Chinese EV Deliveries Drop 10.6% to 62,474 Vehicles, Pressuring Xpeng
In February, Nio, Li Auto and Xpeng delivered a combined 62,474 vehicles, down 10.6% year over year and marking the weakest monthly performance since January 2023. Xpeng’s shipments fell by a double-digit percentage as incentive rollbacks and a prolonged Lunar New Year holiday depressed consumer demand.
1. Combined EV Shipments Fell 10.6%
In February, Nio, Li Auto and Xpeng collectively delivered 62,474 vehicles, marking the worst monthly combined performance since January 2023 as shipments fell 10.6% year over year.
2. Xpeng Posted Double-Digit Decline
Xpeng was among the leading domestic brands reporting a double-digit drop in deliveries as its monthly shipments declined amid the rollback of purchase incentives and an extended Lunar New Year holiday.
3. Incentive Rollback and Holiday Impact
The removal of government subsidies and a longer-than-usual holiday period weighed on consumer demand, dragging overall EV sales lower across major Chinese manufacturers.
4. Competitive Financing Strategies
Rivals including Tesla, BYD and Nio have introduced ultra-long-term financing up to eight years with low or zero interest rates, a tactic that could support volume but risks further margin compression.