Major Chinese electric vehicle (EV) makers released their January delivery numbers, with XPeng (XPEV) outpacing its rivals Nio (NIO) and Li Auto (LI). XPeng’s January deliveries surged about 268% year-over-year to 30,350 units, marking the third consecutive month in which deliveries surpassed the 30,000 mark.
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More on January Deliveries of XPeng
XPeng’s robust year-over-year rise in January 2025 deliveries was driven by the demand for its new model Mona M03, which achieved over 15,000 deliveries in January. Moreover, the company’s P7+ model, launched in November 2024, also witnessed strong demand, with cumulative deliveries reaching 20,000 units within just two months of its launch.
While XPeng’s January deliveries rose on a year-over-year basis, they declined 17.3% compared to December 2024. That said, this decline rate was better than that of Nio and Li Auto. It is worth noting that EV makers generally see weakness in their sales in January on a sequential basis due to the Chinese New Year holidays.
Nio and Li Auto See Sequential Decline in January Deliveries
Meanwhile, Nio delivered 13,863 vehicles in January, reflecting 37.9% year-over-year growth. The company’s flagship Nio brand delivered 7,951 units, while the Onvo sub-brand achieved 5,912 units in deliveries. However, Nio’s January 2025 deliveries fell more than 55% compared to December 2024.
For Li Auto, January was a tough month. The company delivered 29,927 vehicles, which reflected a decline of about 4% on a year-over-year basis and 48.9% on a sequential basis. Li Auto’s deliveries were impacted by a seasonal slowdown in China’s EV market and intense competition. On the brighter side, Li L6, the company’s extended-range electric vehicle (EREV) model, surpassed the 200,000 cumulative delivery milestone in January 2025.
Likewise, dominant Chinese automaker BYD (BYDDF) reported 300,538 new energy vehicles (NEVs) in January deliveries, up 49.2% year-over-year but down 41.6% sequentially.
Which Is the Best Chinese EV Stock?
Wall Street is cautiously optimistic about XPeng, Li Auto, and BYD stocks and sidelined on Nio. Currently, analysts see about 28% upside potential in both Nio and Li Auto stocks. However, analysts’ ratings and price targets could change in response to reports on January deliveries. Let’s look at the consolidated chart of these Chinese EV stocks using the TipRanks’ Stock Comparison Tool.
