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Xpeng narrowed its losses last quarter as deliveries and vehicle margins improved. Technology licensing fees from Volkswagen also helped.
China’s top three premium EV makers posted mixed sales last month, as companies remain entrenched in a price war in the world’s largest car market that shows no signs of ending.
BYD reported an 81 per cent jump in earnings last year to an all-time high on the back of record deliveries of new electric vehicles. Weak consumer spending might, however, cool sales, it said.
China’s leading EV makers are battling for supremacy in the MPV segment, targeting wealthy families amid sluggish sales and looking to grab a bigger share of the market from traditional carmakers like GM.
Slowing growth, intensifying competition and a bruising price war will pile pressure on the 200-plus Chinese EV makers this year, with some underachieving players likely to buckle and fold.