To The Moon

The delivery data of new energy vehicles for February came out, and the situation is not good!

Take $BYD Co., Ltd.(BYDDF)$ $BYD COMPANY(01211)$ , the king of new energy vehicles, for example. Sales in February were 122,311 units, a whopping 36.8% drop year-on-year.

Considering that February is the Spring Festival holiday, and the Spring Festival in 2023 is in January, therefore, the month-on-month data can't truly reflect business performance. It's more reasonable to look at the January-February situation.

Unfortunately, BYD's total sales for January-February this year were 323,800 units, a year-on-year decline of 6.1%.

Combined with BYD's recent significant price cuts, it's not difficult to see that the sales pressure is immense. BYD's domestic sales may have peaked, and future growth will mainly come from overseas markets.

From January to February this year, BYD sold 59,465 vehicles overseas, a year-on-year increase of 134%.

$NIO Inc.(NIO)$ $NIO Inc.(NIO.SI)$ $NIO-SW(09866)$ is also in a tough spot. Sales for January-February this year were 18,187 units, down 12% year-on-year:

$XPeng Inc.(XPEV)$ $XPENG-W(09868)$ is also struggling. Sales for January-February this year were 12,795 units, a year-on-year increase of 14%. Although it maintained positive growth, the growth rate was only 14% on a very low base in the same period of 2023, indicating that the situation this year is not good.

$LEAPMOTOR(09863)$ 's sales growth rate for January-February was as high as 334%, but this was due to the exceptionally low base in the same period of 2023. Compared to other months, the average sales for January-February were only normal, not bad, but not surprising either.

GAC AION's sales for January-February increased slightly by 8.7%, with a significant slowdown in growth.

Neta's sales for January-February increased slightly by 0.17%, with sluggish sales.

ZEEKR's sales in February increased by 37.7% year-on-year, which is not bad.

$Li Auto(LI)$ $LI AUTO-W(02015)$ 's sales for January-February increased by 61.9% year-on-year. The company stated in its monthly sales announcement that it expects sales to reach 50,000 units in March, which is consistent with its fourth-quarter report.

Li Auto is one of the two auto companies that can still maintain high growth among the new auto companies.

Another auto company that is booming is Seles. With the support of Huawei, the M7 and M9 have become popular. Sales in February reached 28,062 units, surpassing XPENG's 20,251 units. Huawei's ability to drive sales is amazing!

From the performance of car companies like BYD, NIO, and XPENG, it looks like the new energy vehicle market in 2024 is going to be tragic!