January 2026 NEV Sales Rankings Reshuffled

[Market Dynamics] In January 2026, year-over-year sales of new energy vehicle (NEV) startups generally rose, but all saw month-over-month declines, with Leapmotor relinquishing its top-selling position.

Key Developments: Harmony Intelligent Mobility Alliance and Xiaomi Take Top Two Spots

Harmony Intelligent Mobility Alliance delivered 57,915 vehicles in January, up 65.6% year-over-year; its AITO brand alone reached 40,016 units, surging 83% year-over-year. Xiaomi Auto maintained deliveries above 39,000 units, approaching full production capacity. Former leader Leapmotor dropped to third place with 32,059 units, posting a modest year-over-year increase of just 27%.

Key Data: Four Brands Surge Year-Over-Year, None Grow Month-Over-Month

NIO delivered 27,182 vehicles, soaring 96.1% year-over-year but falling 43.5% month-over-month; Li Auto (27,668 units) and XPeng (20,011 units) saw year-over-year declines of 7.5% and 34%, respectively. Among the six major NEV startups, not a single one achieved month-over-month growth, with most experiencing drops exceeding 30%.

Industry Impact: Off-Season Combined with Policy Rollbacks Fuels Consumer Wait-and-See Sentiment

Impacted by the halving of new energy vehicle purchase tax exemptions and the earlier timing of the Chinese New Year, the auto market entered its traditional off-season in January. According to data from the China Passenger Car Association (CPCA), passenger vehicle retail sales in early January fell 32% year-over-year, while wholesale volumes dropped 40%, reflecting strong consumer hesitation.