China's electric vehicle deliveries in January: SERES and Leapmotor outperform, Xiaomi Cars down 20%, BYD sales drop 30%

Chinese electric vehicle companies released January data, with SERES (9927) and Leapmotor (9863) maintaining rapid growth, while Xiaomi (1810) saw a 20% month-on-month decrease in vehicle deliveries; leading player BYD (1211) also experienced a 30% drop in sales. Leapmotor's First Month Delivery of 32,000, SERES Up 1.4 Times Leapmotor delivered 32,059 vehicles last month, a year-on-year increase of 27%. SERES's January sales of new energy vehicles reached 43,034 units, up 1.4 times year-on-year; production was 44,098 units, an increase of 1.22 times. Xiaomi's First Generation SU7 Production Halt Affects Deliveries As for Xiaomi (1810), January vehicle deliveries exceeded 39,000 units, down about 20% from over 50,000 units in December last year. Domestic media cited sources indicating that this was mainly due to the halt in production of Xiaomi's first-generation SU7, with the automaker currently preparing for the new generation SU7 production line. Li Auto's January Deliveries Down 8% Li Auto (2015) delivered 27,668 vehicles in January, a year-on-year decrease of 7.5%, bringing the cumulative total to 1.568 million vehicles. Li Auto stated that the upcoming enhanced VLA (Visual, Language, and Action) driver model has significantly improved its ability to think and understand the physical world, with performance in complex urban traffic conditions closer to human driving levels. Nio Delivers 27,000 Vehicles, Up 96% Nio (9866) announced that it delivered 27,182 new vehicles in January, a year-on-year increase of 96.1%. So far, Nio has delivered a total of 1.025 million new vehicles. XPeng's January Deliveries of 20,000, Down 34% XPeng (9868) had a delivery volume of 20,011 vehicles in January, a year-on-year decrease of 34%. XPeng indicated that it is developing the second-generation VLA, which is the industry's first physical world model to achieve L4 basic capabilities, and will officially push it to users in the first quarter. BYD Sold 210,000 Vehicles in January, Down 30% BYD (1211) sold 210,000 vehicles in January, a year-on-year decrease of 30%; production was 232,000 vehicles, down 29%. Geely's New Energy Vehicle Sales Up 3% Geely (175) sold a total of 124,000 new energy vehicles, a year-on-year increase of 2.7%. Geely's total sales in January were 270,000 units, up 1% year-on-year. Great Wall's New Energy Vehicle Sales Down 19% Great Wall Motors (2333) sold 18,029 new energy vehicles in January, a year-on-year decrease of 19%. Great Wall's overall sales were 90,312 vehicles, an increase of 11.6%