CAAM Issues Supplier Payment Code, Automakers Commit to 60-Day Settlement Rule
Currently, major automakers including Seres Group, BYD, Xiaomi Auto, NIO, Great Wall, Changan, Chery, GAC, SAIC, Dongfeng, and Li Auto have voiced support for the Code.
Latest in EV news, technologies, data and insights from China market
Currently, major automakers including Seres Group, BYD, Xiaomi Auto, NIO, Great Wall, Changan, Chery, GAC, SAIC, Dongfeng, and Li Auto have voiced support for the Code.
In August, retail sales of NEVs reached 1.101 million units, up 7.5% YoY and 11.6% MoM, with a retail penetration rate of 55.2%, an increase of 1.5 percentage points from a year earlier.
Xiaomi’s YU7 attracts young, predominantly unmarried consumers with high incomes, primarily as first-time buyers. While praised for design, satisfaction with value-for-money is comparatively low.
Last week saw a broad dip in sales, driven by delivery scheduling at the start of the month.
This racing-license program marks a key step in Xiaomi’s broader automotive ecosystem.
The NEV industry in China faces scrutiny over “initial reservation data” following high-profile launches like the Xiaomi YU7 and Geely Zeekr 9X.
In August, NEV makers like Leapmotor and XPeng excelled in deliveries, while Li Auto faced declines. The industry anticipates a competitive September, with several flagship models launching soon.
By the end of August, Xiaomi Auto had delivered more than 330,000 vehicles in total, with full-year deliveries now projected to reach 420,000 units.
The all-new XPeng P7, launched with four variants and aggressive pricing, achieves 10,000 bookings quickly, competing with Xiaomi’s SU7 in performance and technology.
Leaked images suggest the Xiaomi SU7 L has an elongated design that enhances interior space. While it targets family use, concerns about handling flexibility persist amidst growing competition.