Gasgoo Munich- What were the major headlines in the new energy vehicle market this week?
Honda to sell China-made EVs in Japan for the first time
On April 17, Honda launched a new all-electric model, the Insight, in Japan, marking the first time a Japanese automaker has introduced a China-made vehicle to its home market.
According to an official announcement from Honda on April 16, the model is priced at 5.5 million yen (approximately $34,582). Buyers can claim a 1.3 million yen government subsidy, bringing the effective purchase price down to just 4.2 million yen.
Image Source: Honda
Honda's head of product planning said the initial release will be limited to 3,000 units. "We developed a limited-sales strategy based on the size of our target audience and our share in the brand segment," the executive noted.
The Insight is derived from the e:NS2, a joint venture model between Honda and Dongfeng Motor, one of China's leading automakers, which officially hit the market in 2024.
To suit Japanese market conditions, Honda made several localization adjustments, including switching to a right-hand drive layout and optimizing the charging system.
Kunihiro Koike, Honda's head of R&D, stated: "Production of the Insight adheres strictly to unified global quality standards. Moving forward, we will continue to evaluate plans to introduce more overseas-produced models to the Japanese domestic market."
Gasgoo Take: Honda's move to sell China-branded vehicles in Japan carries symbolic weight as the first of its kind. It represents more than just a supply chain adjustment; it is a strategic restructuring centered on the brand and product portfolio.
CATL's Q1 revenue tops 129 billion yuan; net profit jumps 48.52%
Gasgoo reported on April 15 that CATL released financials showing revenue of 129.13 billion yuan for the first quarter of 2026, a 52.45% year-on-year increase. Net profit came in at 20.738 billion yuan, up 48.52%. Excluding non-recurring items, net profit rose 52.95% to 18.09 billion yuan, while basic earnings per share climbed 44.03% to 4.58 yuan.
CATL attributed the revenue growth primarily to sustained expansion in its core business operations.
Notably, operating costs climbed 51.63% as the company scaled up its operations. Additionally, financial expenses surged 102.72% due to foreign exchange losses stemming from currency fluctuations on the company's monetary assets held overseas.
Looking ahead, CATL noted that the domestic passenger vehicle market saw short-term fluctuations earlier this year due to policy transitions and the traditional off-season. However, the company and its clients remain confident in the industry's full-year outlook, citing the long-term trend of rising global electrification penetration as evidence that the sector's growth fundamentals remain intact.
Gasgoo Take: With daily profits exceeding 230 million yuan and dividends surpassing 30 billion yuan, CATL—the world's largest power battery supplier—continues to defy market expectations with its profitability.
SGMW and CATL deepen strategic tie-up to cover full vehicle lineup and battery swap network
Gasgoo learned on April 14 that SAIC-GM-Wuling (SGMW) and CATL signed a strategic agreement in Ningde, Fujian. The partnership will focus on four key areas: industrial scale, battery swapping compatible with both passenger and commercial vehicles, joint overseas expansion, and ecosystem collaboration.
Image Source: CATL
Building on a decade of collaboration, the companies have elevated their relationship from single-model supply to a full-lineup, full-scenario ecosystem partnership. Regarding battery supply, more than 15 new energy models under SGMW will designate CATL as their core power battery provider as they jointly explore overseas markets.
The Huajing S, unveiled in April, is already equipped with CATL batteries, leveraging their high-power output to enhance the intelligent mobility experience. The companies also plan to jointly develop fast-charging technology with the goal of charging from 10% to 80% in under 10 minutes.
On the infrastructure front, SGMW's full lineup of battery-swap models will gradually integrate into CATL's nationwide swapping network.
Gasgoo Take: This alliance between two industry heavyweights is set to accelerate the adoption of new energy vehicles and could reshape the market landscape. Their complementary strengths in fast charging, battery swapping, and global expansion will not only reduce SGMW's in-house R&D and infrastructure costs but also accelerate the adoption of CATL's battery swapping standards.
Geely's Q1 sales hit a record high as NEV penetration tops 52%
Gasgoo learned on April 14 that Geely Holding Group released sales data for the first quarter of 2026. Total sales across all brands reached 937,900 units during the period, marking a record high for this time of year.
New energy vehicle sales climbed 5.8% year-on-year to 491,000 units, pushing the penetration rate to 52.4%—meaning one out of every two vehicles sold was a new energy model.
As a major automotive group controlling 12 core brands—including Geely, Volvo, Lotus, and Proton—Geely Holding also delivered a standout performance overseas. First-quarter exports jumped 126% year-on-year to 203,000 units, a new record, with new energy models accounting for 64% of the total.
Breaking it down by subsidiary, Geely Auto sold 709,400 units in the first quarter, also setting a record for the period. New energy sales rose 9% to 369,100 units, achieving a penetration rate of 52%.
Additionally, Geely Auto Group unveiled its next-generation AI hybrid technology solution, the i-HEV Zhiqing Hybrid, on April 13.
Gasgoo Take: Geely's record first-quarter sales and new energy penetration rate breaking the 52% threshold signal that its transition is entering a harvest phase, validating the success of its multi-brand synergy and technology-empowerment strategies.
XPENG MONA M03 cumulative deliveries surpass 250,000 units
On April 13, XPENG announced cumulative deliveries of its MONA M03 model have officially surpassed 250,000 units.
Since its initial delivery in August 2024, this compact electric vehicle has reached this milestone in under 20 months. It is now the fastest-selling single model in XPENG's lineup and stands as a key sales benchmark in the 150,000-yuan pure electric segment.
Image Source: XPENG
The acceleration in deliveries is backed by continuous product improvements. On April 2, the 2026 MONA M03 hit the market with six variants, priced between 119,800 and 151,800 yuan.
The new model features significant upgrades in two core areas: powertrain and intelligent driving. The entire lineup now utilizes a full-scenario 800V high-voltage platform, reducing fast-charging times from 30% to 80% to between 15 and 26 minutes. The Max version debuts with dual Turing AI chips delivering 1,500 TOPS of effective computing power and comes pre-loaded with the second-generation VLA intelligent driving architecture, supporting door-to-door autonomous driving 2.0.
Gasgoo Take: The success of the MONA M03 validates the market viability of XPENG's "technology for all" strategy, laying a solid foundation of user trust and market reputation for the upcoming launch of the first MONA-branded SUV.
