KATHMANDU: Sales of Chinese automakers declined in February as demand slowed during the Lunar New Year period, which traditionally affects vehicle purchases in the world’s largest auto market.
BYD reported total sales of 190,190 vehicles in February, down 41 percent compared to the same month last year. The figure includes 79,539 fully electric vehicles, which represents a 36 percent year-on-year decline.
EV manufacturer XPeng recorded deliveries of 15,256 units during the month, a drop of 50 percent from the previous year. Meanwhile, Geely Automobile sold 154,834 vehicles, marking an 11 percent decline.
Hybrid-focused Li Auto delivered 26,421 vehicles, slightly higher than the same period last year. Smartphone and electronics maker Xiaomi, which recently entered the EV market, said it sold more than 20,000 electric vehicles in February.
Among major EV brands, NIO recorded the strongest performance. The company reported sales of 20,797 vehicles, up 58 percent year on year.
Data from the China Passenger Car Association shows that China’s combined EV and hybrid sales fell 20 percent in January to 596,000 units, marking the first decline in nearly two years.
The association said February could represent the lowest point for auto sales this year because the Lunar New Year holiday occurred during the month.
Meanwhile, shares of several Chinese automakers declined in Hong Kong trading. Xiaomi fell 4.8 percent, while XPeng dropped 2.6 percent and Geely Automobile slipped 2.3 percent. Shares of NIO and Li Auto also declined.
However, BYD shares moved higher, rising 3 percent in Hong Kong trading, while its Shenzhen-listed stock gained 4.4 percent.
