Earnings

Xpeng delivered 34,561 vehicles in the first quarter, up 159 percent year-on-year and above the upper end of the guidance range of 33,500 to 34,000 vehicles.

This is near the median of BYD's previously forecasted range of RMB 650 million to RMB 950 million.

Li Auto delivered 31,716 vehicles in the first quarter, which is near the upper end of the guidance range of 30,000-32,000 vehicles.

Tesla's first-quarter revenue in China was $4.65 billion, up 52.8 percent from $3.04 billion a year ago.

Sales of power battery systems are the company's main source of revenue, contributing RMB 91.49 billion last year, up 132.06 percent year-on-year.

Tesla expects production at its Shanghai plant in the second quarter to be roughly on par with the first quarter, but to grow rapidly in the third and fourth quarters.

BYD's NEV sales have reached a record high, driving a significant improvement in earnings and somewhat hedging the pressure caused by rising raw material prices.

Nio had the lowest deliveries in the fourth quarter, but regained the highest R&D expenses, setting the stage for future growth.

Xpeng delivered mixed fourth-quarter results along with guidance that appears somewhat conservative, according to Deutsche Bank analyst Edison Yu's team.

Xpeng will launch two new platforms and their first models in 2023: the C-segment platform and the B-segment platform.