Nio (NIO), Xpeng Motors (XPEV) and Li Auto (LI) gear to report January sales after blowout China EV sales in 2021. Nio stock popped early Monday.
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Fellow Chinese EV startups Xpeng and Li Auto outsold Nio, the so-called Tesla (TSLA) of China, in December, though all reported robust year-over-year sales.
For January, China’s EV makers — both startups and stalwarts, including BYD (BYDDF) — are likely to post lower sales vs. December. China cut its EV subsidies by 30% starting Jan. 1, with those incentives set to go away entirely after 2022.
An earlier Lunar New Year vs. 2021 might also nip January EV sales.
China EV Sales Boom
In November and December, sales of what the Chinese industry designates as new energy vehicles (NEVs) more than doubled in the world’s largest car market. In all of 2021, China EV sales surged 169% to a record 2.99 million vehicles, or 14.8% of new…
