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EV makers Nio, Xpeng and Li Auto report stronger sales in February but analysts say strength of recovery remains to be seen
- Nio, Xpeng and Li Auto all recorded monthly delivery increases in February, although Xpeng’s deliveries were down against same month last year
- Analysts said some of the uplift in sales in February could be explained by the fact that Lunar New Year landed in January this year
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China’s top three makers of premium electric vehicles (EVs) reported stronger sales in February from the previous month, although analysts said the outlook remains clouded as economic headwinds prompt car buyers in China to choose cheaper models.
The country’s top three domestic makers of high-end EVs – Nio, Xpeng and Li Auto – all recorded monthly delivery increases in February, but Xpeng’s numbers were slightly down from the same month a year ago.
Guangzhou-headquartered Xpeng said its February deliveries climbed 15 per cent from a month earlier to 6,010 units, but this was still 215 units down on the number of units sold in February 2022.
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Shanghai-based Nio delivered 12,157 vehicles to mainland customers in February, up 30 per cent from January and 98 per cent higher than the same period in 2022.
“For the first quarter of 2023, the company expects deliveries of vehicles to be between 31,000 and 33,000 vehicles,” Nio said in its fourth quarter financial results released late on Wednesday. This sales target represents a 20 per cent increase year-on-year.
Beijing-based Li Auto delivered 16,620 vehicles to buyers, 9.8 per cent higher than in January and 97.5 per cent higher than February 2022 deliveries.
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