China New Energy Vehicle Report April 2018 Copyright © 2018, JSC Automotive. No part of this report may be used or reproduced in any form or by any means, without JSC Automotive’s prior written agreement. Viewing/using all data contained shall constitute a written contract between the viewer/user and JSC Automotive that the viewer/user shall not violate JSC Automotive’s above stated copyright policy. Disclaimer: Every attempt has been made to ensure the accuracy of the information provided in this report. JSC Automotive claims no responsibility for any loss or damage resulting from any publication, error, or omission in this report. Table of contents 1 Summary .................................................................................................................................................................. 7 2 Forecast NEVs ........................................................................................................................................................ 13 3 Current situation for EV and plug-in hybrid passenger cars .................................................................................. 15 4 Regulation .............................................................................................................................................................. 22 4.1 Subsidies ......................................................................................................................................................... 22 4.2 CAFC (Corporate Average Fuel Consumption) ................................................................................................ 24 4.3 Carbon Credit Scheme and NEV Mandate ...................................................................................................... 26 4.4 Safety standards for EVs and recycling for EV batteries ................................................................................. 28 4.5 The NDRC is history ......................................................................................................................................... 29 5 Reasonable game plans for reaching the CAFC and the NEV quota ...................................................................... 30 6 Will 48V become mainstream in China? ................................................................................................................ 38 7 Batteries ................................................................................................................................................................. 41 7.1 Regulation and current status ......................................................................................................................... 41 7.2 Forecast of battery capacity and demand ...................................................................................................... 43 7.3 Consolidation of the EV battery industry ........................................................................................................ 46 7.4 Regulation on battery recycling ...................................................................................................................... 48 8 Charging stations ................................................................................................................................................... 50 9 Longterm visions of the government ..................................................................................................................... 54 9.1 NEV Roadmap ................................................................................................................................................. 54 9.2 National Intelligent Connected Vehicle Pilot Zone ......................................................................................... 54 10 Fuel cells in China ................................................................................................................................................. 56 11 NEV strategies of existing Chinese OEMs ............................................................................................................. 57 11.1 Geely ............................................................................................................................................................. 57 11.2 BAIC BJEV ...................................................................................................................................................... 58 11.3 Chery New Energy ......................................................................................................................................... 58 11.4 GAC New Energy ........................................................................................................................................... 59 11.5 JMC New Energy (JMEV) ............................................................................................................................... 60 11.6 JAC-VW .......................................................................................................................................................... 60 12 New entrants for NEVs ......................................................................................................................................... 61 China New Energy Vehicle Report April 2018 · Copyright © JSC Automotive 2018, all rights reserved Page 2 12.1 Nio ................................................................................................................................................................. 64 12.2 Byton ............................................................................................................................................................. 66 12.3 CH-Auto Technology ..................................................................................................................................... 67 12.4 XPENG ........................................................................................................................................................... 68 12.5 Lvchi Auto ...................................................................................................................................................... 69 12.6 Baoneng ........................................................................................................................................................ 71 12.7 AIWAYS ......................................................................................................................................................... 72 12.8 Chongqing Jinkang ........................................................................................................................................ 72 12.9 ICONIQ .......................................................................................................................................................... 73 12.10 Jiangsu Minan Auto ..................................................................................................................................... 73 12.11 NEVS ............................................................................................................................................................ 74 12.12 Changjiang EV ............................................................................................................................................. 74 12.13 Wanxiang Group ......................................................................................................................................... 75 12.14 Yudo New Energy ........................................................................................................................................ 75 12.15 Zhidou ......................................................................................................................................................... 75 12.16 Henan Suda ................................................................................................................................................. 76 12.17 Hozon Auto ................................................................................................................................................. 76 12.18 GreenWheel EV ........................................................................................................................................... 77 12.19 Techrules ..................................................................................................................................................... 77 12.20 LeEco ........................................................................................................................................................... 77 12.21 Faraday Future ............................................................................................................................................ 78 12.22 Lucid ............................................................................................................................................................ 79 13 Commercial vehicles ............................................................................................................................................ 80 14 EV Car Sharing Schemes ....................................................................................................................................... 83 14.1 The problem with parking lots ...................................................................................................................... 83 14.2