CnEVPost Newsletter: XPeng gets new credit line from local bank; BYD's Q1 net profit up 241%
XPeng secures about $1.14 billion credit line from local bank - CnEVPost — cnevpost.com XPeng's cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits reached RMB 43.5 billion by the end of last year.
XPeng stock could see relief rally with April monthly sales, says Deutsche Bank - CnEVPost XPeng's production and logistics appear to be the least affected by the Shanghai lockdown, and supply chain management also appears to be more resilient than peers, said Edison Yu.
BYD posts net profit of about $123 million in Q1, up 241% year-on-year - CnEVPost This is near the median of BYD's previously forecasted range of RMB 650 million to RMB 950 million.
BYD reveals interior details of Seal - CnEVPost As one of the top contenders for the Tesla Model 3, BYD's upcoming Seal is undoubtedly one of the most talked about models recently.
EV startup Aiways to build battery swap-enabled models with CATL - CnEVPost The two will develop battery swap-enabled models based on the Aiways U5 and plan to bring it to market in the fourth quarter of 2022.
Smart #1 launched in China, gets over 10,000 pre-orders in 24 hours - CnEVPost The Smart #1 is the first production model launched after the electrification transformation of the Smart brand, with a pre-sale price range of RMB 190,000 ($29,000) - 230,000 after subsidies.
Honda's first EV model in China, e:NS1, goes on sale with prices starting at about $26,700 - CnEVPost The e:NS1 is the start of Honda's increased efforts in China's fast-growing EV market, as Japanese automakers generally lag behind in that wave.
L2 assisted driving systems reach 35% penetration in China's NEV market in Q1, IDC says - CnEVPost This is much higher than the 19.9 percent of the ICE vehicle market.