The war in Ukraine and a nickel market meltdown inflated battery costs for the Chinese EV industry. New technology and Beijing’s support will help automakers such as Nio, Xpeng and Li Auto catch up, says KatrinaHamlin
China’s retail gasoline prices increased by 750 yuan a tonne and diesel prices by 720 yuan a tonne as of March 18, the National Development and Reform Commission said. They are the biggest hikes since the current pricing mechanism was introduced in 2013.
The New York-listed shares of Nio, Xpeng and Li Auto fell by around a third in the first two weeks of March after Russia’s President Vladimir Putin ordered the country’s military to invade Ukraine on Feb. 24. Shares have since rallied, and they are now trading on average 9% lower than at market close on Feb. 23, according to Refinitiv data.
Xpeng launched three new vehicles powered by lithium iron phosphate batteries on March 4. Its rival Nio launched its hybrid battery packs combining LFP and lithium nickel manganese cobalt oxide chemistries in November 2021.China-made Tesla Model 3 vehicles are seen at the Shanghai Gigafactory of the U.S. electric car maker in Shanghai, China December 30, 2019. REUTERS/Yilei Sun - RC2I5E9LQORA
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