects a technological and brand advancement in China’s automotive industry and promised to continue providing innovative technology, exceptional products, and experiences beyond expectations. On May 10, NIO announced that new models ET5, ET5T, ES6, and EC6 are now available for pre-order, with a deposit of 5,000 RMB. Customers who place their orders and finalize by June 30, 2025, will receive five years of free battery swapping rights (240 battery swap vouchers) and 10,000 loyalty points upon vehicle collection. The new ES6 and EC6 will launch on May 16, while the ET5 and ET5T will debut on May 25. These new models will provide consumers with more options while increasing attractiveness through pre-order benefits and loyalty points.

April Retail Sales of New Energy Passenger Vehicles Increase by 33.9%, BYD, Geely, and Changan Lead Sales – On May 11, the Passenger Car Association released the latest report, indicating that retail sales in the new energy passenger vehicle market reached 905,000 units in April, a year-on-year increase of 33.9%, although it saw a month-on-month decline of 8.7%. The cumulative retail sales from January to April reached 3.324 million units, representing a year-on-year increase of 35.7%. In April, the overall retail penetration rate of new energy vehicles in the domestic passenger vehicle market reached 51.5%, up 7 percentage points from the same period last year. The penetration rate of self-owned brand new energy vehicles reached 72.8%, while luxury vehicles accounted for 23.5%, and mainstream joint venture brands only 6.8%. The report also indicated that the retail share of self-owned brand new energy vehicles was 73%, increasing by 0.4 percentage points year-on-year, while the share of mainstream joint venture brands fell to 3.4%, down 1.5 percentage points year-on-year, and new force brands accounted for 19.4%, up 3.6 percentage points year-on-year. Tesla’s share fell to 3.2%, down 1.5 percentage points year-on-year. Brands in the domestic new energy passenger vehicle market that surpassed 20,000 units in retail include BYD, Geely, and Changan, with BYD leading at 268,778 vehicles sold. This data reflects the continued growth trend in the new energy vehicle market, with domestic brands significantly outperforming joint venture brands, while new force brands gradually expand their market share.

April Passenger Car Market Retail Grows by 14.5%, Self-owned Brand Share Hits Record High – On May 11, the Passenger Car Association released the analysis report for April 2025. The report showed that the national retail sales of passenger cars reached 1.755 million units in April, a year-on-year increase of 14.5%, though it saw a month-on-month decline of 9.4%. Cumulative retail sales for the year reached 6.872 million units, a year-on-year increase of 7.9%. Self-owned brands performed strongly, with retail sales reaching 1.15 million units, up 31% year-on-year, achieving a domestic retail share of 65.5%, up 8 percentage points year-on-year. In contrast, mainstream joint venture brands saw retail sales of 440,000 units, down 3% year-on-year, and 8% month-on-month. Luxury car retail fell by 18% year-on-year in April, with a 32% month-on-month decline, holding a retail share of 9.5%, down 3.7 percentage points year-on-year. National passenger car manufacturers wholesaled 2.19 million vehicles, a historic monthly high, up 10.7% year-on-year, but down 9.2% month-on-month. From January to April, national passenger car manufacturers wholesaled 8.468 million units, a year-on-year increase of 11.1%. In terms of exports, 423,000 units were exported in April, down 2% year-on-year, but up 7% month-on-month, with cumulative exports from January to April reaching 1.55 million units, a year-on-year increase of 1%. New energy vehicles accounted for 44.6% of total exports, up 14 percentage points year-on-year.

NIO EC6 Coupe SUV Upgrade Details Exposed, Launching on May 16 with 5 Years of Free Battery Swapping Rights – On May 11, NIO announced that its all-new EC6 coupe SUV will be launched on May 16. The new vehicle features a sporty coupe stance, double-edged daytime running lights, an exterior color called “Spirit Purple,” and an interior color named “Thin Vine Purple.” The EC6 is equipped with exclusive integrated sport seats, newly designed suede texture shoulder areas, upgraded sun protection for the front side windows, and a smart adjustable panoramic sunroof that provides 360-degree sun protection. The interior features a surround lighting system that supports mixed colors, offering over 16 million color combinations, along with a new “Artistic Space” theme. The car also includes a new welcome light curtain that illuminates the ground. NIO also announced that the new ES6 and EC6 display vehicles have arrived at various city showrooms, with a formal launch on May 16. Display vehicles for the new ET5 and ET5T will arrive in various cities starting May 22, officially launching on May 25, with test drive activities commencing. Customers who place their orders and finalize by June 30, 2025, can lock in five years of free battery swapping rights, which equates to 240 free battery swap vouchers, along with 10,000 NIO loyalty points as a reward upon vehicle collection.

NIO Delivers 700,000th Vehicle, April Sales Up 53% Year-on-Year – On May 11, NIO founder, chairman, and CEO Li Bin announced that the 700,000th NIO vehicle was successfully delivered at the Wuhan New Energy Research Institute building. Li stated that this milestone represents the recognition, trust, and expectations of 700,000 users, reflecting advancements in technology and branding in the Chinese automotive industry. NIO will continue its efforts to provide innovative technology, exceptional products, and experiences beyond expectations. In addition, NIO has recently made organizational adjustments, integrating several organizational departments of its sub-brands, including Le Dao and Firefly, into the NIO system, covering product development, user services, and vehicle marketing. In April, NIO delivered 23,900 new vehicles, a 53% year-on-year increase, with 19,269 new vehicles under the NIO brand and 4,400 vehicles under the Le Dao brand.

Buick GL8 Land Launches Nationwide Delivery, Popular with Family Replacements, Limited-Time Benefits Offered – On May 10, Buick GL8 Land officially commenced nationwide delivery. Launched on April 22, the vehicle is priced between 249,900 and 289,900 RMB. Within two weeks of its launch, the order volume has exceeded 10,000, with a significant proportion coming from family replacement users, over 90% of whom are married with children, and nearly 70% of the vehicles will be used for family outings. The official statement indicates that production is being expedited to fulfill all orders promptly. The Buick GL8 Land continues the family design style of the GL8 series while incorporating aesthetics inspired by landscape and water. The vehicle’s dimensions match those of the GL8 Land PHEV, measuring 5219 mm in length, 1878 mm in width, and 1807 mm in height, with a wheelbase of 3088 mm. Inside, the new car features a dual 12-inch instrument and central control screen design, with a unified console layout. The vehicle’s system integrates Baidu’s intelligent voice assistant, supporting encyclopedia, vehicle advisory, navigation, entertainment, and more. Configurations include heated and ventilated seats in the first and second rows, with the second-row independent aviation seats featuring dedicated headrests, electric leg rests, small tables, a VIP button, and a 15.6-inch ceiling screen. In terms of power, the GL8 Land is equipped with a 1.5T engine and a two-speed DHT plug-in hybrid system, delivering an engine power of 132 kW, a system combined power of 292 kW, and a total torque of 580 Nm, achieving a 0-100 km/h acceleration time of 7.7 seconds. Under fully charged conditions, the CLTC combined range reaches 1420 km, with a WLTC fuel consumption of 6.68 L per 100 km.

Emerging Trends in the New Energy Pickup Market Discussed by Experts – On May 8, a seminar titled “New Power Leading New Changes” was held in Beijing, focusing on consumer trends and development directions in the pickup truck industry. In recent years, new energy power has gradually emerged as a new force in the pickup market, with the competition among pure electric, range-extended, and plug-in hybrid powertrains extending from passenger vehicles to pickups. Cui Dongshu, secretary-general of the National Passenger Car Association, pointed out that the domestic new energy pickup market has, after three years of development, entered a period of diversification this year, with Chinese pickup manufacturers showcasing increasingly varied offerings. Professor Yu Zhuoping from Tongji University’s automotive college believes that hydrogen energy will become the leading force in China’s future new energy development, while “composite power” is key to the full electrification of vehicles at this stage. The year 2025 is viewed as the dawn of domestic new energy pickups, with numerous companies unveiling plug-in hybrid pickup products at the Shanghai International Auto Show, intensifying market competition. Mainstream users of pickups in China focus on payload capacity, power and off-road capability, reliability, and overall cost of use. Plug-in hybrid pickups, with their technical advantages—such as cost savings for short trips and no range anxiety for long trips—meet core user demands. Under the dual-carbon policy, the inadequacy of the National VI diesel emission technology plan and the impending fourth stage of fuel consumption limits for light commercial vehicles make the electrification of pickups an inevitable trend. Geely Radar’s CEO Ling Shiquan stated that Geely Radar will continue to lead the new energy pickup segment with its advanced plug-in hybrid technology, completely reshaping the performance architecture and usage scenarios of pickups.

Jishi 01 Launches Multiple Vehicle Service Packages, Range-Extended Power System Exceeds 300 km – On May 10, Jishi Automotive launched several vehicle service packages for its Jishi 01 model, aimed at enhancing user experience. These packages include a Basic Protection Package, an Exclusive Care Package, a Worry-Free Tire Package, and Vehicle Maintenance Pickup and Delivery Service. The Basic Protection Package is priced at 1,199 RMB, offering one routine maintenance, two chauffeur services, two maintenance pickups, and one online annual inspection. The Exclusive Care Package is priced at 3,988 RMB and includes one routine maintenance, six maintenance pickups, six chauffeur services, one online annual inspection, two paint repairs, and three repair compensations. The Worry-Free Tire Package costs 999 RMB, providing four original tire replacements within two years. The maintenance pickup service is priced at 199 RMB, offering one maintenance pickup service. The dimensions of the Jishi 01 are 5050 x 1980 x 1869 mm, with a wheelbase of 3010 mm, and it is priced between 299,900 and 359,900 RMB. This model is equipped with a range-extended power system, featuring a 1.5T four-cylinder turbo engine with a maximum power of 115 kW, and a dual-motor total output of 350 kW. The vehicle provides three ternary lithium battery options of 44.5 kWh, 56.01 kWh, and 58.4 kWh, with corresponding CLTC pure electric ranges of 215 km, 282 km, and 306 km.

Hongmeng Intelligent Driving Achieves 264 Million Kilometers in April, Orders Exceed 22,000 – On May 10, Hongmeng Intelligent Driving announced its April report on smart assisted driving. The report indicated that in April, the total mileage for intelligent assisted driving reached 264 million kilometers, with a user activity rate of 88.62%, and an average mileage of 561.65 kilometers per user. In terms of safety, the relevant models helped users avoid potential collisions approximately 94,000 times, with 190 million kilometers of highway intelligent assisted driving and 19.465 million instances of dealing with sudden lane changes. In urban environments, intelligent assisted driving logged an additional 77.45 million kilometers, predicting 5.0874 million lane changes. Additionally, there were 1.096 million instances of parking assistance from space to vehicle, 1.625 million smart parking assists, and 504,000 instances of vehicle departure assistance. The Hongmeng Intelligent Driving series performed exceptionally well during the May Day holiday, with orders exceeding 22,000 units from May 1 to May 5. Specifically, on May 4, all models surpassed 16,000 orders from May 1 to 4; on May 3, they surpassed 12,500 orders from May 1 to 3; and on May 2, the 2025 Wanjie M9 surpassed 50,000 orders within 43 days of launching. In comparison to last year’s May 1 to 5 period, when all models surpassed 11,000 orders, this year showed significantly stronger performance.

Tesla’s Car Insurance Business Faces Significant Losses, Claims Rates Far Exceed Industry Average – On May 10, foreign media InsideEVs raised concerns over Tesla’s overseas car insurance business, noting that since entering the market in 2019, Tesla aimed to provide lower premiums for electric vehicle owners by dynamically assessing risks using FSD driving capabilities. However, the reality is that the substantial costs of claims have continually eroded its profit margins. According to S&P Global data, Tesla’s insurance claims rate in 2024 reached 103.3%, far exceeding the average claims rate of 66.1% in the US car insurance industry. Historically, Tesla’s insurance claims rates have been poor, with 114.7% in 2023 and 116.6% in 2022, compared to industry averages of 75.4% and 80.1%, respectively. While Tesla includes revenues from parts sales and repair services under “Services and Other” income, the losses in the insurance segment remain difficult to offset. Additionally, customer complaints about Tesla insurance have been increasing, citing poor repair experiences and recent protests overseas resulting in vehicle damage, with premiums continuing to rise. In the US, the average premium for the Model Y has seen a year-on-year increase of up to 30%, with Tesla’s collision repair costs averaging 32% higher than traditional gasoline vehicles, further driving up insurance costs. Foreign media believe that Tesla’s insurance business has little room for cost compression in customer service, claims, and repairs, and if it cannot control the claims rate, this segment may face long-term losses or shutdown.

Bezos Supports Slate Auto’s Launch of Electric Pickup in 2027, Starting Price $27,000 – On May 10, US startup Slate Auto announced plans to launch an electric pickup truck by 2027. The company’s design director, Tisha Johnson, emphasized their goal of creating cars that are both attractive and affordable. The Slate Truck is characterized by its minimalist interior design and low price, with a target starting price of $27,000 (about 196,000 RMB) after incentives. The interior of the Slate Truck avoids high-tech equipment, opting for manual seats, no standard audio system, and equipment mounts instead of touch screens to lower costs and pass savings to consumers. Additionally, Slate offers various customization options, including body paint, wheel designs, and body styles, and even a DIY kit to convert it into a compact SUV or fastback crossover.

Lantu Makes Debut in the UAE, Officially Entering the Middle East Market – On May 10, the Lantu brand launched in the UAE with the opening of its flagship store in Abu Dhabi, marking its entry into the Middle East market. Since going international in 2022, Lantu has expanded into over 40 countries, including Norway, the Netherlands, and Italy. Lantu has set ambitious goals for international expansion, aiming to achieve its “6655 strategy” by 2030, which involves technical exports, ecological partnerships, and localized operations to build a globally competitive high-end new energy brand. Lantu’s international strategy not only focuses on product sales but also encompasses technological cooperation and local production to better adapt to diverse market needs.

Musk’s AI Negotiating New Round of Financing, Valuation Could Reach $120 Billion – On May 9, the New York Times reported that Elon Musk’s AI startup xAI is negotiating a new round of financing, with a potential valuation reaching $120 billion (about 868.77 billion RMB). This valuation is significantly lower than its competitor OpenAI, which reached a valuation of $300 billion (about 2.17 trillion RMB) after its latest financing round in March. According to insiders, the financing talks are still in the early stages, and the valuation could fluctuate as negotiations progress. Investors are discussing injecting $20 billion into the company, but the specific amount could also be adjusted. xAI is closely tied to Musk’s social media platform X, which he announced would be sold to xAI in March. At that time, the all-stock transaction valued xAI at $80 billion (about 579.18 billion RMB), while the X platform was valued at $33 billion. When xAI completed its last financing in December 2023, its valuation was approximately $40 billion.

Li Auto Exceeds 300,000 Cumulative Deliveries, Smart Upgraded Version Released the Next Day – On May 10, Li Auto announced that its L7 model has surpassed 300,000 cumulative deliveries. The model began deliveries in March 2023, surpassing 10,000 deliveries in April and reaching 100,000 by November 7 of the same year. On May 8, the smart upgraded version of the L7 was officially released and commenced deliveries the next day. The smart upgraded version of the L7 includes three models, with prices set at 301,800 RMB for the Pro version, 329,800 RMB for the Max version, and 359,800 RMB for the Ultra version. The new models are equipped with Magic Carpet dual-chamber air suspension, with the ADPro version featuring Horizon’s Journey 6M chip, and the ADMax version equipped with the Thor-U chip. The exterior now includes special blue and gray editions and black-brown two-tone interiors. The Max model’s battery capacity has increased to 53.2 kWh, with a CLTC pure electric range of 280 km.

Continental Group’s Sixth-Generation Millimeter-Wave Radar Mass Production in China, Performance and Cost Upgrades – On May 10, Continental Group announced the successful mass production of its sixth-generation millimeter-wave radar ARS620 in China, which began production on April 10. This new generation of radar has achieved comprehensive upgrades in performance, cost, and size compared to its fifth-generation product, providing height information on targets. The ARS620 front radar can support a single radar meeting AEB national standards, while the corner radar SRR630’s HBM high-bandwidth mode can replace ultrasonic radar in parking scenarios, helping to reduce system costs. In addition to hardware upgrades, Continental established a joint venture with Horizon in 2022 called Intelligent Driving Continental. During the 2025 Shanghai Auto Show, Intelligent Driving Continental launched the Astra and Luna driver assistance systems, which have received production designations from multiple leading automakers and completed several hundred million in angel round financing.

2025 NIO ES6 Opens for Pre-order, Launching on May 16 with a 15.6-Inch AMOLED Central Control Screen – On May 10, NIO announced that pre-orders for the 2025 ES6 model have begun, with an official launch set for May 16. The new model features multiple upgrades in cabin design, including a 15.6-inch AMOLED central control screen, 19.4-inch W-HUD, and an 8-megapixel streaming media rearview mirror, along with the NOMIMate 3.0 voice assistant and a new gear-shifting design, enhancing the vehicle’s technology and driving experience. In terms of storage and convenience, the 2025 ES6 has been optimized for storage space in the central console area, equipped with dual wind-cooled wireless charging areas and a covered cup holder slot to enhance practicality. In terms of power, the new model is expected to maintain the dual-motor power system of the current ES6 and EC6. The current models have a total system power of 490 horsepower and a peak torque of 700 Nm, offering 75 kWh, 100 kWh, and 150 kWh battery configurations with CLTC ranges of 500 km, 625 km, and 930 km respectively.

Buick GL8 Land New Energy MPV Launched, Over 10,000 Orders in Two Weeks – On May 10, SAIC General Motors Buick announced the official delivery of its new large new energy MPV, the GL8 Land. Launched on April 25, the model has already exceeded 10,000 orders within two weeks, with a starting price of 249,900 RMB. The GL8 Land is equipped with the “True Dragon” hybrid system, which includes a 1.5T hybrid engine and the Auton energy standard plug-in hybrid battery, achieving a maximum combined range of 1420 km and a pure electric range of 142 km. The vehicle’s dimensions are 5219mm × 1878mm × 1807mm, with a wheelbase of 3088mm, providing a variable cargo space of 521L-1650L. The cabin is equipped with a 12-inch dual screen and a 15.6-inch rear cabin smart screen, supporting a 3.3 kW external power function. Both the first and second-row seats are equipped with heating and ventilation functions, while the second-row independent aviation seats come with dedicated headrests, electric leg rests, a small table, a VIP button, and a ceiling screen. In terms of safety, the GL8 Land features a new ten-horizontal-six-vertical cage structure, achieving a 5-star rating from CNCAP and an excellent rating in small offset collision tests from the China Insurance Research Institute. The entire series is powered by a “True Dragon” plug-in hybrid system consisting of a 1.5T engine and a two-speed DHT, delivering an engine power of 132 kW, a combined power of 292 kW, and a total torque of 580 Nm, achieving a 0-100 km/h acceleration time of 7.7 seconds. Under fully charged conditions, the CLTC combined range reaches 1420 km, with a WLTC fuel consumption of 6.68 L per 100 km.