CHINA: BYD Denza D9, Dolphin’s Million Deliveries and NIO ES8 Sales Surge

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Welcome back to the podcast today.

BYD's Denza D9 dolphins million deliveries and NEO's ES8 sales surge.

Plus, stay tuned.

Later in the show, I'll tell you why the markets are worried about China's ability

to keep growing EV sales at the place they have been.

Welcome to EV News China, the podcast dedicated to the world's largest

electric vehicle market.

Each day, I bring you the latest headlines,

insights, and analysis from the heart of China's booming EV industry

and decode how fast moving developments in the East

are shaping the global EV landscape.

BYD kick us off in their premium Denza brand,

just reached a landmark in the China MPV People Mover market.

They delivered their 300,000th Denza D9 at Denza Night.

It was an event in Beijing.

At the same time, they confirmed the model is bound for Europe.

The D9 has climbed the sales chart at quite a speed.

Actually, Denza says it's been the best-selling MPV in the Chinese market

for two years in a row.

And that, within China's high-end new energy MPV segment,

it's now 60% of sales.

A seven-seat layout underpins the sales performance,

appealing both to executive shuttle operators and large families.

The model's either a plug-in hybrid or full-bev.

Denza is putting the D9 at the heart of an international push.

The MPV is slated to enter Europe under the premium Denza badge,

taking aim at the segments that have long been dominated by established names.

BYD's Dolphin Hatchback just passed one million total sales worldwide,

according to Zhang Zhou, general manager of the Ocean Series.

That makes it the fastest all-electric hatchback

in China to reach the milestone.

Launched back in August 2021 as the first model in BYD's Ocean Series,

the Dolphin has gone from niche compact EV to a core volume car in less than four years.

The surge underlines both BYD's ability to scale output

and how quickly Chinese buyers are adopting small BEV cars in the mass market.

For this year in China, the Dolphin comes in for trim,

starting at $99,800 yuan, that's about $14,100 USD.

The entry version uses a 70 kilowatt motor and a 45 kilowatt hour blade battery,

that's an LFP technology.

Higher trims move to a 150 kilowatt permanent magnet motor

and a 61 kilowatt hour blade battery.

And on China's optimistic test cycle, that setup is rated at 520 kilometers of range,

putting the Dolphin on competitive ground with other compact EVs

for performance and everyday use as well.

Equipment's also been moving up market.

Top trims now add a 50 watts wireless fast charger for your smartphones.

There's BYD's Dipilot driver assistance with seven functions, adaptive cruise,

automatic braking, and lane departure assist as well.

Now let's go a little more upmarket from that and go to the Neo New ES8.

That's crossed 20,000 deliveries in China in its first 70 days.

That sets a record in the country's premium pure electric market.

The company announced the milestone on Weibo saying the third generation of the ES8

is now the fastest pure electric model priced above 400,000 yuan to reach 200,

sorry, 20,000 units in China.

A tenuous record, but one nonetheless at that price point,

which is about 56,500 USD.

It's, look, this is proper premium in China.

The ES8 is highly in the center of that high-end SUV segment.

Going up against premium German brands.

Neo officially launched the ES8 at Neo Day in September on the 20th of that month

with customer delivery starting the following day.

And it hasn't been without some controversy,

because many people were buying the second generation of this vehicle.

And when it came out, it got significantly better and bigger and a lot cheaper.

And people had been buying the previous version up until the day before.

Since then, though, average deliveries have been about 285 vehicles a day.

So the ES8 is a very large three-row SUV, six-seat or seven-seat layout.

And it starts about $57,000, like I say, that includes the battery pack.

Production is climbing as well.

A company executive said deliveries of the all-new ES8 will increase further

with production capacity expected to rise 70% compared to that of October.

That points to a strong order book.

For China's premium EV sector, the performance underlines Neo's strength

in the full-size SUV market and shows resilience in pricing above 400,000 yuan.

The next test is where the Neo can keep up the delivery pace into 2026,

and whether the November capacity boost they've done turns into lasting gains.

Now, the expansion for Zika, Geely's premium EV brand, stepping up their European expansion

in five more markets by 2027.

If it hits the goal, the company will cover about 70% of potential euro sales.

Launched back in 2021 for luxury Pure Beves, Zika began the European push in 2023,

first in Sweden and other northern markets.

Now, the market researcher, Dataforce, estimates that Zika sold about 3,500 cars

in Europe through October of this year.

So giving access to about 30% of the markets it ultimately wants to serve.

Its current European bestseller is the Zika 7X.

That's a mid-sized crossover, and it starts at €53,000.

The next step is a move into Europe's volume heartlands.

Acting Zika European CEO Lothar Schubert said in Guangzhou on November 21st

that the brand will enter Germany in the first half of next year.

France, Italy and Spain will then follow each after six to eight months of setup phases.

The UK will come last in 2027 because of the need to homologate right-hand drive.

On the commercial side, Zika is experimenting with a flexible route to market

rather than a single distribution model.

The company say they are not dogmatic and will adapt to each country.

That's really sensible.

It now sells directly to customers in Sweden and the Netherlands,

uses national sales companies in Belgium, Denmark and Norway,

and private importers in smaller markets.

The likes of Bulgaria, Croatia, Greece, Romania, Switzerland, Slovenia.

In France, a national sales company is already in place.

And dealer partners are planned for Germany, Italy, Spain and the UK.

They're looking at a mix of direct sales, national sales companies and independent dealers.

Now China is moving to curb what officials call irrational competition

in its booming battery industry.

A shift that can reshape how EV batteries are supplied.

At a symposium in Beijing, the industry minister Li Le Cheng

said that the government will accelerate steps to address excessive rivalry

in power batteries for EVs and storage.

The move echoes Beijing's recent efforts to cool the wider EV market

where overcapacity and aggressive price cuts squeezed profits.

According to a statement from the industry ministry,

regulators will tighten oversight of the sector by monitoring capacity,

issuing early warnings and increasing scrutiny.

Officials also plan stricter checks on production consistency

and product quality, along with a tougher stance on IP.

The government says it will guide firms to scientifically plan their capacity

and expand abroad in a measured way.

Executives from 12 companies in the battery supply chain joined the meeting

to discuss R&D, production, the markets and IP.

Li urged company leaders to resist irrational competitive practices.

Years of rapid EV growth in China have fueled the rush to build battery plants.

That wave of investment sparked worries about oversupply,

falling prices and the outflow possibly of sensitive technology.

Tighter capacity controls and tougher quality rules could slow the most aggressive

low cost expansions, steady prices and margins

and influence how Chinese firms approach those overseas projects as well.

Now, Luxeed, a premium smart EV brand backed by the likes of Huawei and Cherry,

is starting to look a serious volume player.

In November, they logged more than 10,000 deliveries,

as their second consecutive month above 10K.

Firm orders have also topped 10,000 for the first three months in a row.

Sorry, for three months in a row, for the first time, pointing to steady demand

rather than a spike.

The brand is built on a close partnership.

Huawei leads overall operations and supplies the driving and cockpit systems.

Cherry, one of China's biggest conventional car makers,

has made Luxeed a strategic priority,

diverting resources to expand capacity and speed up new model launches.

The focus is now visible in the showroom.

Updated versions of the Luxeed models, the two main models,

the R7, that's a fastback SUV and the S7, that's a sedan.

Well, they're now on sale and the refreshed R7 SUV starts at 268,000 yuan,

the S7, 258,000.

That pricing puts Luxeed squarely in the premium EV bracket

up against Tesla, Neo and X-Pung.

Many analysts view the Huawei Cherry Venture as a bit of a test case, really,

for how a technology firm, Huawei, and a legacy car maker can work together.

The tech company brings the software and the intelligence.

The car maker provides scale, factories, access to supply chains, and things like that.

All right, let's move on.

Nissan's joint venture with Dongfeng in China

launched their plug-in hybrid sedan,

named at buyers who want electrified driving with a Nissan badge on the front.

The N6 went on sale yesterday, December 1st.

List prices start at 99,000 yuan, about 14,000 US dollars,

but there's an introductory price as often happens,

about 92,000 yuan or 13,000 US dollars for a limited period.

That puts the N6 at the cheap end of China's mid-size plug-in hybrids.

Nissan is assessing the N6 for export to Southeast Asia, the Middle East,

and maybe some Latin American countries.

All very price-sensitive markets.

The N6, being a mid-size plug-in hybrid, and the first in the N-series model range

that is not fully electric, extends the same design language introduced by the N7.

A sealed front fascia, often seen on purebevs,

with a full-width upper light bar, L-shaped lower lamps,

an illuminated Nissan logo, hidden door handles,

and a charging port integrated into the rear quarter panel.

Round the back, the N6 has a coupe-like roofline through type tail lamps

and a clean rear bumper that hides any kind of exhaust outlets.

Now, the powertrain, well, that's a 1.5-litre engine

and a 21-kilowatt-hour LFP pack from Chinese suppliers.

On the CLTC optimistic cycle, Nissan says an electric-only range

of 170 kilometers, or 180, depending on version,

many plug-in hybrids at similar prices, can only do 80 to 120.

Higher-spec models have adaptive LEDs, interior ambient lighting,

a big panoramic sunroof, manual shade,

and a 540-degree surround-view camera.

Well, let's take a break. We'll come back.

We'll talk about LFP battery makers in demand

and why China's EV champions might be hitting the brakes.

I'll tell you why. Stick around.

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Takeout, shopping, and unused subscriptions were quietly draining my account.

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But Rocket Money doesn't just tell you what you're wasting money on.

It takes action to save you money.

First, the app looks at your income and monthly expenses

and calculates how much you can safely spend each day to stay on your budget.

Rocket Money also finds and cancels unwanted subscriptions for you

and even negotiates better rates on your bills

so you have more money in your pocket.

On average, Rocket Money members can save up to $740 a year

when using all the app's premium features.

Users love the app with over 186,000 5-star ratings.

It's time to simplify your finances and take control of your money.

Go to rocketmoney.com slash cancel to get started.

That's rocketmoney.com slash cancel.

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MDY is subject to risk similar to those of stocks.

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Huawei-backed Ito appears to be readying their flagship M9.

That's a big SUV for export.

A new infotainment leak suggests the car

is being tailored for the overseas drivers.

There's been some screenshots circulating online

that show what looks like a global interface

on the in-cabin screens.

Chinese mapping apps are all gone

with international providers in their place

with English labels and routing formats

familiar to users in Europe or America.

That suggests the navigation system

is being rebuilt around overseas mapping,

licensing rules and databases

rather than simply translated for export.

Huawei's ADS, Advanced Driving Assistance System

has also been reworked.

The interface keeps the basic layout from China,

but lane markings, speed signs and roadside prompts

now follow the Western conventions.

That points to ADAS software tuned

to foreign regulations and driving norms.

Beyond navigation and driving aids,

the broader cabin looks international from the start.

Lots of system menu settings,

voice assistant and media controls are all in English.

The layout and icons echo Western design.

Domestic Chinese apps are missing,

replaced by well-known global music and video platforms.

The M9 is a full-size SUV,

offered in five-seat or six-seat layouts

with both PureBev and extended range versions.

All come with all-wheel drive, 21-inch wheels and LiDAR.

Taken together, the hardware and software changes

might suggest that Aito and Huawei are engineering

a car that can be sold and used locally

but also overseas.

The next signals to watch will be

any kind of formal launch plans,

any filings, homologation and on-road testing.

Now, Chinese producers of LFP,

lithium-ion phosphate battery materials

are raising prices as surging demand

from EVs and storage pushes plants closer to their limits.

Manufacturers are now running at or even

very near their full capacity.

Shanghai Securities News reports that LFP makers

have recently implemented or proposed

increases of 3,000 yuan per tonne.

That's about $420, by the way.

In processing fees, the amount charged to turn raw inputs

into finished LFP cathode material.

One unnamed producer plans to apply the higher fees

across their entire LFP product line

from 1 January.

The contracts include a clause allowing both sides

to revisit the pricing if market conditions change.

Another leading manufacturer has already raised

processing fees by the same 3,000 yuan per tonne,

effective of now.

Orders signed before the date of the increases

will continue under earlier terms.

LFP is now the dominant cathode material

in lithium batteries for both EVs and storage in China.

It's valued for its safety, long cycle life,

and lower cost compared to nickel-based chemistries.

The report links today's price pressure

to higher input costs and tightening supply and demand.

Effective capacity utilization at Chinese LFP producers

has been climbing.

It's now above 95%.

An industry insider cited the report

describing the planned increases

as reasonable demands from producers.

The key question next year is, of course,

will that continue and what's going to be

the mix of different battery chemistries?

And finally, China's EV makers are facing headwinds

after a swift share price rally earlier this year

as fresh earnings force markets to rethink

how fast can the Chinese EV industry go,

especially from those listed companies.

X-Pung, once the poster child of renewed optimism from China,

had been up more than 130% for the year earlier this month.

This surge reflected a rebound in risk appetite

and in sentiment towards Chinese EV makers.

The latest results, though,

show how quickly years of expansion are squeezing profits.

X-Pung shares fell 10% in Hong Kong

straight after the company reported ongoing losses

and weaker guidance.

Leap motor dropped to its lowest level

since April after profits came in at less than analysts forecast,

even as sales doubled.

Li Auto and Neo have also issued fourth quarter revenue

and delivery outlooks that concern,

hinting at softer demand in what is usually a crucial period.

The wider backdrop is pretty darkening as well.

Bloomberg Intelligence expects China's

EV sales to rise 13%, but that was up 27% this year.

The deceleration comes as the tax exemptions

on EV purchases will start phasing out from next year.

Fund manager Bing Yuan at Edmund Rothschild Asset Management

warns that demand environment in the first quarter of next year

is going to be challenging,

as competition intensifies and margins come under pressure.

Makers like Geely, Lee and Xiaomi have already rolled out rebates.

Geely's is as high as $15,000 Yuan.

That's over $2,100 US dollars equivalent

to blunt the impact of these waning tax credits.

Those discounts, along with rising battery costs,

will be headwinds for things like margins.

Says Daisy Lee of EFG Asset Management,

and that suggests earnings pressure may persist,

even as Beijing tries to rein in the price wars

that helped power the sectors earlier boom.

And that's your podcast for today.

Thanks for listening.

Catch you on the next one.

I didn't realize I was wasting $415 a month

until I downloaded RocketMoney.

I thought I had my finances under control

until the app laid out all my spending

and categorized it for me.

Takeout, shopping, and unused subscriptions

were quietly draining my account.

And as a result, my savings took a backseat.

But RocketMoney doesn't just tell you

what you're wasting money on.

It takes action to save you money.

First, the app looks at your income and monthly expenses,

and calculates how much you can safely spend each day

to stay under budget.

RocketMoney also finds and cancels

unwanted subscriptions for you

and even negotiates better rates on your bills

so you have more money in your pocket.

On average, RocketMoney members can save up to $740 a year

when using all the app's premium features.

Users love the app with over 186,000 five-star ratings.

It's time to simplify your finances

and take control of your money.

Go to rocketmoney.com slash cancel to get started.

That's rocketmoney.com slash cancel.

Rocketmoney.com slash cancel.

Hear that?

That's me with a lemonade in a rocker on my front porch.

How did I get here?

I invested to make my dream home, home.

Get where you're going with MDY,

the original mid-cap ETF from State Street Investment Management.

Getting there starts here.

Before investing, consider the fund's investment objectives,

risks, charges, and expenses.

Visit statestreet.com slash im for a prospectus,

containing this and other information.

Read it carefully.

MDY is subject to risk similar to those of stocks.

All ETFs are subject to risk,

including possible costs.

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CHINA: BYD Denza D9, Dolphin’s Million Deliveries and NIO ES8 Sales Surge

About this episode

BYD Denza D9

Nio ES8

Nio ES8

EV sales

BYD

MPV (Multi-Purpose Vehicle)

Denza D9

Denza

plug-in hybrid

full-bev

BYD Dolphin Hatchback

trim

kilowatt

LFP technology

permanent magnet motor

adaptive cruise

pure electric

Geely

Zika 7X

Luxeed

Audi S7

Luxeed S7

Luxeed R7

premium EV

Tesla

Chevrolet Venture

list price

introductory price

charging port

LFP pack

CLTC

adaptive LEDs

Saturn Outlooks

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