China EVs Are Now Targeting America’s Most Profitable Vehicles | Auto Industry Warning | CEM #244

In Episode 244, Tu Le and Lei Xing break down a major escalation in the global EV race: Chinese automakers are now targeting the most profitable segment in North America — large SUVs and trucks.  

NIO’s new ES9 flagship SUV delivers Tahoe-level size and luxury at a fraction of the price in China, signaling a direct challenge to the profit engines of GM, Ford, and Stellantis.

The episode also explores:

• The continued collapse of premium brands in China, including Porsche and Mercedes
• Rising export dependence as domestic competition intensifies
• The next wave of product launches ahead of the Beijing Auto Show
• Tesla’s strategy amid stagnating product refresh cycles
• How global macro forces — including the Iran war — are impacting EV demand and costs

Tu and Lei highlight a critical shift:

👉 The EV race is no longer about entry-level cars — it’s about owning the most profitable segments globally.

___

🔑 SEO Keywords

China EV SUVs, NIO ES9, Chinese EV competition USA, EV truck competition, Tesla China competition, BYD EV strategy, global EV market trends, electric SUV comparison, EV industry disruption, Beijing Auto Show 2026, EV exports China, Tu Le Sino Auto Insights, Lei Xing China Auto Review

___

⏱️ Chapter Timestamps

00:00 🔥 Hook: China targets SUVs

00:12 Intro and episode overview

01:00 NIO ES9 breakdown (Tahoe comparison)

04:00 SUV segment disruption explained

08:00 Porsche, Mercedes struggles in China

12:00 Export growth vs domestic pressure

16:00 Tesla strategy & product gaps

20:00 Iran war impact on EV demand & costs

24:00 Beijing Auto Show preview

28:00 Global EV competition outlook

32:00 Q&A and wrap-up

Transcript

Tu Le (00:00)
 Hi everyone and welcome to the China EVs and More podcast where my co-host Lei Xing and I will go over the week's most important and interesting news coming out of the global EV, AV and mobility sectors. What Lei and I discuss today is based on our opinions and should not be taken as investment advice. For those that are new to the show, welcome. And to our loyal listeners and viewers, welcome back. We ask that you help us get the word out about this podcast to other enthusiasts and of course, tune in again next week. My name is Tu Le. I am the
 
 Managing Director at Sino Auto Insights, a global management consultancy that helps organizations bring innovative and tech-focused products and services to the transportation and mobility sectors. I write a free weekly newsletter that you can sign up for at sinoautoinsights.substack.com, which of course I encourage you all to do. Lei, a at-home Lei? Can you please introduce yourself?
 
 Lei Xing (00:52)
 An at home Lei and first accident with my Model Y Lei. Small fender bender, but this is your co-host Lei Xing, former chief editor of China Auto Review, and this is episode 244. So we're two weeks out from Beijing Auto Show. And I mean, you can feel it, right? The launches, the bloodbath.
 
 Tu Le (00:59)
 but non-FSD, right?
 
 Lei Xing (01:17)
 the sales numbers, the Iran war, kind of roller coaster, all this in the backdrop leading up to this year's biggest show in the world. We had a few, launches this past week. Volkswagen, NIO, just Audi this morning. And there's some other teasers.
 
 Hyundai, interestingly, announcing their entry of the IONIQ official entry into the Chinese market. Mercedes numbers, Porsche numbers are out. Disaster. I don't know what else to say except that...
 
 Tu Le (01:50)
 Not good.
 
 Lei Xing (01:53)
 haven't bottomed out
 
 Tu Le (01:54)
 So there are a lot of vehicle introductions leading up to the Beijing Auto Show. I think, most notable over the last 48 hours is the ES9. I had posted on LinkedIn and I tweeted the dimensions of the ES9. They virtually match the Chevy Tahoe at 63,000 US dollars in the China market.
 
 Lei Xing (02:05)
 Boy.
 
 Tu Le (02:19)
 It would never land in the U.S. as a $63,000 SUV, but I believe the Tahoe bare bones starts at around $65,000. And with the NIO ES9, we're talking captain's chairs, we're monitors for the passengers in the back seats. And so it is really kind of a shot across the bow.
 
 from the Chinese, when you add in the AITO M9, when you add in the ZEEKR 8X and 9X, when you add in some of these other premium large SUVs. Now the ES9 is the largest SUV from a Chinese automaker, but that's the going rate here in the United States. And the key to remember about the ES9, Lei, is that
 
 Lei Xing (03:05)
 Barn on.
 
 Tu Le (03:13)
 There's only really two markets for it, China and the United or North America. And when I talk North America, let's subtract Mexico. The only markets for it are going because Europe's not going to want it. UK is not going to want it. Australia might want it. But even then, it's not going to be in any type of volume that the United States or North America is going to want it in. So I think it's important to note.
 
 And I'd written right after I put the dimensions, I said, no sacred cows, meaning that GM Ford Stellantis better look out because they're moneymakers. They're going right after their moneymakers.
 
 Lei Xing (03:47)
 So the ES9 is the largest SUV period in the Chinese market currently. It's a BEV, which Li Bin touts very much. I tweeted that it's the pinnacle of everything that's on offering in the Chinese market currently. And one of interesting things was they had this tagline of
 
 six passengers, 13 luggages, every seat is an MP, MVP, and forget about MPV. I love that tagline because this is actually NIO's own MPV, if you think about it, because they kept dunking on the other MPVs currently on the market. And then, right, you talk about some of the features that we've never seen before in a vehicle. You have a foot massage.
 
 a mechanical foot massage. You have this,
 
 electronic dimmable privacy glass that you can control it where you have a slither of viewing that you can look out. You could put four golf bags standing up in the back. Yeah, it's also the top line version with any anytime you have a nine.
 
 And have many nines in China. It often means the top of the line version. So it's the sister model to the ET9, which is the executive sedan flagship. And the ES9 is obviously the SUV flagship. There's no more higher up that you can go. You're not going to launch an ES10 or ET10. We never know.
 
 Tu Le (05:10)
 89.
 
 Well, you never know. You never know in the China
 
 market. You never know.
 
 Lei Xing (05:26)
 Nine is in
 
 Chinese culture, nine is the top of the mountain. And supposedly they're getting a lot. Now this is one piece of information that Li Bin shared that they're getting one and a half times more interest from the outside of NIO customers, which means these are the potential Mercedes GLS, BMW X7, Range Rover Sport type of clientile. I mean,
 
 Tu Le (05:51)
 I don't think it might be, I think it is.
 
 Lei Xing (05:53)
 When the prices come out, Starting at 500 some 28 with the BaaS mode is 428,000. That's a death certificate for those Range Rovers and GLSs and X7s, which are priced in the million RMB range. Why would you pay for those? If you can pay, you know, maybe half as much for
 
 something that still packs a punch and with many global first features on a vehicle. Yeah, that's kind of my thought.
 
 Tu Le (06:26)
 And if I had a critique for NIO, it would be...
 
 Pricing is aggressive. Does this mean the ES8 loses steam? Where does the ET9 fit in this? Because you would think the ES9 is going to be their high runner amongst all these cars. Obviously the ES8 has been a success since they've aggressively repriced it and relaunched it. But again, man, at a starting price with BaaS at 62 or $63,000,
 
 Why would I want to get an ES8? Unless physically it's too big, you know, cha bu duo, right? And that's what I wonder because I love the ES9, the idea of it, the thought of it, the resetting what premium is at the top end. And I'm much more worried about the, don't know, is there an X9?
 
 Is there an X9? The BMWs and the Mercedes top of the line. Well, when you combine those two, because I almost look at it like they gang up on the foreign luxury brands, the foreign premium brands. And if we think about Porsche's recent report earnings down 21 % in China, down 15 % overall.
 
 Lei Xing (07:20)
 We'll to expo next time, so...
 
 Tu Le (07:48)
 down a little bit in the United States and that needs to be their savior. So we're looking at, Porsche was over 320, 330 or something like that just four or five years ago and they might be less than 250 this year. global deliveries or global sales. And it is...
 
 I'm one thing that I want to ask you, Lei, is.
 
 I was giving most CEOs a pass, like, oh, didn't see this happening. But now it's like, holy cow, man. How could you not see this happen? You're paid to be smarter than me. You know what I mean? Yeah, so.
 
 Lei Xing (08:20)
 Wuh.
 
 Well, currently Porsche, mean, from the official language is that they expect this kind of adjustment. They're preparing for it. They actually have some plans in place. So cut down the number of dealerships and then reorient kind of the product lineup. So they're launching actually in this press release, they're launching this newer versions of the Panamera. Remember the Panamera is actually the four door Panamera is actually
 
 tailored to the Chinese market. And that's because of in China, they had the success for this four-door sedan. And now they're going to launch specific additions tailored to the Chinese market again. But you think about Macan, you think about Cayenne, they're actually launching another Cayenne EV version at the Beijing Auto Show. When you look at those, right, again, the comparison of the over a million RMB Porsche with the ES9 or ES8.
 
 any of these comparable models.
 
 They just lose that, you know, why, why would I pay that much for what I can buy for much less, but more features? Same from Mercedes, same from BMW and they have their next generation of SUVs launching at the Beijing Auto Show. And I know that sharing this from a close friend who works at a, it's a research.
 
 kind of institution, they're actually helping Mercedes kind of define and what to do with this, you know, the new GLE that's launching, the new GLC, and they are dumbfounded. I mean, that's how it is.
 
 Yeah, they don't know the answer. Other than what have been done so far is to have the Chinese tech inside and be faster.
 
 Tu Le (10:04)
 The only thing that the...
 
 That's just not going to happen. not going to match the speed. They can be faster, but they're not going to match the speed. And at the end of the day, all they have now is their logo, their brand. And we now know that there was an article in the New York Times or Wall Street Journal last week that foreign brands just aren't doing well in China anymore because there are so many domestic brands that have
 
 mimicked what's going on in the EV space. They are very familiar to Chinese consumers. And all these things are happening at once. The economy is not great. So Chinese consumers are looking much more for value. I think if the Chinese economy was still going gangbusters, growing at 10%, maybe we would see some resiliency with Porsche.
 
 Mercedes, some of these premium brands, but the economy is not growing at 10%. It's growing closer to 5%. And that also means that parts of China aren't doing well, especially when compared to pre-COVID. So this is just what the doctor ordered, some amazing products at a very, very low price for the China market and Chinese consumers.
 
 Lei Xing (11:25)
 Speaking of that challenge and pressure at home, I mean, we saw the numbers released today by CAAM. Something that stood out was obviously a huge jump in March over February, which was expected. I looked at the numbers and the trend were pretty clear. The share of exports in auto sales and NEV sales were both above 30%.
 
 So that means over 30 % of the sales reported are exported. So that's number one. And then the NEV sales domestically in March are down double digits compared to last March. Now that's a, you know, not a panic button, but that's a, you know, what would you call it? It's a concern, right?
 
 Tu Le (12:08)
 You
 
 Lei Xing (12:12)
 But at the same time, the export of NEVs are growing almost double digits, with export of PHEVs growing higher in percentage terms than export of NEVs. So that's where we are. And this reason from March till now, till the two weeks leading up to the Beijing Auto Show, we're going to have what?
 
 dozens and dozens of new product launches. And that's one of the ways to jumpstart the market. And we'll see how that goes from here on out. there's, yeah, there's pressure. There's definitely pressure. And it's based on the numbers that we see.
 
 Tu Le (12:54)
 Well, and it should be very concerning because we know that subsidies went away in January and this is a bit of a direct result of that. And ebbs and flows, we're only talking Q1, which is kind of the worst quarter for all. Well, the summer is not great either, but once we get out of summer, then
 
 things start to heat up quickly, I mean, double digits is pretty significant when it comes to the NEVs. And that also means that the lower tier cities are not.
 
 the demand in the lower tier cities is probably very, very much lower than the Chinese government would like it to be from an NEV standpoint. Because the worst situation for the Chinese government is that there's over capacity on both the EV side or the NEV side and the ICE side. And you kind of have to wonder, the Iran war was one of the best things that could have happened because it's...
 
 probably reflected in that March number where exports are over 30 % like you said. Okay, but how long are countries going to accept that? You know, I don't know. You know, especially there's only a handful of countries that have brands and production, but still they don't want to get undercut.
 
 This, especially if the Iran war goes on for a long time this year, it's...
 
 Lei Xing (14:15)
 Well...
 
 Tu Le (14:21)
 Things will come to a head
 
 Lei Xing (14:23)
 Well,
 
 in case in point, Denza Z9 GT had the balls to be priced at 115,000 euros, launching in seven markets in the European Union. Go figure, is it going to sell? I don't know, but it's very ballsy. That's where usually a Porsche is priced around, 115,000 euro or 150,000 euro.
 
 Tu Le (14:47)
 But that's where I think also Lei and I think you'd agree with me is that the Chinese are quick to make adjustments and not be embarrassed or like think of it as a huge mistake that they overpriced the market. You know, is that a mistake in the West? Maybe because you only get one chance to make a first impression.
 
 I like the Denza vehicles. don't know if I like them $120,000 like them, but I like them.
 
 Lei Xing (15:23)
 Yeah, I think it's it's a bit interesting because it's you know paying that much it's quite like I said ballsy and and yeah But then you have other extremes as well Yeah contrast, yeah
 
 Tu Le (15:33)
 And contrast that with Buick
 
 launching the ELECTRA E7 for like $24,000. And remember, we talked about nine as the highest. So seven is midsize SUV for $24,000, a Buick for $24,000 in China.
 
 Lei Xing (15:43)
 Yeah.
 
 Yeah. And interestingly, yeah. So Volkswagen, they had an event with their 6, 8, 9 models ahead of launch in the Chinese market. It started their wave of this in China for China specific tailored to the Chinese market models launching soon in the next several weeks.
 
 Interesting, the ID. ERA 9X is priced that large SUV is priced in the same range as the Audi A6L e-tron that just launched this morning, 300,000 RMB to 400,000 RMB. And a lot of these models, first of all, they have the intention to attract their own customer base.
 
 because China is a retentional market. Same for the ES9. Okay, we think about not only attracting the non-existing NIO or these owners, but outside of their brands. And, you know, the bet is on the, it's do or die, I think, with these new next generation models.
 
 Tu Le (17:01)
 Yeah, wonder if, know, I hear things and you hear things because we just have moles all over the place in China, but you know, I don't know how confident they can feel about being able to compete long-term in China unless some real, real wholesale changes are made in how they do things.
 
 Lei Xing (17:01)
 for these programs.
 
 Well, in the case of Volkswagen, I think they're banging on the legacy that they have 47 million customers in China, and they're the pioneer of the Chinese auto industry in some ways. And that legacy carries important value. What is a Volkswagen? I think in the launch event kind of, the next stage of Volkswagen's German engineering with Chinese ingenuity.
 
 Hopefully that carries some momentum for, I mean, they still sell two, three million vehicles in China a year.
 
 It's just a matter of how to keep those customers within your brand. And it's awfully hard to do right
 
 Tu Le (18:06)
 And honestly, Lei, they used to be able to book significant profits from the China market, regardless of the volume, because of Porsche, because of Audi. And I'm talking specifically Volkswagen Group. But if you make 2 million units and you make very little money, is it still a significant market to you? I don't know.
 
 Because especially if you can't export the excess capacity without some sort of tariff being slapped on it. the trade stuff is changing so quickly. And Canada is the latest to really, really study how, what, why, and who.
 
 Lei Xing (18:40)
 What the? Yeah.
 
 Tu Le (18:55)
 They should recruit to build locally, what brands they anticipate. And Stellantis could come from nowhere and start building LeapMotor vehicles within the next 18 months, no problem. Because they have a factory outside of Toronto that is basically empty. ‚Åì And so it's.
 
 Lei Xing (19:15)
 It looks like they're
 
 thinking of building an Opel EV based on this LeapMotor platform, right? I think we saw some of that chatter. But you look at the German brands, there are only four brands that are all in in China. Volkswagen, Audi, BMW, Mercedes. That's it.
 
 Tu Le (19:33)
 and Porsche.
 
 Lei Xing (19:34)
 Porsche is not kind of all in, they're kind of not all out, but they're just kind of struggling trying to survive. The other ones are also struggling, but they're all in, right? Investment, new products, at least they have production. Porsche doesn't.
 
 Yeah.
 
 I mean.
 
 Tu Le (19:49)
 So one
 
 other thing I wanted to talk about was the rumor now that Tesla is reviewing or re-examining building a small compact SUV that's gonna be about two feet shorter than the Model Y. And the rumor is Reuters said that they would build it in Shanghai. I'm going to say that
 
 This tells me, indicates to me a couple of things. First, that the Model Y demand, because the Model 3 demand is not great in China anyways, so the Model Y demand is continuing to decrease in the China market, which, okay.
 
 Lei Xing (20:29)
 So let me stop you there for a moment. Just catch up on the numbers.
 
 The CPCA numbers, Tesla wholesale, so including sales in China and exports. Tesla is still a top 10 player. Any vehicles? Or maybe I should correct myself, NEVs. They're still a top 10 player. I think they were number seven or eight in March and Q1 in China. So continue.
 
 Tu Le (20:53)
 I'm yeah, I think that's important, but I also think that they have certain requirements, hard requirements that they need to produce at X capacity or Y utilization. So that's why these wholesale numbers still seem pretty robust. I'd like to continue to see that split of wholesale numbers that are exported. And this idea that the Model 2 or the smaller, the baby Tesla
 
 is going to be built in China. That doesn't mean that they're going to sell many of them in China because you have the Xingyuan, you have all these cars Seal at 10,000, $12,000 that would make it extremely, extremely difficult to sell in volume. So the baby Tesla is
 
 there to fulfill capacity and to ship out to other markets. That's how I'm reading that.
 
 Lei Xing (21:54)
 Well, I heard that Tesla China has denied it. I know the Reuters report, it's not entirely impossible that some kind of a new trim or version comes out. They did update the color, right? The interior finish. But I think Tesla is still, mean, they're still top 10, so.
 
 Although no longer in the top 5, but 80,000, 90,000 units wholesale, pretty significant given the bloodbath. But yeah, I mean, with all of these launches and Tesla does not have a new model to show for. Just tweaks. That's all they're doing.
 
 Tu Le (22:36)
 Well, and did we talk about this last week? They are increasing the trim levels for export. So the extended version or the L version of the Y going into Japan and all these other markets. Again, another way to make sure that utilization rates continue to be high as domestic demand for their vehicles begins to wane really, really
 
 significantly. And as we get into summer and past summer, the middle midsize SUV compact is really, really going to extend further. The better products are going to be much better than the Model Y.
 
 Dude, man, I'm getting, anyways. ‚Åì Anything?
 
 Lei Xing (23:19)
 Heheh.
 
 No, mean, it's, yeah, I mean, we covered a few launches, ES9, Volkswagen, Audi, Porsche, Mercedes sales Q1 down 27 % in China, 111,000 units. We multiply by four basically, yeah, it's scary numbers. Yeah, 7,500 units for Q1 and Porsche. For Porsche, it's scary.
 
 Tu Le (23:22)
 I... I...
 
 27 those are just unbelievable numbers man just crazy numbers, right?
 
 and
 
 Yeah, I don't
 
 I don't have that much else today, this week, unfortunately. It's kind of a crazy week for me. And so I can't.
 
 Lei Xing (23:53)
 Well, it's going to be more crazy.
 
 I know you got to travel next week, right? To the ‚Åì West coast and then leaving for China.
 
 Tu Le (23:56)
 Yeah, yeah, so.
 
 Yeah
 
 So maybe we
 
 just go to questions real quick.
 
 Lei Xing (24:09)
 Sure, we can have a shorter one this week.
 
 Tu Le (24:10)
 Okay.
 
 Will the NIO decide to finalize the ES9 price to be sub 500,000 RMB? This is from SSJJ005.
 
 Lei Xing (24:21)
 So they are, I think was 520 let me check. So the starting price was
 
 528,000 for the luxury edition 420,000 for the the BaaS mode why not price at 499,000 or 498,000 who knows
 
 Tu Le (24:47)
 I think that once they land at a price, don't know how, number one, they can increase it. And then number two, I think that the Chinese government is looking at this very closely. if you announce a price, I don't know, it would reflect well on you if you decided to then reduce it even further.
 
 Lei Xing (24:47)
 because
 
 But that's
 
 Well, that's been the
 
 practice. think rarely have we seen the pre-sale, the launch price actually stay exactly same as the pre-sale price in the Chinese market. There's one or two occasions out of millions of occasions, perhaps, but usually it falls down a little bit with the actual launch pricing. So could happen. They could put it at 508,000 instead of 528,000.
 
 Tu Le (25:21)
 Mm-hmm.
 
 Lei Xing (25:35)
 Who knows? But like we said, it's a steal. I I would have expected this car to price starting at a 600,000 units, 600,000 RMB So.
 
 Tu Le (25:35)
 ‚Åì The ID4.
 
 Yeah,
 
 I thought it was going to come higher too, so I was a bit surprised. I mean, that's aggressive. That's aggressive.
 
 Lei Xing (25:55)
 I think part of the aggressiveness
 
 is because of the SUV segment, there's a lot more interest in demand. Where I think as the ET9, you almost feel like a halo car rather than something that you would want more customers to buy. Where the ES9 is specifically priced so that it's going to attract a lot of potential customers.
 
 Tu Le (26:20)
 And it came out after the ZEEKR 9X, and so it needed to match on features and then also be aggressive with pricing.
 
 Lei Xing (26:27)
 So, yeah.
 
 So the ZEEKR 9X, I think for I don't know how many months consecutively, they're the number one vehicle priced above half a million RMB How long does that stay? Who knows? Probably won't stay for long.
 
 Tu Le (26:44)
 Well, I wouldn't be surprised if the 9X got a quick refresh and a price reduction at the same time. now Dan the Schmidt writes, the ID.4 getting canceled really surprised me. many, so many legacy brands losing interest in BEVs. I'm interested to see what that does to Canada market as Chinese vehicles make their way there.
 
 Lei Xing (26:51)
 Yeah.
 
 and follow.
 
 Yeah, it's all that new. mean, they're basically putting more of their effort on the new Atlas, which I saw at the New York Auto Show and I kind of looked inside and I look at it's a three row SUV. There's no space whatsoever in the third row seat. I mean, after we've been spoiled with all these large three row SUV six seaters, it's got no utility. It's treated as a five seater.
 
 Tu Le (27:08)
 I so so.
 
 You weren't impressed.
 
 Lei Xing (27:34)
 And then they're actually, this is the Volkswagen brand's core model in the American market. Obviously with the EVs, everything going on EVs, not surprising that they cut production of ID.4.
 
 Tu Le (27:43)
 Yeah.
 
 Yeah, I mean, I don't know how surprised I'd be. There's just no demand for it. So the factory's not building anything. And I guess they've gotten to that point in the spreadsheet that says building cars at a loss loses us more money than canceling the entire program. Now, the US market is kind of in limbo.
 
 Lei Xing (27:49)
 Thanks.
 
 Tu Le (28:08)
 Hyundai, see, and Kia seems to be wanting to dominate that. Tesla is still very strong in the US market. as the rest of the world, again, has moved towards BEVs, EREVs, and PHEVs, the United States is kind of in no man's land because the Iran war and the big SUVs seem to be, the big SUVs, that gas guzzling big SUVs seem to be on a downtrend.
 
 because of all these other reasons, including MSRP that's through the roof.
 
 Lei Xing (28:39)
 Yes, speaking of Hyundai, we forgot to mention I mentioned it at the top of the show, but they announced the Venus and the Earth concepts for their IONIQ brand's official entry. And these concepts are the design was led by their local Hyundai China tech team, interestingly enough, and they will reveal the first production model based on these concepts specifically for the Chinese market under the IONIQ.
 
 Tu Le (28:58)
 Mm-hmm.
 
 Lei Xing (29:07)
 What would you call it? They call it the lineup brand. It'll still carry a Hyundai badge, but it's going to be an IONIQ series. interesting reset and bet for Hyundai in China. And remember last year, Jose Munoz, I see him every year at the New Auto Show and I kind of talked to him. He said, we're tripling down on the Chinese market. I guess this is one of the fruition of that.
 
 Tu Le (29:11)
 Right.
 
 Mm-hmm.
 
 Lei Xing (29:33)
 strategic plan that they're willing to not as all in as Volkswagen's or Mercedes or BMW, but they're also trying to fight back. And if you know, yeah.
 
 Tu Le (29:45)
 The thing is with Hyundai versus
 
 everyone else is that they have bright spots all over the rest of the world, specifically the US market. So they do have some flexibility, whereas the German and European legacy automakers are so reliant on either Chinese brands to be their partners, the China market for their sales volume and profits or both, which is not a good place to be.
 
 Lei Xing (30:12)
 And kind of, know, their joint venture Beijing Hyundai as a local since the Beijing Auto Show, right? They're kind of a local home team. So they're willing to.
 
 put on a, yeah.
 
 Tu Le (30:22)
 Well, they're hoping that
 
 they can finally break through.
 
 Lei Xing (30:28)
 And yeah, and it's going to carry the same formulas, new Chinese tech inside, Momenta type of thing inside, you know, with a lot of local content and tech. All the A6L e-tron has the Huawei Qiankun ADS.
 
 Tu Le (30:46)
 So.
 
 Anyways, all right, man, 40 minutes. think we can close it out. think next week's gonna be pretty, yeah, this week, it's raining here, a little colder. yeah, so everyone, I think the coming weeks are gonna be pretty interesting. So we'll keep it short. Won't try to extend it out too long this time, this week.
 
 Lei Xing (30:51)
 Shortest week this week.
 
 So at pacing point,
 
 next week on April 16th, I think there are seven or eight product launches on the same day. And part of the reason, if you look at the Chinese culture, that day falls on February 29th in the lunar calendar. So they find auspicious days to make launch events. It's very part of Chinese culture. And that precedes the millions of launches.
 
 on Press Day.
 
 Tu Le (31:33)
 man, that's going to be busy, busy couple days. Everyone, thanks for joining us as always. Good morning, good afternoon, good evening.
 
 Lei Xing (31:40)
 Bye, have a good weekend.