Tesla’s vice president, Grace Tao, said that the company holds great hope for realizing 100% localization on all China-made Teslas and even seeing China-designed models on the road of the country in the future.

NIO aims to achieve an annual vehicle gross margin of 25% for long run, and to achieve this long-term goal, the annual outputs of NT2.0-based vehicles should reach about 300,000 units。

Last month, the four Japanese automakers—Toyota Motor, Honda Motor, Nissan Motor, and Mazda Motor—still recorded two-digit year-on-year decrease in their China sales as automobile production were limited by the chip shortage.