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On Monday (February 2), at the end of the U.S. stock market, the Bloomberg Electric Vehicle Price Return Index fell by 2.80%, closing at 3450.29 points. The index was in a downward trend throughout the day, with component stocks such as Anaconda Mining falling by 9.5%, XPeng H shares closing down by 6.77%, Lucid Group down by 6.7%, Zhejiang Leapmotor Technology H shares closing down by 5.28%, Pony.ai ADR down over 4.5%, and NIO Group H shares closing down by 4.51%. BMW European stocks rose by 0.66%, STMicroelectronics rose by 1.11%, Sona Blw Precision Forgings Ltd. rose by 1.99%, and Nidec Corporation rose by 3.31%

Nio, Li Auto, XPeng: Chinese EV Stocks Plunge as January Sales Reflect Weak Demand

Chinese electric vehicle (EV) stocks, including Nio, Li Auto, and XPeng, saw significant declines in Hong Kong trading due to weak January sales. Nio's deliveries rose 96.1% year-over-year but fell 43.5% from December, while XPeng and Li Auto reported year-over-year declines of 34.1% and 7.6%, respectively. BYD also faced a 30.1% drop in NEV sales. The sector is under pressure from competition, macroeconomic uncertainty, and the end of subsidies, leading to a mixed outlook from analysts, with a Strong Buy rating for BYD and Moderate Buy for Nio and XPeng.

The Hang Seng TECH Index's decline has widened to 2.2%, XPeng has dropped over 9%, Nio has fallen over 6%, and Leapmotor and BYD COMPANY have both decreased by over 5%

Xiaomi and Nio report strong sales in China, but upcoming holiday may affect February sales. Tesla's rival facing challenges.

Xiaomi and Nio experienced impressive performances recently, showing strong sales numbers. However, February sales may be impacted by the upcoming Lunar New Year holiday. Despite a direct rivalry with Tesla in China, Nio reported robust sales figures while another unnamed giant in the industry is facing a decline in sales. This news was originally reported by Investor's Business Daily.

Nio Firefly begins deliveries of right-hand drive cars in Singapore

Nio's sub-brand Firefly has begun deliveries of right-hand drive cars in Singapore, marking its entry into the market. The first batch was delivered after pre-orders were accepted at the Singapore Motorshow 2026. Nio aims to expand its international presence to 40 countries by year-end, utilizing distributor partnerships rather than direct sales. Firefly plans to enter the UK and Thailand in 2026, focusing on right-hand drive markets. In January, Nio delivered 27,182 vehicles, while Firefly's deliveries saw a decline to 2,807 vehicles compared to December.