Hong Kong EV Stocks Drop Amid January Sales Slump
Chinese electric vehicle (EV) manufacturers in Hong Kong experienced a significant decline in stock prices following disappointing sales figures for January. Data released on Sunday indicated a notable slump in the overall sales of new energy vehicles (NEVs) across the industry.
Stock Performance of Top EV Makers
- Nio Inc: Down 5.44%
- Xpeng: Down 7.89%
- Li Auto: Down 2.50%
- BYD: Down 4.5%
- Geely Auto: Down slightly
- GWM: Slight decline
- Leapmotor: Declined
- Chery: Declined
January Sales Overview
BYD, a leader in the NEV sector, reported 210,051 vehicle sales in January. This figure marked a steep year-on-year drop of 30.11%. Other notable sales results include:
- Xpeng: 20,011 vehicles sold, down 34.07% year-on-year and 46.65% month-on-month.
- Li Auto: 27,668 vehicles sold, a 7.55% year-on-year decline, marking its eighth consecutive monthly drop.
- Xiaomi EV: Reported sales of “over 39,000” vehicles without a precise figure, down from a record of 50,212 in December.
- Leapmotor: 32,059 vehicles sold, a year-on-year increase of 27.37% but a 46.94% decrease from December.
- Nio: 27,182 vehicles sold, experiencing a remarkable year-on-year surge of 96.08%, despite a decline of 43.53% from December.
Noteworthy Areas of Growth
Interestingly, Geely Auto stood apart from its peers by achieving growth, selling 270,167 vehicles, which is up 1.29% year-on-year. Additionally, month-on-month sales rose by 14.08%. GWM also reported an increase, delivering 90,312 vehicles, reflecting an 11.59% yearly increase but down 27.18% from the previous month.
Nio’s Third-Generation ES8 Success
Nio’s notable performance can be attributed to the strong demand for its third-generation ES8 model. The company recently celebrated a milestone, delivering its 60,000th unit of the ES8 just two weeks after reaching the 50,000th mark.
The overall decline in sales among Hong Kong-listed EV makers underscores the challenges facing the industry in early 2023. The January sales slump highlights the need for manufacturers to strategize effectively to regain momentum in the competitive market.
