As China's electric vehicle market shows signs of slowing, BYD's January sales fell to the lowest level in two years, CNBC reported on Feb. 5.
At least 6 electric vehicle brands, including Xiaomi and XPeng, saw January sales plunge from December. Some companies are reporting reduced sales figures, including by not counting overseas sales, CNBC said.
BYD sold 83,249 electric passenger cars in January, the lowest level since February 2024. By contrast, Aito, which uses Huawei's operating system, sold more than 40,000 vehicles, up 80 percent from a year earlier. Li Auto, Xiaomi and Li Auto also posted sales of 32,000, 39,000 and 27,000 vehicles, respectively. Geely Automobile sold more than 270,000 vehicles in January, ranking second in China's EV market.
Helen Liu (헬렌 리우), a partner at Bain & Company, forecast that pressure will increase in China's auto market in 2026 due to policy changes and intensifying competition. China ended a 10 percent vehicle purchase tax exemption for EV purchases from Jan. 1 and reinstated a 5 percent rate. This is expected to slow EV sales. Tu Li (투 리), head of consulting firm Sino Auto Insights, said, "The market trend will become clearer after the first quarter."
Chi-gyu Hwang
delight@d-today.co.kr