Advertisement
China EV price war: Nio, Xpeng and Li Auto report steep sales plunge as Tesla’s recent discounts lure buyers
- The top three domestic makers of high-end electric cars recorded monthly and year-on-year sales declines in January
- Some of the drops exceed 50 per cent, after Tesla’s early January price cuts appear to have been effective
Reading Time:2 minutes
Why you can trust SCMP
3
Daniel Renin Shanghai
China’s top three makers of premium electric cars got off to a slow start in 2023 as the weeklong Lunar New Year holiday disrupted production and sales slowed following recent Tesla price cuts and the end of a government subsidy.
The country’s top three domestic manufacturers of high-end electric vehicles (EVs) – Nio, Xpeng and Li Auto – all recorded monthly and year-on-year sales declines in January, with some of the drops exceeding 50 per cent.
Shanghai-based Nio delivered 8,506 vehicles to mainland customers in January, down 46.2 per cent from December and 11.9 per cent from the same period in 2022.
Advertisement
Guangzhou-headquartered Xpeng said its January deliveries dropped 53.8 per cent from a month earlier to 5,218 units, representing a year-on-year decline of 59.6 per cent.
02:01
Tesla owners in China protest against price cuts as consumers tighten budgets
Tesla owners in China protest against price cuts as consumers tighten budgets
Li Auto in Beijing handed over 15,141 vehicles to buyers, 28.7 per cent fewer than in December and 23.4 per cent below January 2022 deliveries.
Advertisement
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x