CnEVPost Newsletter: Citi cuts price target on NIO; XPeng halts P5 reservations in Europe

To date, NIO’s battery swap network has completed its previously promised coverage of five vertical and three horizontal highways and four metropolitan areas in China.

The setback regarding the P5 does not affect XPeng’s long-term strategy in Europe, where it is moving to encourage local consumers to pre-order the P7 sedan.

Li Auto launched its new SUV, the L9, on Tuesday, and Citi raised its price target on the company.

CITIC Securities expects BYD to sell 140,320 units, Tesla China 87,182 units, XPeng 19,281 units, Li Auto 19,447 units and NIO 10,772 units in June.

The Neta S is Neta’s first effort to enter the premium market with a limited-edition pre-order price of RMB 338,800 ($50,380).

The product includes two versions with one and two DRIVE Orin chips, with mass production set to begin in the fourth quarter.

Volkswagen Anhui is moving full speed ahead with production, with pre-production vehicles set to roll off the line this year and mass production in the second half of 2023.