Tesla electric vehicle rivals BYD, XPeng, Xiaomi reported strong March and first-quarter deliveries. Li Auto, Nio, Zeekr also released rising l release China sales on Tuesday. China EV and battery giant will report on Tuesday or Wednesday.
Tesla does not report China monthly sales, but will release worldwide delivery figures for the first quarter on Wednesday. China EV registrations signaled an OK quarter, with a strong end-of-quarter finished.
Overall China EV sales rebounded in March from the seasonally slow January-February period, affected by Chinese New Year holidays. Sales should continue to trend higher in the spring, with automakers rolling out new or refreshed models.
BYD, XPeng and Xiaomi have momentum, while Nio in particular has been struggling.
BYD Sales
BYD sold 377,420 EVs in March, up 24.8% vs. a year earlier and up 16.9% vs. February's 322,846. Q1 sales hit 1,000,804, up 59.8% but down 34.3% vs. Q4.
A majority of BYD's sales are plug-in hybrid vehicles (PHEVs), buoyed by new, longer-range hybrid technology.
Overseas sales hit another record in March, at 72,733, fueled by increased export logistics and a still-ramping Thailand plant.
One question is whether BYD remained No. 1 in fully battery electric vehicles (BEVs) in the seasonally slow Q1. It beat the U.S. EV giant by nearly 100,000 BEVs in Q4.
Passenger BEV sales totaled 166,109 in March and 416,388 in Q1, which should beat Tesla comfortably.
On March 24, BYD reported Q4 earnings rose 73% vs. a year earlier. Revenue swelled 53% to RMB 274.9 billion ($37.89 billion), the third straight quarter of accelerating growth.
Going forward, BYD has an ambitious schedule.
The China EV giant is rolling out "God's Eye" driver-assist software across its lineup over the coming weeks and months. It's also unveiling 1,000-kilowatt chargers capable of full charge in five minutes or so. Both should buoy BYD's brand image and sales, with chargers revving up BEV sales in particular.
BYD has a large number of new EVs coming out in the next few months across the price scale.
A Brazil assembly plant should open soon with a plant in Hungary possibly opening before year-end. Several more overseas plants are due to open in 2026, along with continued EV and battery plant expansion at home.
BYD will operate several more "roll on, roll off" RoRo car-transporter ships in the next few months, further boosting global logistics.
BYD has an official delivery target of 5.5 million EVs in 2025, up 29% from 2024's 4.272 million. That may be conservative.
XPeng Deliveries
XPeng delivered 33,205 in March, up 9% from February and 267.9 vs. a year earlier. First-quarter deliveries totaled a record 94,008, up 330.8% vs. Q1 2024, topping the high end of its 91,000-93,000 target.
Q1 sales topped Q4 deliveries defying the seasonally slow period for nearly all other China EV makers.
Credit the XPeng P7+ sedan and especially the Mona M03 small sedan. The M03 is the first model from XPeng's more-affordable Mona brand.
The Mona M03 could face more competition soon from the upcoming BYD Qin L, as well as other affordable EVs.
XPeng is launching more EVs and pursuing a bigger overseas expansion.
Xiaomi Deliveries
Xiaomi deliveries topped 29,000 in March, after topping 20,000 in each of the prior five months. That's according to the handset maker, which joined the EV market last year. Its first EV, the SU7 sedan, is a clear Tesla rival, outselling the Model 3 in recent months. In early March, Xiaomi began deliveries of the SU7 Ultra, a high-end variant. Both the SU7 and Ultra have long wait lists.
This summer, Xiaomi plans to launch the YU7 crossover, taking on the Tesla Model Y.
Li Auto Deliveries
Li Auto delivered 36,674 EVs in March, up 39.6% from February. Q1 sales totaled 92,864, near the top of its guidance of 88,000-93,000 and up 15.5% vs. a year earlier.
Li Auto mostly sells extended-range electric vehicles (EREVs), essentially a form of plug-in hybrid. The automaker will roll out several BEV SUVs in the coming months.
Nio Deliveries
Nio delivered 15,039 EVs in March, up 26.7% vs. February's 11,866 and 14% vs. a year earlier. The main Nio brand and the relatively mainstream Onvo sub-brand saw rebounds from February. The Onvo L60, a Model Y rival that launched late last year, had seen momentum fade.
Q1 deliveries totaled 42,094, in the middle of its targeted 41,000-43,000, up 40.1% vs. a year earlier.
Nio will launch more Nio and Onvo brand models in the coming months, and add the affordable Firefly brand.
Zeekr Deliveries
Zeekr delivered 40,715 vehicles under the Zeekr and Lynk brands in March, up 30.2% from 31,277 in February and up 24.6% vs. Zeekr and Lynk a year earlier. In Q1, Zeekr Group delivered 114,011 vehicles, up 21.1% vs. a year earlier.
Zeekr recently took control of Lynk. Both brands are part of China auto giant Geely.
Zeekr says it will unveil a 1.2-MW charger soon.
Tesla Deliveries Due Amid Brand 'Destruction'; BYD Earnings Charge Higher
Tesla Deliveries
Tesla deliveries are due on Wednesday, with analysts slashing targets in recent weeks.
A company-compiled consensus of analyst forecasts pegs Q1 deliveries at 377,592. That would be slightly below a year earlier and the lowest since Q3 2022. Some forecasts are closer to 355,000 or below.
Tesla's Q1 sales are weak for a three main factors. One, the U.S. giant has become more reliant on China, so it's more exposed to that country's seasonally slow Q1. Second, some buyers likely were waiting for the refreshed Model Y, which started deliveries about a month ago. Wait times are low in China and U.S. However, in the U.S., Tesla is still only selling a high-priced Launch Series that comes with Full Self-Driving. Third, Elon Musk's association with the Trump administration and political posts have caused further brand "destruction" in the U.S. and Europe.
Tesla had China EV registrations of 20,700 in the latest week, the strongest showing of the year. That would suggest Tesla China deliveries rose 2% vs. a year earlier, but that lags the growth in rivals.
China EV Stocks
BYD stock fell 2.5% on Tuesday. Shares fell 1.8% to 50.90 on Monday. Shares rose 1.8% last week, briefly hitting a record high. BYD is up 49.4% through March 31.
XPeng stock climbed 1.8% early Tuesday after jumping 5.2% to 20.72 on Monday. Shares tumbled 9.6% last week to 19.70, a second straight big weekly decline and nearing the 50-day line. XPEV stock hit a two-year high of 27.16 on March 11. XPEV stock is up 75.4% in 2025 as of March 31.
Li Auto stock rose 1% Tuesday after declining 1.25% to 25.20 on Monday. Shares fell 3.3% last week to 25.52, dropping below the 50-day line. Li Auto has fallen for four straight weeks as a late February breakout quickly failed. LI stock is up 5% this year.
Nio stock advanced 1%. Shares climbed 1.6% to 3.81 on Monday, but after undercutting a multiyear low. Nio dived 16.7% last week to 3.75 amid a big share offering. Shares were down 12.7% in 2025 as of March 31.
Zeekr stock gained 1.3% after edging down 0.7% to 24.09 on Monday. ZK stock tumbled 10.35% last week, far below the 50-day line. Shares broke out on March 11, but that failed almost immediately. ZK stock is off 15.1% in 2025 as of March 31.
Xiaomi stock, which trades over the counter in the U.S., was not yet trading. Shares retreated 1.9% on Monday to 31.64. Shares slumped 8.3% last week after hitting a record 37.45 on March 19. XIACY stock was up 42.6% in 2025 as of March 31.
Tesla stock rose 1%. Shares fell 1.7% on Monday to 259.16, but well off morning lows. Shares rebounded 6% last week, snapping a nine-week losing streak, but hit resistance at the 200-day moving average. TSLA stock was down 35.8% in 2025 as of March 31, one of the worst performers on the S&P 500.
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