USD/CNY Price & Performance (USDCNY)

Tesla's revamped Model Y has dominated China's premium electric SUV market for the week of March 10-16, 2025, selling 9,451 units. This far outpaced its nearest rival, the Zeekr 7X, which sold 1,390 units. The surge follows the vehicle's late-February local release, reversing Tesla's February sales decline.1

Nio reported a record net loss of RMB 7.11 billion in Q4 2024, a 32.5% increase year-on-year, despite a slight improvement in gross margins. Rising SG&A expenses and currency revaluation losses impacted results. The company expects Q1 2025 vehicle deliveries to grow by over 36% year-on-year, signaling potential recovery.2

Autonomous driving firm Pony.ai posted record annual revenue of RMB 548 million in 2024, a 4.3% rise year-on-year. Its Robotaxi operations, bolstered by increased passenger fares and expanded services in major Chinese cities, contributed significantly. New seventh-generation Robotaxi models are expected to drive further growth in 2025.3