Chinese automakers BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF), Xpeng Inc. (NYSE:XPEV), among others, recorded a decline in stock values on the Hong Kong exchange following poor January sales figures.



<h2>BYD Shares Fell 5.1%</h2>



BYD shares fell by over 5.1% in early trading on the Hong Kong stock exchange after it reported a sales decline of over 30% in January, Bloomberg reported on Sunday.



The world's largest EV maker sold 210,051 units in January, which also demonstrated a 50% MoM decline in sales, amid strong overseas performance in Europe.



<h2>Xpeng, Nio Fell Almost 6%</h2>



Meanwhile, Xpeng also declined close to 6%, the report suggests, after it also reported weakened sales figures. Xpeng sold 20,011 units in January, illustrating a 34% decline. Nio Inc. (NYSE:NIO) also fell close to 6% despite a strong January sales performance as it delivered 27,182 vehicles, a 96% YoY surge. 



This comes as the automaker has been pushing to localize supply chains in overseas markets, as well as push further in its Robotics ambitions. The report suggests that scaling back of EV incentives in China, as well as a new 5% tax on EVs, could be possible reasons behind the decline in sales.



<h2>Xiaomi’s Poor Sales</h2>



Tech giant Xiaomi Corp (OTC:XIACY) (OTC:XIACF) also recorded a steep decline in sales of the company’s SU7 Sedan, with the company selling just 45 units of the EV in December. 



Check out more of Benzinga's Future Of Mobility coverage by following this link.



Photo courtesy: Tada Images / Shutterstock.com

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Chinese automakers BYD and Xpeng experienced significant stock declines on the Hong Kong exchange due to poor January sales. BYD shares fell over 5.1% after reporting a 30% sales drop, selling 210,051 units. Xpeng's stock dropped nearly 6% with a 34% decline in sales, totaling 20,011 units. Nio also saw a nearly 6% decrease despite a 96% YoY increase in sales, delivering 27,182 vehicles. Factors contributing to the decline include reduced EV incentives and a new 5% tax on EVs in China.

- Chinese automakers BYD Co. Ltd. and Xpeng Inc. experienced declines in stock values on the Hong Kong exchange due to poor January sales figures.  
- BYD's shares fell over 5.1% after reporting a 30% drop in sales, while Xpeng's shares dropped nearly 6% with a 34% sales decline.  
- The overall decline in sales is attributed to reduced EV incentives in China and a new 5% tax on EVs, impacting the automakers' performance despite some strong sales figures.

BYD, Xpeng Lead Chinese EV Stock Selloff Amid Poor January Sales