Transportation
China’s Auto Subsidies Underpin EV Sales During New Year Holiday
- Geely has record month, while Xpeng outsells Li Auto, Nio
- Government has extended trade-in rebates to encourage buyers
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China’s electric vehicle makers enjoyed a busy January as the extension of trade-in subsidies helped underpin sales during the usually quieter Lunar New Year holiday.
Sales at Geely Automobile Holdings Ltd., the centerpiece of Li Shufu’s auto empire, rose 25% to a monthly record of 266,737 vehicles. Xpeng Inc. overtook US-listed peers Nio Inc. and Li Auto Inc. for the first time in more than two years by shipping 30,350 EVs last month, with its mass-market model Mona M03 helping drive the 268% increase from last year. Li Auto delivered 29,927 cars in January, while Nio sold just 13,863 vehicles.