Chinese EV Deliveries Drop in February


Electric-vehicle deliveries from Chinese companies Li Auto, NIO, and XPeng fell year over year in February, impacted by the Lunar New Year holiday. The results overall were good enough to keep Tesla stock flat in early trading. Tesla, which generated about 22% of revenue in China in 2023, remained steady amidst the fluctuations.


XPeng reported deliveries in February of 4,545 vehicles, down 24% year over year. Despite this decline, year-to-date figures show an increase of 14% with a total of 12,795 vehicles delivered. XPeng stock saw a modest rise of about 2.2% in premarket trading at $9.64 a share, although it has fallen 35% this year as a whole.


NIO delivered 8,132 vehicles in February, showing a decrease of 33% year over year. When combining the numbers for January and February, NIO delivered a total of 18,187 vehicles, marking a 12% decrease. NIO shares experienced a slight increase of 1.6% in premarket trading to $5.84 a share, despite a year-to-date decline of 37%.

Li Auto

Li Auto delivered 20,251 vehicles in February, up 22% year over year. With a total of 51,416 units delivered in the first two months of 2024, Li saw an impressive 62% increase. Li stock, however, saw a decrease of 3.2% in premarket trading to $44.40 a share even though shares have risen by 23% this year.

Combined Results

In total, the trio delivered 32,928 units in February, down by 5% year over year. Sales came in at 82,398 for the combined months of January and February, showing a 30% increase compared to the previous year.

Looking Ahead

Despite modest growth in the beginning of the year, investors will continue to monitor Chinese automotive results for any signs of a slowdown. According to Citi analyst Jeff Chung, Chinese auto makers are projected to sell around 7 million all-battery electric vehicles in 2024, up from approximately 6 million in 2023.

Market Reaction

NIO, Li, and XPeng results did not significantly impact shares of EV giant Tesla, which experienced a slight decrease in premarket trading. Tesla has fallen by 19% so far in 2024. Additionally, BYD stock showed a minor increase in overseas trading but remains down by about 9% in 2024.

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