Auto Shanghai update: Nissan unveils new EV concept, Polestar outlines production plans
Feng Li/Getty Images News
Nissan Motor (OTCPK:NSANY) and Polestar (NASDAQ:PSNY) both grabbed attention at the Shanghai Auto Show on Tuesday, providing investors with insight on their long-term plans.
Japanese automaker Nissan (OTCPK:NSANY) made a splash by revealing a new electric sport SUV, the Arizon. The concept was developed by a Chinese team within Nissan, emphasizing the automakerâs focus on gaining market share in China.
Nissan (OTCPK:NSANY) CEO Ashwani Gupta told reporters that Nissan âdoes not want to miss this opportunityâ in China. A production schedule for the newly unveiled auto was not provided.
More firmly, Swedish EV manufacturer Polestar (PSNY) will start production of vehicles destined for the US and European markets at its plant in South Carolina starting in 2024, according to Reuters.
CEO Thomas Ingenlath told the outlet that Polestar 3 production will move to the US while Polestar 4 manufacture in China remains on track. The latter model will begin production by the end of 2023.
"We have an opportunity to go to South Carolina with Polestar 3,â he told Reuters. âThe new EV brands that are building up, they can't go out immediately to build factories there. You need a decent volume.â
Moving across Europe, German automakers Volkswagen AG (OTCPK:VWAGY) and Mercedes-Benz Group AG (OTCPK:MBGAF) revealed new electric vehicles to gain share in China and compete not only with the aforementioned Nissan, but a host of domestic competitors like BYD (OTCPK:BYDDY), Li Auto (LI), Nio Inc. (NIO), and Xpeng (XPEV). For Volkswagen, this came in the form of its new ID.7 vehicle, unveiled on Monday. Volkswagen also discussed its longer term aim to release 10 additional, new EV models over the course of the next three years, with a focus on appealing to Chinese consumers. For Mercedes-Benz, a look toward luxury has resulted in the first EV from the Maybach brand in the EQS SUV. The new model is slated to have a near 400 mile range.
Looping back to Asian automakers, South Korean market leader Hyundai Motor (OTCPK:HYMLF) is looking to launch its Elantra N model in China soon while Toyota Motor (TM) made waves with the showcase of new bZ concept cars aimed at propelling the company into the ranks of major EV players from its current laggard status.
Finally, domestic giant BYD Company (OTCPK:BYDDY) gained significant attention with the display of its upscale ambitions in its YangWang U9 model, with a sticker price rumored to be near $150K. On the other end of the spectrum, the launch of the new EV hatchback model, the Seagull, was unveiled. The entry-level model tops out at about a $14,000 price tag in China, with the potential for marketing into other markets. BYD has been keen to push into Europe, per recent company statements.
Ambitions in Europe were also alluded to by Xpeng (XPEV) vice chairman and president Brian Gu in an interview with Bloomberg Television. Though, he did note growth outside of China will not be an overnight action.
âWe see great opportunities for the international market,â he told the outlet. âBut we also realize itâs a long journey, itâs not going to immediately jump-start large volume sales in many countries.â
Rounding out domestic updates, Nio (NIO) showcased an updated ES6 model and Li Auto (LI) outlined plans to rapidly expand its EV offerings. The latter company expects to boast a lineup of 11 models by the close of 2025.
Elsewhere, Chinese media homed in on Teslaâs (TSLA) absence from the event. The state-backed Global Times wrote that âTesla's absence from the flagship industry event has aroused broad discussion,â but noted the automakerâs recent attendance of the the China International Consumer Products Expo just last week.
Read more on Nioâs aims to avoid a price war in China.