The delivery figures for February from new energy vehicle manufacturers have been progressively released. Influenced by factors such as the extended Spring Festival holiday, the industry entered its traditional slow season, with 20,000 units becoming the new benchmark for leading players. LEAPMOTOR led the rankings, while LI AUTO-W, XIAOMI-W, and NIO-SW all maintained sales within the 20,000-unit range. In contrast, deliveries from XPENG-W and AITO dropped below this threshold, indicating a divergence within the sector.
Industry observers widely attribute February's sales decline to clear seasonal patterns. This was compounded by inventory clearance before the holiday, adjustments to new energy vehicle purchase tax policies, and consumer anticipation for promotions at spring auto shows, which collectively intensified a wait-and-see attitude among potential buyers. Beyond the sales numbers, a pure "price war" is gradually receding. By 2026, the competitive landscape of the automotive industry is expected to further optimize, with brands possessing core technological and service advantages likely to be more competitive.
LEAPMOTOR Leads; XPENG-W and AITO See Declines Following the "longest Spring Festival holiday in history," several NEV makers reported their February sales results in early March. The 20,000-unit mark has emerged as the new mainstream benchmark for evaluating top-tier companies, with LEAPMOTOR, LI AUTO-W, XIAOMI-W, and NIO-SW all clustering within this range. Sales for AITO and XPENG-W fell below 20,000 units, causing them to lag significantly in February's rankings.
In February, LEAPMOTOR delivered 28,067 new vehicles, securing its position in the top tier of new automakers. This represented a month-on-month decrease of approximately 12.45% from January's 32,059 units but a year-on-year increase of 11%. LI AUTO-W followed closely, delivering 26,421 vehicles in February, a slight year-on-year increase of 0.6%. Harmony Intelligent Driving Alliance reported total February deliveries of 28,212 units, a 31% year-on-year increase; however, this was a drop of over 50% compared to January's 57,915 units. NIO-SW delivered 20,797 new vehicles in February, a significant 57.6% year-on-year increase, with sales of its new ES8 model exceeding 11,200 units for the month.
Additionally, XIAOMI-W's February deliveries surpassed 20,000 units, though this was nearly halved from the over 39,000 units sold in January. Prior to the Spring Festival, XIAOMI-W's founder, Chairman, and CEO Lei Jun announced the discontinuation of the first-generation SU7, with the new generation SU7 scheduled for launch and delivery in April. This implies that the majority of XIAOMI-W's February sales were contributed by the YU7 model.
Some automakers fell below the 20,000-unit mark in February. XPENG-W delivered 15,256 new vehicles, a 49.9% year-on-year decline and a 23.72% month-on-month decrease, marking the second consecutive month of dual declines. XPENG-W is currently accelerating its overseas expansion; in February, the new G6 launched in the UK, and the new P7+, touted as the world's first AI car, commenced large-scale overseas shipments.
Latest data from AITO shows cumulative deliveries from January to February exceeded 58,000 units. Given its previously reported January deliveries of 40,016 units, this suggests February deliveries were approximately 18,000 units, a month-on-month decrease of about 55%.
Declines Reflect Seasonal Trends The month-on-month sales decline in February's auto market exhibited clear seasonal characteristics. The China Automobile Dealers Association indicated that retail sales faced significant pressure in February. The reduced number of effective sales days and a sharp drop in store traffic due to the Spring Festival holiday, combined with pre-holiday inventory clearance, NEV purchase tax policy adjustments, and consumer expectations for spring auto show discounts, intensified the wait-and-see attitude.
The China Automobile Dealers Inventory Alert Index survey showed February's index was 56.2%, down 0.7 percentage points year-on-year and 3.2 percentage points month-on-month, remaining above the boom-bust line. The survey revealed that 76.8% of dealers reported February sales fell short of expectations.
During the traditional slow season, major automakers have rolled out promotional policies and signaled new model launches. On March 1, LEAPMOTOR announced its March purchase policy is now active, offering comprehensive benefits of up to 46,000 yuan across all models. Following a "7-year ultra-low interest" financial plan, the Ledao brand added a purchase tax coverage offer, with subsidies of up to 10,262 yuan. Consumers placing orders for the XIAOMI-W YU7 before 24:00 on March 21 can opt for a 3-year zero-interest financial plan.
Regarding new models, the LEAPMOTOR A10 is set for a pre-sale launch in March. Positioned as the first model on the A platform, it will feature lidar and end-to-end smart driving capabilities. On March 2, the 2026 XPENG-W X9 pure electric version, equipped with the second-generation VLA, officially launched. The pure electric version aims to match the product strength of the X9 super range-extended version, featuring standard 800V+5C ultra-fast charging and segment-exclusive active rear-wheel steering across the lineup.
Furthermore, the new LI AUTO-W L9 is planned for release in the second quarter of this year. LI AUTO-W's CEO Li Xiang stated the new L9 will be a pioneering work in embodied intelligent robotics. NIO-SW announced that its flagship SUV, the ES9, will be launched in the second quarter.
Shifting Focus from Price to Service Competition Behind the sales figures, competition is gradually moving away from pure price wars towards service, which is becoming the core strategy for automakers to capture market share. Facing increasingly rational consumers, companies are bolstering efforts in after-sales guarantees, charging services, and user engagement, attempting to enhance customer loyalty through full-cycle services.
While announcing February sales, LEAPMOTOR also stated that its new retail model is accelerating comprehensively. The number of "Starlight Service" stores extending after-sales service hours until 8 PM continues to expand, with over 6,000 users nationwide having experienced the service. On February 27, LI AUTO-W internally launched a "Store Partner Plan," upgrading its assessment system from a single sales metric to a comprehensive evaluation covering sales, profit, and user satisfaction. During the 2026 Spring Festival period, NIO-SW累计 provided 2,073,500 battery swap services, with average daily service volume increasing 29.4% compared to the previous Spring Festival.
The focus of competition in the NEV industry is shifting from price comparisons to service upgrades. As the industry enters a phase of high-quality development, automakers are placing greater emphasis on long-term user experience and brand loyalty. "By 2026, the competitive landscape of the automotive industry will further optimize, with brands possessing core technological and service advantages likely to be more competitive," pointed out Zhang Xinyuan, head of Kefangde Consulting.
Regarding the sales trajectory for NEVs in 2026, Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance, believes that short-term, first-quarter sales may continue the month-on-month declining trend due to the Spring Festival holiday and purchase tax policy adjustments. However, with the hosting of spring auto shows and the concentrated launch of new models, pent-up demand from cautious consumers is expected to gradually release, potentially leading to a rebound in the second quarter. Full-year sales are still projected to maintain growth, albeit at a slower pace compared to the previous high-expansion phase.
Yuan Shuai further indicated that long-term, the NEV market has transitioned from policy-driven to market-driven growth. Future market increments will primarily come from replacement demand for existing internal combustion engine vehicles and demand释放 from lower-tier markets. Automakers need to further tap into potential user demand through technological innovation and service upgrades.