2024 EV Year Is Off To A Slow Start In China
Portfolio Pulse from Upwallstreet
The start of 2024 has shown a slow beginning for EV sales in China, with major companies like BYD, Nio, Li Auto, XPeng, and Tesla reporting YoY growth but MoM drops in deliveries. Despite the slow start, companies are pushing forward with innovations and expansions, such as Li Auto's charging network and XPeng's plant upgrade. Tesla has introduced new discounts in China, while BYD boasts a significant increase in overseas sales and expects a substantial rise in annual earnings. Worksport Ltd has launched new products and announced compatibility with major truck brands, indicating a strong start to 2024.
February 02, 2024 | 4:24 pm
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POSITIVE IMPACT
BYD reported a significant YoY growth in EV sales and expects a substantial increase in annual earnings, despite a MoM drop in deliveries.
BYD's significant YoY growth and positive earnings outlook, despite a MoM drop, indicate a strong market position and potential for stock appreciation.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Li Auto reported a 105.83% YoY rise in deliveries but a 38.11% MoM drop, aiming to become China's top premium EV brand.
Li Auto's impressive YoY growth and ambitious plans to dominate the premium EV market in China suggest a positive outlook for the company.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Worksport Ltd launched new products and announced compatibility with major truck brands, indicating a strong start to 2024.
Worksport's product launch and compatibility expansion indicate a positive start to 2024, potentially boosting investor interest.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 70
NEUTRAL IMPACT
Nio reported an 18.2% YoY rise in deliveries, despite a 44% MoM drop, ending 2023 with a sales push.
Nio's YoY growth is positive, but the MoM drop reflects seasonal trends. The company's strong end to 2023 may mitigate short-term impact.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Tesla reported an 8.17% YoY sales increase but a 24.1% MoM drop, with new discounts introduced in China for the Model Y.
Tesla's modest YoY growth and recent discounts in China suggest a strategic move to boost sales, despite a MoM drop.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85
NEUTRAL IMPACT
XPeng reported a 58.11% YoY rise but a 58.99% MoM drop in deliveries, with plans to upgrade its plant for increased capacity.
XPeng's YoY growth is strong, but the MoM drop and plant upgrade indicate a focus on future growth rather than immediate sales impact.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 75