Al Root

China is facing an EV slowdown, just like the U.S. Well, not exactly like the U.S. Deliveries from several Chinese electric vehicle makers slipped in April, compared with March.

For starters, NIO delivered 29,356 cars in April, down from 35,486 in March but up from 23,900 in April 2025.

Shares were down 2.7% in premarket trading, while S&P 500 and Dow Jones Industrial Average futures were up 0.1% and 0.2%, respectively.

NIO faced relatively high expectations. Coming into Friday trading, NIO stock was up 25% year to date and up 58% over the past 12 months. The stock has risen with better deliveries. Over the past year, NIO has sold 372,855 cars, up 54% over the comparable 12-month period.

Li Auto delivered 34,085 cars in April, down from 41,053, but up from 33,939 delivered in April 20235.

Li's stock was up 1.2% in premarket trading. It's been relatively weaker, up only 5% year to date and down 27% over the past 12 months, through Thursdya trading. Shares are down with deliveries. Over the past year, Li has sold 408,767 cars, down 22% over the comparable 12-month period.

XPeng managed to grow its April deliveries. It sold 31,011 cars, up from 27,415. But that was down from 35,045 delivered in April 2025.

XPeng stock was down 0.4% in premarket trading. Coming into Friday trading, XPeng stock was down 20% year to date and down 12% over the past 12 months. Its stock has been weak despite growth. XPeng has delivered 394,085 cars over the past 12 months, up 37%.

Overall, the three EV makers delivered 94,452 cars, down from 103,954 in March, and up about 2% from April 2025.

EV growth has slowed in China. EV leader BYD sold 147,601 all-electric cars in March -- it hasn't reported April numbers yet -- down 11% year over year. What's more, many of those EVs were exported. (BYD exported 40% of its total volume in March.)

The problem is partly the market and partly saturation. New-car sales in China fell in the first quarter, and all-electric cars are having trouble gaining more share, already accounting for roughly 30% of sales. Including plug-in hybrids, the electrified percentage is closer to 50%.

The problem in the U.S. is policy. The $7,500 federal EV purchase tax credit expired in September, making EVs relatively more expensive. First-quarter sales dropped 27% year over year and accounted for roughly 6% of new-car sales.

Tesla stock was flat in premarket trading. Chinese sales news can more shares. China is the world's largest market for new EVs. The sales results, however, are too far out of line with anyone's expectations.

Write to Al Root at allen.root@dowjones.com

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May 01, 2026 07:26 ET (11:26 GMT)

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