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BEIJING — Chinese electric car start-ups Nio and Xpeng are turning to a lower-priced segment of the market with plans to release newly branded cars this year. Nio's first such mass market car will be an SUV cheaper than Tesla 's Model Y, CEO William Li told CNBC's Eunice Yoon on Thursday. The Tesla SUV starts at 249,900 yuan ($35,197) in China. Like many early entrants to China's electric car market, U.S.-listed Nio targeted the premium market when it launched about a decade ago. The new cars come amid an intense price war in China's new energy car market, which includes battery-only and hybrid-powered vehicles.

Persons: William Li, Nio's, Eunice Yoon, Li Organizations: New York Stock Exchange, Tesla, Volkswagen Locations: BEIJING, China, U.S

Long wait times for visa applications are keeping people in China from traveling internationally as much as they'd like to, Jane Sun, CEO of travel booking site Trip.com , told CNBC's Eunice Yoon. For example, applications for a Schengen visa take two to six months, Sun said, "which is too long." She claimed demand for international travel from China has "far exceeded" the 2019 level, before the pandemic. Demand for domestic travel has exceeded the 2019 level by 60%, she said. As of August, the U.S. only allowed 12 round-trip passenger flights a week from China to the U.S. That was slated to increase to 18 a week starting Sept. 1, and 24 a week starting Oct. 29.

Persons: Long, Jane Sun, CNBC's Eunice Yoon, Sun Organizations: U.S Locations: China, U.S

Andy Wong | Afp | Getty ImagesBEIJING — U.S. Commerce Secretary Gina Raimondo has called on China to improve the predictability of the business environment for American companies in the country. "There's an appetite certainly for U.S. business to continue to do business in China," she said, adding however that "It's an unlevel playing field for U.S. business. Foreign companies in China have long complained about market access challenges including forced tech transfers and preferential treatment for local companies, especially state-owned enterprises. Gina Raimondo U.S. Commerce SecretaryThe updated law is of "great concern" to U.S. companies, Raimondo said. Foreign business organizations have noted improvements over the years in China's protection of intellectual property.

Persons: Gina Raimondo, China Nick Burns, Premier Li Qiang, Andy Wong, Raimondo, CNBC's Eunice Yoon, Biden, Stephen Olson Hinrich, Stephen Olson Organizations: Premier, of, People, Afp, Getty, U.S . Commerce, U.S, Trump, U.S . Department of Commerce's, of Industry, Security, Commerce, CNBC, Foundation, Biden, Boeing, Bloomberg Locations: China, Beijing, BEIJING, U.S, Shanghai, America, The U.S

Xpeng showed off its forthcoming G9 SUV at the Chengdu auto show in August 2022. BEIJING — Chinese electric car start-up Xpeng's newest model will likely sell better than its most popular car to date, according to Brian Gu, the company's president and honorary vice chairman. The company formally launched its G9 SUV on Wednesday. The P7 was Xpeng's first sedan, launched in May 2020, which quickly outsold the company's existing G3 SUV that launched in December 2018. Last year, Xpeng began deliveries of another sedan, the P5, which has notched cumulative deliveries of more than 37,000 cars as of the end of August, the data analysis showed.

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