Chinese EV Startups’ Sales Rebound in March

After a muted start to the year, Chinese electric vehicle makers staged a strong comeback in March, with most leading startups posting robust month-on-month gains and, in many cases, notable year-on-year growth. The rebound followed a softer January–February period influenced by shifting incentives and the seasonal lull around the Lunar New Year holiday.

March leaders among EV startups

• Leapmotor led the pack, selling 50,029 vehicles in March—up 78 percent from February and 35 percent from a year earlier—topping national sales among new energy startups.
• Li Auto ranked second with 41,053 vehicles, a 55 percent increase month on month and 12 percent higher than a year ago.
• Nio delivered 35,486 units, surging 71 percent from February and 136 percent year on year.
• Xpeng handed over 27,415 vehicles, up 80 percent from the prior month, though 17 percent below the same month last year.

First-quarter snapshots

• Leapmotor: 110,155 units in the first quarter, up 26 percent year on year.
• Li Auto: 95,142 units, rising 2.5 percent year on year.
• Nio: 83,465 units, nearly doubling from a year earlier.
• Xpeng: 62,682 units, down 33 percent year on year.

The market’s slow start in January and February reflected the end of purchase tax exemptions for electric cars and the timing of the Lunar New Year, a period that typically dampens showroom traffic. Even so, the vigorous March recovery left most startups with overall first-quarter growth compared with last year.

Traditional groups’ EV brands also advanced

• GAC’s reorganized EV business, now operating as GAC Hyptec Aion, sold 38,268 vehicles in March—up 231 percent from February and 12 percent year on year.
• Changan’s Deepal delivered 31,742 vehicles, gaining 88 percent month on month and 30 percent from a year earlier.

Because the Lunar New Year can fall in either January or February, auto sales for the first two months are commonly considered together in China to smooth seasonal distortions. With that period now past, the March uptick suggests recovering consumer interest and the early impact of refreshed model lineups and pricing strategies.

Looking ahead, competition among EV makers is likely to remain intense as new models enter the market and manufacturers fine-tune incentives. But the March surge provides momentum heading into the second quarter, with several brands signaling capacity and delivery plans that could sustain the rebound if broader demand conditions hold.