Monthly Data

Sales of BYD's main budget models fell less because they have accumulated relatively more orders, analysts said.

GAC Aion sales dropped to 10,206 units in January, and its local counterpart, Leapmotor, also saw sales plunge more than 80 percent to 1,139 units.

BYD's NEV sales ended a 10-month streak of growth, as the Chinese New Year holiday took its toll on sales.

Neta's flagship sedan Neta S delivered 1,517 units in January, for a cumulative total of 3,722 units since deliveries began in late November.

Nio said it delivered 2,190 SUVs and 6,316 sedans in January, without providing a breakdown of specific models.

Zeekr's factory resumed production on February 1 after a 21-day shutdown, the company said.

The month's vehicle deliveries reflected a seasonal slowdown during the Chinese New Year holiday that began in mid-January, Xpeng said.

Li Auto's deliveries in January were down from December due to the negative impact of the Chinese New Year holiday, a seasonal factor.

China EV stocks are up an average of 20 percent year-to-date but have underperformed China tech ADRs since December, likely due to investor concerns about weak first-quarter sales and increased competition, according to Edison Yu's team.

Auto dealers' sales pace was disrupted in January due to the impact of the Covid infection wave and the early timing of the Chinese New Year, the CPCA said.