U.S. trade restrictions targeting Chinese suppliers Semiconductor Manufacturing International and Huawei have added to tight production capacity and soaring demand for microchips. The shortage has disrupted vehicle output around the globe.

Car and light-truck deliveries are expected to rise 7.5 percent to 21.7 million while new commercial vehicle demand will slip 10 percent to 4.6 million, according to the China Association of Automobile Manufacturers.

CEO William Li said the automaker's new battery technology will give the ET7 sedan a driving range of more than 621 miles.

While rebounding in the second half, General Motors’ 2020 China sales dropped 6.1 percent to 2.9 million, failing to overcome the impact of the coronavirus outbreak that raged in the first quarter.