Chinese automakers experienced a significant downturn in sales during February, a period typically affected by the Lunar New Year holiday.
BYD, the world's largest EV seller, saw its vehicle sales drop by 41% year-over-year, with electric car sales down 36%. Other major players like XPeng reported a 50% decrease in deliveries, while Geely Automobile's sales fell by 11%.
Li Auto and Xiaomi reported more modest figures, with Li Auto showing a slight increase and Xiaomi exceeding 20,000 EV sales. NIO was a notable exception, posting a 58% surge in sales.
This decline follows a broader trend of weakening consumer demand and intense competition in China's auto market, with January sales also showing a significant drop. Despite the February dip, the China Passenger Car Association suggested it might represent the low point for auto sales in the year.
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