Earnings

A heated price war in China's NEV sector late last year and incentives offered by BYD to dealers may have dragged down profits.

Xpeng delivered solid fourth-quarter earnings although the guidance came in soft, said Deutsche Bank.

Xpeng guided for first-quarter deliveries between 21,000 and 22,500 units, meaning it expects to deliver 8,205-9,705 units in March.

CATL has 32.67 percent of its revenue coming from overseas in 2023, up from 23.41 percent in 2022, as it begins deliveries to foreign customers.

Nio reported mixed fourth-quarter results while providing a better than feared first-quarter outlook, said Deutsche Bank.

Nio reported a net loss of RMB 5.37 billion in the fourth quarter, down 7.2 percent from the fourth quarter of 2022 and up 17.8 percent from the third quarter of 2023.

Focus will mostly be on the gross margin, and Nio management's guidance for first-quarter deliveries are expected to be weak.

Li Auto reported strong fourth-quarter results and provided a better-than-expected outlook for first-quarter sales, Deutsche Bank said.

Li Auto management said they expect to see deliveries top 50,000 in March and 70,000 in June.

Li Auto already reported its fourth-quarter earnings earlier today, while Nio will report its earnings on March 5.