Tesla rivals BYD, XPeng, Li Auto, Xiaomi, Nio and Zeekr reported February deliveries Saturday.
Tesla does not report China monthly sales, but industry data will release figures later in March. The U.S. EV giant began Model Y deliveries in China on Wednesday. Also last week, Tesla rolled out some new Autopilot features in China, where many rivals offer more-advanced Level 2 driver-assist systems.
China EV sales tend to be at their lowest in January-February due to the China New Year holiday, a letdown after big year-end promotions and buyers awaiting new and refreshed models that roll out during the spring.
Most China EV makers reported lower sales vs. January, though BYD and XPeng were exceptions. All reported gains vs. a year earlier, especially XPeng and BYD.
BYD Sales
BYD sold 322,846 EVs in February, up 7.4% vs. January and nearly 164% percent from a year earlier.
The EV and battery giant sold 67,025 overseas, a third straight record high, up 1% vs. January and 187.8% vs. a year earlier.
Overseas sales, which tend to be higher margin, should keep expanding rapidly for the foreseeable future, with more car-carrying RoRo ships and overseas plants coming into operation.
The Tesla archrival sells both all-electric battery vehicles (BEVs) and plug-in hybrids (PHEVs), with PHEVs accounting for a majority of deliveries over the past year.
In February, BEV sales came in at 124,902, down slightly from January's 125,377.
BYD easily topped Tesla in terms of BEV sales in Q4 2024. It's possible that Tesla will reclaim that crown in Q1, given the seasonally weak China EV market to start the year. But BYD stands a good chance of remaining No. 1 in BEVs going forward.
On Feb. 10, BYD announced that it was rolling out driver-assist systems across its model lineup, including the sub-$10,000 Seagull, at no extra charge. That will put pressure on rivals, most of which are still unprofitable, to follow suit.
BYD's domestic orders were significantly higher than deliveries, Deutsche Bank estimated, amid strong demand for the new "God's Eye" driver-assist models.
XPeng Sales
XPeng delivered 30,453 EVs in February, up a fraction vs. January's 30,350 and a whopping 570% vs. a year earlier. The startup is seeing booming demand for its Mona M03, sedan, the first EV from its lower-cost Mona sub-brand. Mona sales topped 15,000 for a third month, while the new XPeng P7+ sedan is also selling well.
The Tesla rival only sells BEVs, but will start selling extended-range EVs (EREVs), essentially a form of plug-in hybrid, later this year.
Li Auto Sales
Li Auto delivered 26,263 EVs in February, down 12.2% vs. January but up 9.3% vs. a year earlier. The profitable Li Auto mostly sells EREV SUVs, but also sells the all-electric Mega minivan, with several BEV SUVs planned.
Xiaomi Sales
Xiaomi doesn't give specific sales figures, but says it sold more than 20,000 SU7 sedans for a fifth straight month. The SU7 is now outselling the Tesla Model 3 in China.
On Sunday, Xiaomi began deliveries on the souped-up SU7 Ultra, which starts at RMB 529,900 ($72,750). Over 19,000 have been ordered since Xiaomi opened up those up last week.
This summer, Xiaomi will launch the YU7, a crossover that will take on the Tesla Model Y.
Xiaomi so far only plans BEV sales.
Nio Sales
Nio delivered 13,192 EVs in February, down 4.8% vs. January but up 62.2% vs. a year earlier. Nio sells a variety of mainstream-to-premium SUVs and sedans, all BEVs. The Onvo L60 crossover, the first model from the more-affordable Onvo brand, rivals the Tesla Model Y. Nio brand sales rose 15% vs. January while Onvo sales tumbled 31.5%.
Zeekr Sales
Zeekr delivered 31,277 EVs in February, down 25.6% vs. January but up 51% vs. a year earlier. This is the first delivery figure Zeekr has reported that includes the recently integrated Lynk. Both are units of the auto giant Geely.
Tesla Tumbles To Key Support As BYD Pauses Huge Run
China EV Stocks
China EV stocks have generally rallied in the past few weeks, partly due to a general rally in Chinese stocks and in several cases due to optimism about current or future sales.
BYD fell 4.8% last week to 47.95 after hitting a record 52 on Wednesday. Shares soared 36.9% in February and are up 41% so far in 2025.
XPeng stock leapt 16.8% last week to 21.49, hitting a 17-month high. XPEV stock leapt 41.2% last month and 81.8% this year.
Li Auto stock surged 11.9% last week to 30.73, clearing a 31.04 cup-base buy point on Wednesday before falling back on Wednesday. LI stock spiked 31.2% in February and gained 28.1% in 2025.
Xiaomi stock edged up 0.8% to 33.54 for the week after setting a record 36.21 on Wednesday. U.S. shares vaulted 36.5% in February and 51% this year.
Nio stock climbed 4.3% last week to 4.63, but fell back below the 200-day line on Friday. Shares climbed 7.2% in February and 6.2% for the year.
Zeekr stock rebounded 9.7% to 26.85, reversing from a three-month low to above the 50-day line. ZK stock has a 32.76 consolidation buy point, with 28.50 as a potential early entry. Shares rose 2.7% in February but are down 5.4% so far this year.
Tesla stock plunged 13.3% last week, its sixth straight weekly decline. Shares rebounded Friday after testing the 200-day line. TSLA stock plunged 27.6% for the month and 27.45% so far this year.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
