Car demand slump?
Business briefs from the Chinese media โ Thursday December 1
Following investor interpretations of official Chinese statements this week that may indicate a slackening of COVID-zero, Chinese ADRs joined a market rally in the U.S. yesterday after Federal Reserve Chair Jerome Powell indicated that the Fed will slow the pace of interest rate hikes from December.
Car demand slump? Yesterday, the China Automobile Dealers Association reported that the vehicle inventory alert index for November was 65.3%, an increase of 6.3 percentage points month-on-month. A high inventory alert index indicates lower market demand. Novemberโs value is the second-highest this year after April.
Strong November sales for Hozon, Li Auto, and NIO: Among the electric vehicle (EV) brands that have so far announced sales numbers for November, Hozon Auto ๅชๅๆฑฝ่ฝฆ had a good month with sales of 15,072 units, as did Li Auto ็ๆณๆฑฝ่ฝฆ (15,034 units) and NIO ่ๆฅๆฑฝ่ฝฆ (14,178 units), but Xpeng ๅฐ้นๆฑฝ่ฝฆ sold only 5,811 units.
Unexciting results for XPeng: Yesterday, EV brand XPeng announced revenue for the third quarter of 6.82 billion yuan ($950.83 million), a year-on-year increase of 19.3%, and a net loss of 2.38 billion yuan ($331.81 million). The company sold 29,570 vehicles in the third quarter, a year-over-year increase of 15% but a 14% drop from the second quarter.
Autonomous taxi batteries: Mobile energy company GCL Energy Technology ๅ้ซ่ฝ็ง has signed a deal with Apollo, Baidu’s driverless taxi company, to jointly develop power exchange products and application scenarios for Apolloโs RT6 autonomous robotaxi.
