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Preview of new cars at Guangzhou Auto Show
This weekend will welcome the 19th Guangzhou Auto Show, with major automakers already promoting their upcoming vehicle models. We will bring you the latest news on new cars on the media day on the 19th. However, let’s take a look at which heavyweight models will be unveiled in four days.
Quick Review:The theme of the current Guangzhou Auto Show is “New Technology, New Life,” featuring a total of 54 global debut vehicles, of which there are 241 new energy vehicles, accounting for one-fourth of the total. As can be seen from the lineups of various car manufacturers, whether traditional car companies or new power companies, they have all brought their own intelligent pure electric vehicle models to the show. All of the above models are highly anticipated products that have received a lot of attention during the preview period. In addition to these, there are many new cars waiting for everyone’s attention. You can check our official website for the latest coverage of the Guangzhou Auto Show on the 19th.
Tesla Adjusts Parameters for China-Made Model Y Standard Range
On November 12th, Tesla updated the China-made Model Y’s webpage, and updated some parameters of the Model Y Standard Range without changing the selling price.
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First, Tesla China canceled the suffix of the Model Y Standard Range, and named the entry-level version Model Y, which is consistent with overseas markets. Currently, only the Model 3 still offers the Standard Range Plus version.
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In addition to the naming update, the range has been changed from the previous Chinese standard cycle test (GB) to the China Long Range Test Cycle (CLTC), making it the second model to adopt CLTC standard after the Model 3 Performance. The rest of the Model Y versions still use the NEDC standard.
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It’s worth noting that this update has slowed down the Model Y’s acceleration speed to 6.9 seconds per 100 kilometers, which is 1.3 seconds slower than the previous version. The maximum speed has not changed.
Quick Review:
The slowdown in the Model Y’s acceleration capabilities reminds me of the power upgrade package Tesla introduced for the Model Y Long Range, which improved the acceleration to 0.5 seconds. We don’t know whether a similar OTA installation package will be available for the Model Y entry-level version in the future. As for battery changes, we’ll have to wait until next quarter’s deliveries to find out.
Rivian Goes Public on NASDAQ
On November 10, U.S. electric pickup truck company Rivian went public on NASDAQ under the ticker symbol “RIVN”. The issue price was $78, and the financing scale reached $12 billion, making it one of the largest IPOs in U.S. history.
Surprisingly, Rivian’s stock price skyrocketed after going public, surpassing that of established U.S. car companies like Ford and GM, becoming the “new aristocracy” of U.S. electric vehicle investments. This has inevitably led investors to compare it with Tesla, and keep in mind that Rivian has only just begun deliveries.#### NIO releases Q3 financial report
On November 10th, 2021, NIO released its Q3 2021 financial report. Its total revenue was 9.8 billion yuan, with an overall gross profit of 20.3% and a net loss of 2.859 billion yuan.
In this quarter, NIO achieved record-high deliveries, with a total of 24,439 new cars delivered, an increase of 11.6% compared to the previous quarter and an increase of 100.2% compared to the same period last year. They also reached their Q3 sales target of 23-25k vehicles, including:
- ES8: 5,418 vehicles
- ES6: 11,271 vehicles
- EC6: 7,750 vehicles
Let’s take a look at the financial data for NIO Q3 2021:
- Total revenue was 9.805 billion yuan, an increase of 116.6% YoY and 16.1% QoQ
- NIO’s total gross profit in Q3 2021 was 1.993 billion yuan, an increase of 240.3% YoY and 26.6% QoQ, with an overall gross profit margin of 20.3%, slightly up from Q2’s 18.6%.
- Automotive sales revenue in Q3 2021 was 8.337 billion yuan, an increase of 102.4% YoY and 9.2% QoQ, with a per-car gross margin of 18%, slightly down QoQ.
- Other business revenue was 780 million yuan, an increase of 350.8% YoY and 117.9% QoQ, mainly due to subsidies and battery upgrade services.
- The net loss in Q3 2021 was 2.859 billion yuan, an increase of 140.7% YoY and 333.6% QoQ.
Editorial:
One of the key reasons why investors are optimistic about Rivian is that their pickup trucks are better suited for the US market, and they have beaten Tesla to market with the release of the R1T. Compared to the Cybertruck, Rivian’s R1T is more practical, with each wheel powered by an independent electric motor, greatly improving its off-road and mud capabilities. There are also many interesting details in the overall design of the R1T. With the continuous advancement of US emission policies, the future of pure electric pickups in the US market has enormous potential.
In the face of supply shortages, NIO still achieved a quarterly delivery record in Q3 2021, and NIO’s new order volume in October also reached a monthly historical high. On the production front, the NIO team is working hard to ensure production capacity and delivery volume in Q4, while at the same time accelerating the production of three new NT2.0 platform vehicles for 2022.
Geely’s Vision Releases Electric Heavy Truck
On November 8th, the Geely’s new energy commercial vehicle brand Faraday, released a new electric luxury heavy truck – Faraday Star Han H, which is planned to be officially launched in 2024.
In terms of power, Star Han H uses three power forms: pure electric, extended range, and methanol P2 hybrid. Interestingly, the pure electric and extended range versions use a battery swapping program. At the same time, the modular battery swapping station developed by Faraday also made its debut at the release conference.
In terms of interior design, Star Han H creates a “mobile space” and designs various daily necessities for truck drivers, including a shower room, bathroom, super single bed, refrigerator, and tea maker. A kitchen and a washing and drying machine are also installed under the car door to meet the daily needs of truck drivers.
In addition, Faraday cooperates with Yikatong and Volvo Autonomous Driving R&D to achieve L3 highway autonomous driving and L4 limited to specific scenarios autonomous driving in 2023; L4 long-haul logistics autonomous driving in 2026; and L5 level autonomous driving in 2030. With the technical advantages of Geely Group in low-orbit satellites, chips, algorithms, and other areas, it also has the ability to achieve OTA continuous upgrades.
Quick Comment:
It is not difficult to see that in the field of electric commercial vehicles, especially in the heavy-duty truck market, the competition is still not intense. Although a batch of Volvo’s VNR electric heavy trucks has been delivered in the US market before, the scope of application for electric heavy trucks is still relatively small at present. The issues of insufficient battery range and inadequate charging infrastructure are yet to be addressed. Furthermore, we have yet to experience any significant upgrades or improvements regarding electric heavy trucks compared to traditional fuel-powered heavy trucks.
The Star Han H solves the charging issue through its battery swapping program. As for the sense of upgrade, Star Han H provides a “mobile space” combined with an intelligent cockpit to relieve truck driver fatigue through better-equipped interior designs and the assistance of advanced driving software and hardware. In terms of intelligence and humanization, it is a significant advantage of the electric era that traditional fuel-powered heavy trucks cannot keep up with.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.