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.
BYD Shares Fell 5.1%
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.
Xpeng, Nio Fell Almost 6%
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.
Xiaomi’s Poor Sales
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.
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