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Month heavily affected by Spring Festival slowdown but Geely continues to set the pace in China.
February sales and delivery figures from China’s New Energy Vehicle (NEV) sector are coming in and, with Spring Festival and the shortest month of the year, it’s been something of a bloodbath.
The first two months of the year are always slow burners in general with the national holiday and sometimes a drop in incentives from December’s last minute sales push, but this year seems even more subdued that ever for most brands.
So much so, that even in January some brands didn’t report sales or delivery numbers, and figures seem a little slow coming through for several brands this month.
The momentum is very much with the usual protagonists, and once again, it looks highly likely that Geely has outpaced BYD on home turf yet again, with BYD exporting more models than they sold domestically for a second month running.
BYD
BYD’s steady start to the year continues and while, in total sales, they remain top of the tree in China’s NEV segment, on home turf they’ve seemingly lagged behind Geely’s Galaxy range for two months.
Total sales of 165,013 units in February is down 7% on January, an understandable figure given the shorter month, but the 31% drop on last year is more concerning.
BYD might not mind too much because for the fourth month in a row they’ve exported more than 100,000 units, which will no doubt be more profitable than those sold at home, but that leaves them at just 64,862 units at home.
Geely Galaxy
Second on our total sales list, without having accurate figures yet from Wuling Baojun, Geely’s Galaxy range looks to have once again surpassed BYD in the domestic market, but continues to lag behind in exports.
In total, 73,125 Geely Galaxys found homes in February, and with less than 8,000 of those likely heading abroad, that would make them the NEV sales champion for two consecutive months in China.
Despite the holiday disruption, deliveries were only down 12% on January, and 4% on February last year, suggesting the momentum is very much still with Geely Galaxy at the moment.
Leapmotor
Leapmotor’s early year sales dip remains quite significant when compared to the latter months of 2025, but they maintain their lofty position for the moment with a decent result.
Deliveries were down the expected amount from January at about 12%, but miraculously were still 11% up on February last year, demonstrating just how quickly Leapmotor sales ramped up over the course of 2025.
With a bunch of new metal waiting in the wings in volume segments, expect things to pick up after the early year slump.
Li Auto
Li Auto, who suffered a painful 12 months last year, look to be at least finding some traction in their bid to turn falling sales around, managing a solid 26,421 deliveries in February for a range that averages a much higher price point than Leapmotor.
Month-on-month deliveries were down less than expected at just 5%, while year-on-year deliveries were up for the first time since May last year.
While 1% growth isn’t exactly earth shattering, it’s something to build upon, as the brand gears up for an important year refreshing most of their main line-up.
Zeekr
Zeekr continued their strong start to the year, posting 23,867 deliveries in February, fractionally up on last month, but more significantly, a whole 70% up on last year’s result.
It’s hard to pinpoint exactly why Zeekr seems to be suddenly delivering the kind of numbers we’d have expected from their range, surpassing XPeng by some margin and closing in on Li Auto, but exports may be part of the reason, with 7X deliveries in Australia and Europe now ramping up.
If the 9X continues to perform and more markets come on song, it could be a positive year for Geely’s premium brand.
Lynk & Co
Lynk & Co, like sister brand Zeekr, outperformed the February slowdown with NEV sales of 20,496 units, now making up 75% of the brand’s total sales.
Achieving an 18% month-on-month growth with around 10 days less to play with in February is already impressive, but year-on-year there’s a particularly rosy picture with deliveries up 148% over last year.
Like Zeekr, it’s hard to say what’s suddenly clicked at Lynk & Co, whose figures have been steadily rising and quietly impressive for a while now, but again it’s looking like a decent year ahead.
Xiaomi
Xiaomi’s hugely impressive January performance came somewhat back down to earth in February, with a still very respectable 20,000 units finding homes.
Xiaomi puts their 49% drop in deliveries down to the switchover from the original SU7 to the updated version which hits the market in March or April, and while that wouldn’t quite equate to almost a halving of the numbers given the sales bias towards the YU7, it’s at least somewhat responsible.
A year-on-year decline of 13% is par for the course given the timing of the model change and the national holiday.
Qiyuan
Qiyuan didn’t release sales figures for January, one of several brands to avoid doing so, but we can get an idea based on February’s figure of 18,300 units being a 96% increase on January.
Curiously, the brand somewhat undersold themselves, saying the year-on-year result for February was just 30.4% better than last year.
Given last year’s official delivery number was 7,931 units, we calculate that at 131% higher, and while last year the brand reported deliveries and this year sales, it still seems a curiously wide margin to get wrong.
Fangchengbao
Fangchengbao remains the real jewel in BYD’s crown at the moment, and that’s reflected in their February result.
While 17,036 units is a 21% drop from January, within reason given the loss of a week of trading due to Spring Festival, it’s a whipping 245% higher than last February, which goes to show just how far they’ve come.
As the normal months settle in from March onwards, we’d expect the brand to get back to the upper echelons of this table.
XPeng
A second difficult month for XPeng and their first under 20,000 units since August 2024, February saw just 15,256 units find homes.
Compared to January, that’s a slightly high but reasonable 24% drop, but compared to February last year it’s a whole 50% drop, a number that must be raising a few eyebrows from the higher ups in Guangzhou.
With a whole raft of new models coming to market this year, it could be the brand is managing some production workarounds to accommodate, but we’ll need a few more months to see if this is a blip or a trend.
NIO
NIO suffered a larger than expected dip in deliveries in February, falling 27% from a very strong January, and really the clue is in where the sales are going.
A full 11,260 of the flagship brand’s sales came from the ES8, making up nearly 75% of the the NIO brand product mix, and more than half of the NIO Group’s sales.
To add to the concern, NIO once again did not report the deliveries of Onvo or firefly on their official WeChat message, though both shared 5,638 units between them, less than in January, around 10% down.
On the plus side, year-on-year deliveries for the NIO brand are up a very solid 67% on last year, once again reinforcing the importance of the ES8, but they won’t want to depend on a single model so heavily for too long.
Yipai
Dongfeng’s Yipai Technology, which incorporates the Yipai and Nammi brands, managed 14,936 deliveries in February, a fairly steep 30% drop on January’s number.
We don’t have data for February last year, but the brand says cumulative January and February deliveries are up 37% at 36,205 units, so it seems things are going well enough overall.
Voyah
Voyah slumped below the 10k mark for the first time since February last year, their 8,358 units a reasonable 21% drop on last month, but still 4% up on last February.
As such, this looks to be mostly short-term pain for Voyah, but we’ll look to see how their range expands during the year with a few new models mooted for arrival.
Wey
A mixed February for GWM brand Wey, who are currently carrying the NEV flag for one of China’s more traditional automotive groups, 5,615 units delivered marking a higher than usual 29% drop on last month.
The flip side is a 54% improvement on last year, which can only be seen as a good thing, the brand maintaining decent annual growth for several months now.
With a new flagship on the way, reportedly bearing some high-level tech, it could be another year of steady improvement.
Denza
Denza’s woes continued into February, a poor end to last year and a poor start to this year helping to soften the month-on-month decline to just 8%, but with deliveries at just 5,501 units now, below Wey, there will be some head-scratching going on in Shenzhen.
Year-on-year it’s bleak, sales down a full 38% on last February, a time when they were comfortably selling almost double what Fangchengbao was.
Media reports might be focused on the updated Z9 GT offering over 1,000km of range in the full electric model, but Denza needs that model to land and hit the ground running, both in China and abroad.
AVATR
AVATR had a shocker of a February, having not even released their January figures, delivering just 4,033 units for the month, their lowest number since September 2024.
Without last month’s figures, we can only say that sales were down 22% year-on-year, suggesting no growth if you account for the affected month.
AVATR themselves chose to highlight overseas growth of 177% instead, which sounds good but without context on how large or small that figure might be, it doesn’t necessarily mean much.
ROX
Perennially in the bottom two spots on our table, ROX finally climbed one run in February, outpacing the entire Ora global operation by delivering 1,298 units.
Seemingly unaffected by the Spring Festival, which might give a hint as to how many of these sales are exports, the brand managed 26% month-on-month growth, and 200% year-on-year growth.
Positive numbers they may be, and let’s take nothing away from them, they remain someway short of what ROX needs to keep the wheels on the wagon, so let’s see if they can muster up more interest in the normal months of the year.
Ora
There’s not really much that can be said about Ora that we haven’t said already, but slipping below ROX in our table is just the latest chapter in an ignominious decline for GWM’s more feminine brand.
Just 1,263 units found homes in February, despite the brand being sold in many international markets, a figure that’s down a huge 39% on last month’s somewhat tepid start, and 33% down year-on-year.
They desperately need the Ora 5 to make a splash somewhere, anywhere, if the brand is to justify being a part of GWM’s operations for much longer, but fair play to them, at least they had the guts to share the result.
Yangwang
Yangwang bring up the rear of our table as usual, something that’s to be expected of a supercar brand, with 232 units being sold in a shortened February.
While that is a larger than expected 44% decline on last month, it’s a full 121% higher than February last year, so that’s not something to be sniffed at, and anyway they persuaded Richard Hammond to drive their U9 Xtreme and he seemed to be impressed.
We’ll wait politely for our invitation.
Still to come…
We don’t expect all of these brands to share their figures, but these are the usual suspects who should be in this list and they’ll make it onto the table when and if they post.