China’s electric vehicle makers enjoyed a busy January as the extension of trade-in subsidies helped underpin sales during the usually quieter Lunar N
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China’s electric vehicle makers enjoyed a busy January as the extension of trade-in subsidies helped underpin sales during the usually quieter Lunar New Year holiday.
China’s electric vehicle makers enjoyed a busy January as the extension of trade-in subsidies helped underpin sales during the usually quieter Lunar New Year holiday.
Sales at Geely Automobile Holdings Ltd., the centerpiece of Li Shufu’s auto empire, rose 25 per cent to a monthly record of 266,737 vehicles. Xpeng Inc. overtook US-listed peers Nio Inc. and Li Auto Inc. for the first time in more than two years by shipping 30,350 EVs last month, with its mass-market model Mona M03 helping drive the 268 per cent increase from last year. Li Auto delivered 29,927 cars in January, while Nio sold just 13,863 vehicles.
Market leader BYD Co. delivered more than 296,000 cars in January, with overseas sales climbing to a record 66,336, despite worsening trade tensions between China and the EU and US, which have both imposed tariffs on Chinese EVs.
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The month in which Lunar New Year falls is traditionally a slow period for auto sales in China as people take time off to visit family and travel. The healthy demand is likely supported by the government renewing its cash-for-clunkers program which hands out rebates of up to 20,000 yuan ($2,760) to people who trade in old cars for new EVs or fuel efficient vehicles.
Not all EV brands were winners though, with state-owned manufacturer Guangzhou Automobile Group Co.’s electric car brand Aion suffering a 42 per cent decline in January sales. Legacy automaker Great Wall Motor Co. experienced a 22 per cent drop in deliveries.
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First Published Date: 04 Feb 2025, 09:16 AM IST
