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Li Auto, Nio and Xpeng, China’s top three premium EV manufacturers, have reported a strong rebound in deliveries in March, while BYD said the sales of its pure electric and plug-in hybrids had surged as well.

With a sporty appearance, the EV will be based on a modular platform and will cater to the passenger segment. Additionally, the company plans to introduce the NXU, a commercial segment-focused model, in the future.

Aston Martin will give 3.7% of the company to Lucid Group in exchange for its high-performance technology, as Aston Martin is aiming to launch its first EV by 2025 and needs partners to make the transition. The deal is worth about USD 232m, with Aston Martin issuing around 28.4 million new shares to Lucid.

The carmaker is taking over a defunct facility previously owned by SUV maker Leopard in Chuzhou city and building a new plant there to make lower-priced electric cars, say two officials at car component companies with business ties with Nio.

Tesla’s sales in China jumped nearly 80 per cent after the US carmaker slashed prices, but the discounts might not be enough to revive growth as rivals follow with price cuts of their own, analysts said.

The impact of Tesla’s heavy price cuts in China this month is being felt by some used-car dealers, who are being forced to cut their own prices to find buyers. But sales of second-hand Teslas are expected to grow with new price levels attracting more budget-conscious consumers.

A restored supply chain and the rising popularity of electric cars should help Geely reach what is seen as an important threshold for defining a powerful carmaker in mainland China.