00:00
I didn't even realize I was wasting $415 a month until I downloaded Rocky Money.
00:05
I thought I had my finances under control until the app laid out all my spending and categorized
00:11
Takeout, shopping, and unused subscriptions were quietly draining my account.
00:15
And as a result, my savings took a backseat.
00:18
But Rocky Money doesn't just tell you what you're wasting money on.
00:21
It takes action to save you money.
00:23
First, the app looks at your income and monthly expenses and calculates how much you can
00:28
safely spend each day to stay under budget.
00:31
Rocky Money also finds and cancels unwanted subscriptions for you and even negotiates better
00:35
rates on your bills so you have more money in your pocket.
00:38
On average, Rocky Money members can save up to $740 a year when using all the app's
00:45
Users love the app with over 186,000 five-star ratings.
00:48
It's time to simplify your finances and take control of your money.
00:52
Go to rockitmoney.com slash cancel to get started.
00:55
That's rockitmoney.com slash cancel.
00:57
If you're the purchasing manager at a manufacturing plant, you know having a trusted partner makes
01:05
all the difference.
01:07
That's why hands down you count on Granger for auto-reordering.
01:11
With on-time restocks, your team will have the cut-resistant gloves they need at the
01:15
start of their shift.
01:17
And you can end your day knowing they've got safety well in hand.
01:21
Call 1-800-GRANGER, click Granger.com or just stop by.
01:25
Granger for the ones who get it done.
01:30
The number one resolution for people last year was to save more money, but nearly half gave
01:35
Don't let that be you.
01:37
Download Rocket Money to reach your financial goals this year.
01:40
Track your spending, cut waste, and automate savings in one simple app.
01:45
Rocket Money shows you all your expenses and categorizes them so you know exactly
01:49
where your money's going and where you're overspending.
01:51
From there, the app cuts waste by cancelling your unused subscriptions and lowering your
01:56
No customer service needed.
01:58
With that money freed up, the app will automatically set some cash aside for your goals.
02:02
Whether it's an emergency fund, paying off debt, or saving for vacation, Rocket Money's
02:09
Users love the app with over 186,000 five-star ratings.
02:13
And on average, users can save up to $740 a year when using all of the app's
02:19
Take saving money a priority this year.
02:22
Go to rocketmoney.com slash cancel to get started.
02:24
That's rocketmoney.com slash cancel.
02:27
Rocketmoney.com slash cancel.
02:30
If you're an HVAC technician and a call comes in, Granger knows that you need a partner
02:34
that helps you find the right product, fast and hassle-free.
02:39
And you know that when the first problem of the day is a clanking blower motor,
02:42
there's no need to break a sweat.
02:45
With Grangers easy to use website and product details, you're confident you'll
02:48
soon have everything humming right along.
02:51
Call 1-800-GRANGER, click Granger.com or just stop by.
02:55
Granger, for the ones who get it done.
02:59
Welcome back to EV News China.
03:01
Coming up today, BYD doubles overseas sales.
03:04
China car makers fight over capacity.
03:06
And the X-Pung P7 at the IWA show.
03:10
Later in the show, I'll tell you how many orders the new SUV from Huawei
03:15
got in the first hour on sale.
03:17
Welcome to EV News China, the podcast dedicated to the world's largest EV market.
03:22
Each day, I'll bring you the latest headlines, expert insights and analysis
03:27
from the heart of China's booming EV industry
03:29
and reveal how these developments are shaping the global landscape.
03:33
Patreon supporters fund the show, get the episodes ad-free as soon as they're ready
03:36
and be part of the EV News Daily community.
03:39
Be like them by clicking on a link in the show notes.
03:41
We'll start with news of BYD aiming to sell about one million new energy
03:45
vehicles outside of China in 2025.
03:48
Targeting roughly double the vehicle sold overseas in the first half of the year.
03:56
This strategy puts BYD on track to challenge the top Chinese automakers
04:00
like SAIC and Cherry for the global market share.
04:04
Last year, overseas sales were just 417,000.
04:09
And so more than doubling that this year.
04:11
BYD operates in 100 international markets.
04:14
Vehicle exports from China supported by overseas plants in places like Uzbekistan and Thailand.
04:20
The company plans more factories in Turkey, Hungary, Brazil and elsewhere to bypass rising tariffs.
04:27
Last month in August BYD shipped more than 900 dolphins made in Thailand to Germany, Belgium and the UK.
04:35
And for those EU countries, those Thai made dolphin EVs
04:40
avoid the extra 20.7% tariff on top of the existing 10% customs duty.
04:48
Overseas sales now make a real difference to BYD's profits
04:51
with an estimated $5,000 per profit per car in Europe,
04:54
much higher than the $1,260 profit per vehicle earned in China.
05:01
As growth in China slows, BYD faces rising inventories
05:06
and has launched discounts on 22 models so far.
05:10
Well in 2025 to date, BYD has sold about 2.5 million passenger vehicles worldwide.
05:17
That's still up 26% compared to the same period last year.
05:21
But July's year on year sales of just 0.1% was the smallest in a year and a half
05:29
and the smallest it can get and still count towards being growth.
05:32
BYD also trimming its sales goal for the year
05:35
whilst their ambitions are still big, they've trimmed a million vehicles off.
05:43
So the earlier target for the year was 5.5 million and the new sales target for BYD is 4.6 million.
05:50
That's a big drop and the figure shared with suppliers and inside the company
05:56
that was shared last month we believe to help steer planning.
06:00
But it could still be revised further if the markets shift either way.
06:04
The move follows several rounds of target reductions in recent months
06:07
and sources describe tough competition from particularly Geely and Leap Motor.
06:11
If BYD does sell the new number, 4.6 million vehicles this year, annual growth, well it
06:17
would still be growth, it would be 7.6%, which would be its slowest in 2020.
06:23
That was when sales actually fell, the company's latest sales figures highlight the slowdown.
06:28
BYD sold 373,000 EVs in August, again about the same as August last year.
06:38
Despite the slowdown, BYD's new energy vehicle sales for the first
06:44
eight months of the year are just shy of 3 million, which year on year is up 23%
06:51
for the same period in 2024.
06:54
Geely's also growing, Leap Motor's also growing though.
06:58
Now, China car makers are being squeezed by the price war and overcapacity.
07:03
They've been crushing foreign brands in the local market at home that got advanced batteries
07:08
and China EVs have made the country the world's top car exporter.
07:14
But after two years of a bruising price war, many Chinese EV makers are still in trouble.
07:21
Discounting and free add-ons have driven the average new car price
07:26
down to US$24,000. That's 21% lower than four years ago.
07:31
This has hit both the combustion specialists and new EV players.
07:36
Mitsubishi quit China completely, Dongfeng sales down 14%, and more EV companies left and entered
07:43
last year. Even giants like BYD, who we just talked about in Great Wall Motor, are seeing profits
07:49
fall with BYD's quarterly net profit down 30% and Great Wall's first half profit down 10%.
07:56
The real problem in China is overcapacity. In 2024, China could produce 55.6 million cars.
08:06
Well, they only sold 27.6 million. This has led to fierce competition,
08:12
deep factory discounts and losses. Regulators want more rational pricing,
08:17
but local officials resist shutdowns because even loss-making factories bring jobs after all,
08:24
and tax revenue. Companies like NIO are still expanding their plants, despite smaller sales than planned,
08:29
as government support and fear of job losses keep these factories afloat. Some call them zombie
08:35
factories, by the way. The price war has sped up advances in EV tech, but domestic demand
08:40
is fragile, and consumer confidence is low. Exports are facing new tariffs outside of China,
08:48
and while protectionism abroad and local production plans threaten the China-made vehicles,
08:54
if the demand were to soften, plant closures and layoffs are surely inevitable. Without a jump in
09:01
demand at home in China, some of the car industry could end up very financially distressed.
09:08
China's EV startups are still trimming their losses, though. Price cuts are still ongoing,
09:15
despite warning from central government not to drive these ridiculously low prices any further.
09:22
Price cuts have helped China's EV startups shrink their losses, but staying afloat is getting
09:28
tougher. NIO's losses dropped 26%, Xpun cut its loss as well, Zika slashing its loss by 88%,
09:37
but profits are being squeezed ridiculously tight. Raising new funds is becoming tough,
09:44
heavy losses could force car makers out of the market, says the EV consultant Ding Haifeng.
09:51
The pressure is especially high if your EV brand is listed, and it's on the
09:57
stock exchanges because you've got to show really quick progress.
10:01
Okay, let's talk about a vehicle we're excited about, and that is the Xpeng Xiaopang P7
10:08
debuting in Europe. Xpun's next-generation P7 made its debut at the IAA show in Munich
10:14
as deliveries begin across China. Xpun says the next P7 brings together an updated design
10:19
cutting-edge technology, and they streamed it live today. Inside, the new P7 features
10:26
a redesigned look and come standard with their in-house Turing AI chip architecture.
10:30
There are three Turing chips, two dedicated to smart driving features, and one handling
10:34
cockpit functions with a combined, effective compute of 2,250 TOPS or tops. Four P7 variants
10:44
are on sale in China. They start at 219,800 RMB, up to 301,800 RMB.
10:54
That undercuts Tesla's Model 3. The Xpeng P7 undercuts that quite considerably. Model 3
11:01
starts at 235,500 RMB. Deliveries of the P7 began nationwide last week,
11:08
and the car is set to share the Munich show floor with new models from the likes of LeapMotor.
11:14
Now, Neo's CEO, William Lee, says the company plans to deliver 50,000 vehicles a month
11:21
in the fourth quarter of the year, powered by their multi-brand strategy. The launch of the
11:26
Envo L90 and the new ES8, the large SUV, are going to be key, with both expected to hit 15,000 units
11:33
in monthly production. The L90 will get there in October, the ES8 will get there by December.
11:40
Next year, Neo will launch three big new SUVs. The ES9, so some spy pictures of that. I'll
11:46
report that on the podcast in a future episode. ES9, looking like a really big three-row SUV.
11:53
A five-seat ES7, and the Envo L80. Neo's second quarter revenue was 19.01 billion yuan,
12:01
which is up 9% year over year, and 58% above the previous quarter.
12:06
Vehicle deliveries reached 72,000 units in the second quarter of the year.
12:11
That's up 25% from last year, and 71% from Q1. The company's overall gross margin is 10%.
12:18
They spent 3.01 billion yuan on R&D, and they still have 27 billion yuan
12:25
cash at hand at the end of June. Now, more evidence of big names from western car makers
12:32
heading to senior positions in China. Fabian Schmaltz, who helped shape Lamborghini and Porsche
12:39
vehicles like the Taycan, has now joined Xiaomi as the head of exterior design.
12:44
Xiaomi's recent Su7 and YU7 have stirred debate, many seeing design parallels to vehicles like
12:50
Porsche and Ferrari earning them nicknames to do with how they've ripped off those vehicle designs.
12:57
Responding to comparisons, Xiaomi's Li Tianyuan explained the design team's focus on
13:04
emotion, emotional value, saying they're aiming to create cars that feel intuitive
13:09
and delight their drivers. Li highlighted that China's new energy transition offers a chance
13:15
for designers to leap ahead, and Xiaomi's approach weaves the practical needs with
13:19
emotional resonance, they say. But look, hiring someone who is ex Lamborghini, ex Porsche Taycan
13:26
design is seen as a move to support their expansion outside of China and expanding overseas.
13:34
Now we'll take a quick break on the podcast, we'll come back, we'll talk about Ito,
13:38
JAC and Chang'an's car with a 6C charging rate. Stick around, back in a mo.
13:46
I didn't even realize I was wasting $415 a month until I downloaded Rocky Money.
13:51
I thought I had my finances under control until the app laid out all my spending and
13:56
categorized it for me. Takeout, shopping, and unused subscriptions were quietly draining my account,
14:02
and as a result, my savings took a backseat. But Rocky Money doesn't just tell you what
14:06
you're wasting money on, it takes action to save you money. First, the app looks at your
14:11
income and monthly expenses and calculates how much you can safely spend each day to
14:15
stay under budget. Rocky Money also finds and cancels unwanted subscriptions for you
14:20
and even negotiates better rates on your bills so you have more money in your pocket.
14:24
On average, Rocky Money members can save up to $740 a year when using all the app's premium
14:30
features. Users love the app with over 186,000 5-star ratings. It's time to simplify your finances
14:36
and take control of your money. Go to rocketmoney.com slash cancel to get started.
14:41
That's rocketmoney.com slash cancel, rocketmoney.com slash cancel.
14:46
If you're the purchasing manager at a manufacturing plant, you know having a trusted partner makes
14:52
all the difference. That's why hands down you count on Granger for auto-reordering.
14:57
With on-time restocks, your team will have the cut-resistant gloves they need at the start of
15:02
their shift. And you can end your day knowing they've got safety well in hand.
15:07
Call 1-800-GRANGER, click Granger.com or just stop by. Granger for the ones who get it done.
15:15
The number one resolution for people last year was to save more money, but nearly half gave
15:22
up by February. Don't let that be you. Download Rocket Money to reach your financial goals this
15:27
year. Track your spending, cut waste, and automate savings in one simple app. Rocket
15:33
Money shows you all your expenses and categorizes them so you know exactly where your money's
15:37
going and where you're overspending. From there, the app cuts waste by canceling your
15:42
unused subscriptions and lowering your bills. No customer service needed. With that money freed up,
15:47
the app will automatically set some cash aside for your goals. Whether it's an emergency fund,
15:52
paying off debt, or saving for vacation, Rocket Money's got you covered.
15:57
Users love the app with over 186,000 five-star ratings. And on average,
16:02
users can save up to $740 a year when using all of the app's premium features.
16:07
Make saving money a priority this year. Go to RocketMoney.com slash cancel to get started.
16:12
That's RocketMoney.com slash cancel. RocketMoney.com slash cancel.
16:18
If you're the purchasing manager at a manufacturing plant, you know having a trusted
16:22
partner makes all the difference. That's why hands down, you count on Granger for auto
16:27
reordering. With on-time restocks, your team will have the cut resistant gloves they need
16:32
at the start of their shift. And you can end your day knowing they've got safety well in hand.
16:38
Call 1-800-GRANGER, click Granger.com, or just stop by. Granger for the ones who get it done.
17:02
of the speed at which it charges and discharge. In this case, we always talk about C-rate in terms of
17:09
how quickly an EV charges. It can add a kilometer of range every second. The car targets
17:16
the mid to large sedan segment, does the Nevo A06. It's 4.88 meters in length, 1.9 meters wide,
17:24
and a bit under 1.5 meters in height, with a 2.9 meter wheel base. So yeah,
17:30
I'd say mid-size sedan. The chassis uses front aluminium double wishbone and rear five-link
17:36
suspension for comfort. The drag coefficient, they say, is 0.217. That's incredibly low.
17:45
Comprehensive sensors. Roof-mounted LiDAR, millimeter wave radars, 12-ontrosolix,
17:51
11 cameras, highly advanced Level 2 driver assistance system. Visually, an 89-inch
17:59
through-type headlight with 236 LEDs. They say it creates a smiley face look up from.
18:04
The battery electric version has two powers, either 210 or 120 kilowatts, and a couple of battery
18:11
sizes you can get on these. Actually, three. All at LFP packs, either 4251 or 63 kilowatt
18:21
hours, up to 630 kilometers CLTC. The top-bev variant has 800 volts architecture underneath it,
18:30
and a silicon carbide platform. So very quick, but also very, very rapid to charge. On the EREV
18:39
version, by the way, which works with both an engine and a battery, they say that the charge
18:45
you can take at nine minutes to go 10 to 80. Oh, sorry. That's a 30 to 80. It's 12 minutes,
18:54
10 to 80. That's incredible. Obviously, you have to find a charging station that'll go that quickly.
18:59
Now, Aito just dropped some news. They have opened pre-orders for the new M7.
19:06
This is quite a premium vehicle, actually. It starts about $40,000 US dollars equivalent,
19:10
about 288,000 yuan. There's a battery and EREV version. They say 20,000 orders placed in the
19:16
first 10 minutes, and that number jumped to 100,000 in the first hour. The new model launches on
19:23
September 23rd, and it sits above today's entry point of the Aito M7. Updates include
19:30
new exterior, interior specs, and size. The vehicle grows by six centimeters,
19:36
and by 21 centimeters in the wheelbase. Staying close in terms of styling, you'd say it now echoes
19:42
the larger Aito M8. Continuous light bar linking the headlights and the logo above it. Every version
19:49
comes standard with Huawei's new driving assist, LiDAR, and upper trims add a 192 line LiDAR on
19:57
the roof. A rear solid state LiDAR, 540 LiDARs, a laser plus camera set up on the other variant,
20:09
which will spot obstacles as small as 30 centimeters at night. Well, the new Aito M7
20:17
is a reasonably sized vehicle. Like I say, it's quite a premium vehicle. So over a three-meter
20:23
wheelbase on this, over a five-meter-long vehicle, five- and six-seat layouts return.
20:30
The Bev version offers a rear drive model with 227 kilowatts, and an all-wheel drive version
20:37
as well, with a 160 kilowatt front motor added. Battery size, like I say, premium,
20:43
large vehicle, 100 kilowatt-hour battery is standard in this. The EREV version pairs a 1.5
20:52
liter engine. That's pretty common, actually, with either the same rear motor for a the rear wheel drive
20:59
or an all-wheel drive setup as well. And finally, let's talk about a very affordable car looking
21:07
like something rather a lot more expensive. JAC has updated the E30X. This is a small, compact
21:15
city, urban, cheap car. Costs about $9,800 US dollars equivalent. It's $70,000 when you go on,
21:24
when you buy that sales are now starting. And it was recently seen in China with a new front-end
21:29
design. And let's say it's been heavily influenced by Huawei's Aito M9. Now, the M9 is the
21:38
premium SUV. And very expensive premium vehicle. The M9 costs nearly $65,000 US dollars equivalent.
21:49
It's $470,000 you won. The E30X, in contrast, also sold as the JAC UA3, launched a couple of years
21:59
ago at a slightly higher price, but demand was lagging. So they lowered the prices. And he
22:05
sold about 25,000 units of this small car. Now, spy shots from earlier this month show the new
22:10
headlights linked by an LED strip and a front bumper that really looks like a little baby version
22:16
of the Aito M9. And well, that's no bad thing because this vehicle looks way more premium
22:22
than the pricing. The imitation of luxury models is widespread amongst China's budget
22:27
low-speed EVs. But it's less common in regular passenger cars like this. JAC, who's my
22:34
extra-joined venture with Huawei, builds very expensive sedans, is now targeting volume with
22:40
this very cheap E30X. This goes right up against other budget EVs like the BYD
22:46
Seagal and Gile's Xinhuan as well. So a five-seat cabin, 300-litre boot or trunk,
22:55
and different motor options up to 100 kilowatt motor up to 51.5 kilowatt hour battery as well.
23:02
So decent specs on these small, cheap cars, very competitive sector of the market. And that is
23:09
your podcast for today. And that's the return of EV News China. If you made it to the end of this
23:14
show, by the way, you may be interested to know that we ran a pilot series back in July, actually,
23:20
before the summer, and also before the summer holidays at least. And it went down really
23:25
well. I wish I could have brought EV News China back sooner, but what with seven weeks of
23:30
kids' holidays and just the whole routine being totally thrown out of whack until school started
23:36
again, it would have been very, very difficult. So we do have some more help coming in on EV News
23:41
Daily, which is an investment. It is a really big investment to bring people in to help me
23:46
write these podcasts. But I think it's worth making kind of taking that short-term hit to
23:51
see if we can grow the podcast. And one of the ways that we'll do that, along with some
23:55
more special shows, obviously YouTube has to start again very soon. But one of them is
23:59
EV News China. So if you made it to the end, congratulations. We'll do this every day, every
24:03
weekday. It'll be, I think, Sunday night to Thursday night because China being ahead of us,
24:09
my time, at least in terms of time zones, and trying to bring you all the details
24:14
of what's happening in the world's largest electrical vehicle market. Thanks for listening
24:19
and I'll see you on the next one.
24:21
Let's do the 60 Second Savings Challenge. Step one, download Rocket Money. Step two,
24:30
link your accounts and see every subscription you're paying for. Tap one you don't use and
24:35
cancel it. That's money back every month. Step three, create a financial goal. $50 every paycheck
24:42
or let the app automatically move small amounts of cash when you can afford it.
24:46
In a week, you'll forget you set it up. In a month, you'll see real dollars piling up.
24:51
In a year, you'll be shocked at how much money you've saved. Bonus challenge, upload an internet or
24:56
phone bill and let Rocket Money try to lower it. You only pay if they find you savings. On average,
25:02
Rocket Money members can save up to $740 a year when using all of the app's premium features.
25:07
Users love the app with over 186,000 five-star ratings. Make saving money the
25:13
resolution you actually keep. Start the 60 Second Savings Challenge at RocketMoney.com
25:17
slash cancel. That's RocketMoney.com slash cancel. RocketMoney.com slash cancel.
25:25
If you're an HVAC technician and a call comes in, Granger knows that you need a partner that
25:30
helps you find the right product, fast and hassle-free. And you know that when the first
25:35
problem of the day is a clanking blower motor, there's no need to break a sweat.
25:39
With Granger's easy-to-use website and product details, you're confident you'll soon have
25:44
everything humming right along. Call 1-800-GRANGER, click Granger.com or just stop by.
25:50
Granger, for the ones who get it done.
25:55
If you're an HVAC technician and a call comes in, Granger knows that you need a partner
26:00
that helps you find the right product, fast and hassle-free. And you know that when the
26:04
first problem of the day is a clanking blower motor, there's no need to break a sweat.
26:10
With Granger's easy-to-use website and product details, you're confident you'll soon have
26:14
everything humming right along. Call 1-800-GRANGER, click Granger.com or just stop by.
26:20
Granger, for the ones who get it done.
26:25
If you're the purchasing manager at a manufacturing plant, you know having a trusted
26:29
partner makes all the difference. That's why hands down you count on Granger for auto-reordering.
26:35
With on-time restocks, your team will have the cut-resistant gloves they need at the start
26:40
of their shift. And you can end your day knowing they've got safety well in hand.
26:46
Call 1-800-GRANGER, click Granger.com or just stop by. Granger, for the ones who get it done.
26:53
If you're an HVAC technician and a call comes in, Granger knows that you need a partner that helps
27:00
you find the right product, fast and hassle-free. And you know that when the first problem of the
27:05
day is a clanking blower motor, there's no need to break a sweat. With Granger's easy-to-use
27:11
website and product details, you're confident you'll soon have everything humming right along.
27:16
Call 1-800-GRANGER, click Granger.com or just stop by.
27:20
Granger, for the ones who get it done.