Bloomberg: China's electric vehicle companies' deliveries increased by 85% year-on-year in early 2024

Bloomberg: China's electric vehicle companies' deliveries increased by 85% year-on-year in early 2024

Recently, Bloomberg News published an article saying that companies such as Xiaomi, Geely, Weilai and Xiaopeng will show that China's electric vehicle industry has strong resilience to tariffs imposed by the United States and the European Union. All four companies have increased their car deliveries in 2024. Macquarie said that China's auto exports started well in 2025, and electric vehicle exports have increased by 46% so far. According to estimates by the China Passenger Car Association, China's auto retail sales in February increased by 26% year-on-year, with new energy vehicle sales soaring 85%.

Bloomberg predicts that Xiaomi Group's revenue in the fourth quarter may soar 43% , the fastest growth since 2021. Bloomberg Industry Research pointed out that as Xiaomi enters the high-end market traditionally dominated by Apple and benefits from China's smartphone subsidy policy, its smartphone business may see stronger sales growth this year. In addition, as the Xiaomi SU7 Ultra model is popular in the market, its electric vehicle business will continue to improve the company's profitability.

Market consensus suggests Xpeng Motors’ net loss in the fourth quarter may have narrowed thanks to higher car sales. Bloomberg Intelligence said its car deliveries nearly doubled from the previous quarter, thanks to the launch of the more affordable Xpeng G6 and P7+ sedans. Citigroup sees upside potential “if Xpeng Motors makes significant progress in artificial intelligence and robotics.”

Market consensus suggests that Geely Auto's full-year revenue is likely to continue its growth momentum . Geely announced the launch of its brand and Haoyue L SUV model in Australia and New Zealand, and plans to enter markets including the UK, Brazil and South Africa this year.

Bloomberg predicts that NIO's quarterly losses may remain stable as its sales composition increases with the more affordable Ledao brand cars. Its sales have increased by 45%, according to monthly disclosures, but price wars in the domestic market may limit its revenue growth. Bloomberg Industry Research pointed out that NIO's goal of doubling its car deliveries by 2025 looks ambitious, but it may be challenging to narrow its losses.

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