February Sales Forecast for Major Chinese EV Makers Revealed
Deutsche Bank has shared its forecasts for February sales figures from China’s major electric vehicle (EV) makers, providing insights into what to expect from companies such as Nio, Tesla, Xpeng, Li Auto, BYD, Xiaomi, Zeekr Group, Leapmotor, and Aito.
According to the research note from analyst Wang Bin’s team, Nio Inc (NYSE: NIO) is expected to deliver approximately 13,000 units for the full month of February. This reflects a 60 percent increase year-on-year but a 6 percent decrease sequentially. The Nio main brand is anticipated to account for around 8,000 units, with the Onvo sub-brand contributing around 5,000 units to the total.
In a bid to boost new order flow and sales, Nio has introduced a five-year zero-interest rate auto financing program for its entire range of products in February. This initiative is aimed at attracting buyers with a 20 percent down payment, compared to the three-year zero-percent auto financing offered in January.
Xpeng (NYSE: XPEV) is projected to deliver approximately 31,000 units in February, representing a substantial 580 percent increase year-on-year. This includes domestic retail deliveries of about 29,000 units and overseas deliveries of around 2,000 units. The team expects a significant portion of these deliveries to come from the Xpeng Mona M03 sedan and the P7+ sedan.
Li Auto (NASDAQ: LI) is forecasted to deliver about 28,000 units in February, marking a 38 percent increase year-on-year. The company’s domestic retail sales totaled 20,000 units in the first three weeks of the month, with new order flow estimated to be in line with deliveries.
Tesla (NASDAQ: TSLA) is expected to deliver around 30,000 units in China in February, the lowest figure in nearly 24 months. This decline is attributed to the company clearing out older Model Y inventory to make way for the new-generation Model Y, which is set to begin deliveries soon.
BYD (HKG: 1211, OTCMKTS: BYDDY) is anticipated to sell approximately 340,000 wholesale units for the full month of February, with domestic deliveries reaching 205,000 units. The company’s new order flow is estimated to be significantly higher than domestic deliveries, driven by demand for the “God’s Eye C” autonomous-driving version.
Xiaomi (HKG: 1810, OTCMKTS: XIACY) is projected to deliver about 25,000 vehicles in February, marking a 9 percent increase from the previous year. Xiaomi EV’s domestic retail sales in the first three weeks of February totaled 18,000 units, with new order flow exceeding deliveries.
In conclusion, February is shaping up to be an interesting month for the Chinese EV industry, with major players like Nio, Xpeng, Li Auto, Tesla, BYD, Xiaomi, Zeekr Group, Leapmotor, and Aito all expected to make significant contributions to the overall sales figures. As the month progresses, it will be interesting to see how these forecasts align with the actual sales numbers reported by the companies.
