Tesla Reclaims Top Spot as Best-Selling EV Startup in China
Tesla, listed on the NASDAQ, has once again secured its position as the best-selling electric vehicle (EV) manufacturer in China, with a remarkable 60% week-over-week (WoW) increase in deliveries, totaling 11.7k units. This surge is largely credited to recent price reductions, which have made Tesla vehicles more accessible and appealing to the Chinese market.
Following closely behind, Li Auto (LI) reported 7.7k units sold, reflecting a solid 13% year-over-year (YoY) growth. Notably, AITO witnessed record-breaking sales of 7.3k units, marking a 7% increase from the previous week.
XPeng (XPEV) and Nio Inc. (NIO) both experienced modest growth, with their weekly sales rebounding to 1.8-1.9k units. On the other hand, BYD faced a slump in sales, reaching a nine-month low of 40.2k units.
China’s passenger vehicle (PV) market saw a 6% increase in sales WoW, reaching 464.9k units, indicating a significant resurgence following a concerted sales push. While new energy vehicle (NEV) sales outpaced PV sales with a 7% WoW growth, NEV penetration remained at a six-month low of 31%.
Morgan Stanley’s checks have revealed that certain original equipment manufacturers (OEMs) have fulfilled their current orders and may resort to more aggressive promotional strategies to sustain car purchases as demand may exhibit a decline in the lead-up to the Chinese New Year over the next couple of weeks.
The China Passenger Vehicle Association (CPCA) has projected a 7% month-over-month (MoM) decrease in overall PV retail sales in China for January, with expected sales reaching 2.2 million units, alongside a 15% dip in NEV retail sales, estimating 800k units sold. Despite this, TSLA shares have surged by 1.43% in early trading on Tuesday morning.
