February NEV Sales Dip Across the Board: Leapmotor Leads, XPeng Halves Year-on-Year

Impacted by the Spring Festival holiday and seasonal factors, deliveries from multiple Chinese EV startups declined month-over-month in February, bringing the sector back to the 20,000-unit "starting line." Leapmotor led the pack with 28,067 vehicles delivered, up 11% year-over-year. Li Auto delivered 26,421 units, a modest 0.6% year-over-year increase. NIO reported deliveries of 20,797 vehicles, surging 57.65% year-over-year, with its all-new ES8 contributing over 11,000 units. Xiaomi Auto delivered more than 20,000 vehicles, flat compared to the same period last year. XPeng saw a sharp decline, delivering only 15,256 units—a nearly 50% year-over-year drop—as it accelerates its overseas expansion into markets like the UK and New Zealand. Industry analysts noted that reduced effective sales days in February, policy adjustments, and consumer hesitation contributed to pressure on retail sales, but expect a rebound in March as workers return after the holiday and spring auto shows kick off.