The year 2024 didn’t exactly hit the ground running for the electric vehicle (EV) market in China. In January, delivery figures for BYD Company Limited BYDDY showed a modest performance. Admittedly, January is always a weak month for sales, and the impending Chinese Lunar New Year on February 10th only served to disrupt production and demand, indicating that February could mirror this trend.
Nio Inc NIO managed to report an 18.2% year-over-year (YoY) increase in deliveries, delivering 10,055 EVs. However, a closer look reveals that the numbers were skewed by a massive sales push in December, following last year’s Chinese New Year on January 22nd.
Li Auto Inc LI delivered 31,165 EVs in January, representing a noteworthy 105.83% YoY rise. Nevertheless, it also saw a 38.11% month-over-month (MoM) drop. The company is steadfast in its ambition to become China’s leading premium EV brand, with plans to bolster its annual deliveries to 800,000 units and expand its charging network during the Chinese New Year.
XPeng Inc XPEV delivered 8,250 vehicles in January, reflecting a promising 58.11% YoY rise. However, this was dampened by a 58.99% MoM drop. Moreover, the company announced an upgrade to its first plant, indicative of its preparations for a new model entering production later this year.
According to data from the China Passenger Association, Tesla Inc TSLA managed to sell 71,447 made-in-China EVs. While this marked an 8.17% YoY increase, it also signaled a 24.1% MoM decline. To counteract this, Tesla announced new discounts for its Model Y in China on February 1st, following price reductions on both the Model Y and Model 3 in January.
Surprisingly, despite surpassing Tesla in sales during the final quarter of 2023, BYD witnessed a 40.92% MoM drop in EV sales for January. While BYD sold a substantial 105,304 fully electric vehicles during the month, its refinement was outshone by a 64% YoY production increase to 114,365 EVs. Notwithstanding, the company expects a significant annual earnings surge of up to 86.5%, attributed to record deliveries and cost-cutting measures, albeit remaining far behind Tesla, which reported a 2023 net income of $15 billion, signifying a 19.4% YoY increase. Notably, BYD also achieved a historic 247.53% YoY rise in overseas sales.
EV Sales Might Be Slow This Year, But Innovations Will Keep On Coming
Interest in EVs isn’t limited to vehicle manufacturers alone. For instance, Worksport Ltd WKSP, a pickup accessories maker, marked a strong start to 2024 by making its ‘made-in-the-USA’ AL3 PRO hard-folding tonneau cover available on its e-commerce site, with plans for distribution on Amazon, eBay, and Walmart. Furthermore, Worksport announced the compatibility of its tonneau covers with a broad range of popular pickup trucks, indicating an enduring commitment to redefining the standards in clean transportation with its innovative, solar-powered tonneau cover SOLIS and portable battery system COR.
As aptly conveyed by BYD’s general manager, Yunfei Li, the future of EVs isn’t about individual sales dominance; it’s about collective efforts to expand the EV market. Each player in the industry is contributing to this shared goal in diverse ways, ensuring that the EV future remains bright and full of opportunities.
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