BRIEF: Xpeng，Leapmotor make triple-digit gains in February as BYD retains NEV crown

A post-Lunar New Year rebound fueled big growth for new energy vehicle (NEV) sales in February, with most major brands reporting strong gains, some in triple-digits.

XPeng (XPEV.US; 9868.HK) delivered 30,453 vehicles during the month, up a staggering 570% year-on-year. The company’s deliveries for January and February reached 60,803 units, also up a sizable 375.21% growth.Chinese companies that provide monthly sales data often combine January and February into a single unit to account for variations due to the Lunar New Year, which falls in January in some years and February in others.

Leapmotor (9863.HK) delivered 25,287 vehicles in February, reflecting similarly impressive 285% year-on-year growth. Its combined deliveries for January and February totaled 50,457 units, up 167.78% year-on-year.

BYD (1211.HK; 002594.SZ) also announcedtriple-digit growth, selling 322,846 vehicles in February, a 164% year-on-year increase, maintaining its position as the top-selling NEV brand. The company’s overseas sales hit a record high for the third consecutive month, reaching 67,025 units. Its sales for January and February combined totaled about 623,384 vehicles, up 92.52% year-on-year.

Meanwhile, Li Auto (LI.US; 2015.HK) bounced back from a sales decline in January by delivering 26,263 vehicles in February, up 29.7% year-on-year but down 12.24% compared to January’s 29,927 units. Its combined January-February deliveries reached 56,000 units, representing modest 9.3% year-on-year growth. Nio (NIO.US; 9866.HK) delivered 13,192 vehicles in February, up 62.2% year-on-year, but down 4.8% compared to January’s 13,863 units. Its combined deliveries for the first two months of the year reached 27,055 units, up 48.8% year on year.

February retail sales for passenger vehicles in China were projected to reach about 1.25 million units, up 13.6% year-on-year, according to preliminary estimates from the China Passenger Car Association (CPCA). Among them, NEV retail sales were expected to hit 600,000 units, accounting for nearly half of all sales.

By Lee Shih Ta

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