At an event Wednesday, BYD is unveiling five electric vehicles, according to Twitter posts. It’s expected to unveil a new premium EV brand at the Shanghai Auto Show in two weeks’ time.
Nio warned it may miss its Q2 production target of 7,500 electric cars due to the global chip shortage, following a similar warning for Q1.
“We still face difficulties in achieving our production goal,” CEO William Li said at an event where Nio’s 100,000th premium EV rolled off the line, according to local reports.
“The issue remains tough in the second quarter, but it will affect our production only in the near term,” Li added.
Shares fell 2.4% to close at 22.54 on the stock market today. BYD stock remains well below the 50-day line, according to MarketSmith chart analysis. Nio stock fell 6.8%, Xpeng lost 7.9%, and Li Auto sank 12.9%. Tesla (TSLA) eased 3%.
BYD’s new EV models come as more competitors in China emerge.
Last month, Chinese auto giant Geely unveiled a premium brand called Zeekr. Giant Chinese smartphone makers and suppliers, such as Foxconn and Xiaomi, also plan to bring new electric cars to market.
In Q1, Tesla (TSLA) delivered 184,400 electric cars around the world. It does not break out figures by market but in a release noted “strong reception” for the new Model Y in China.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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