Automotive stocks experienced a collective downturn. At the time of writing, LI AUTO-W (02015) fell 4.11% to HK$68.9, XPENG-W (09868) dropped 3.59% to HK$68.55, GWMOTOR (02333) declined 2.68% to HK$13.05, and GAC GROUP (02238) decreased 2.11% to HK$3.72. Industry data revealed that China's total vehicle sales in January decreased by 3.2% year-on-year, while new energy vehicle sales saw a slight increase of 0.1%. According to the Passenger Car Association, wholesale sales of new energy passenger vehicles fell 3.3% year-on-year in January, and retail sales dropped 20.0%. Analysts noted that the decline in January sales was mainly due to demand being pulled forward to the end of the previous year. However, with automakers launching new models after the Spring Festival and the distribution of a new round of purchase subsidies, market sentiment is expected to improve. Separately, on February 26, Tesla China announced a new financial incentive program, offering ultra-low interest loans for up to seven years on orders placed before March 31. For its main models—Model 3, Model Y, and Model Y L—customers can also choose a five-year zero-interest plan with no interest payments required. This move is widely seen as another form of price reduction aimed at boosting sales.