February 2025 China EV Startups Report:XPeng Tops Sales Again, Xiaomi's Lightning Strike And The Tech Democratization Wave

January Chill: 

 Passenger vehicle retail sales slid 12.1% YoY to 1.794 million units (CAAM data). February is estimated at 1.25 million (↑13.6% YoY, ↓30.3% MoM).

NEV Rebound:

 February NEV retail is projected at 600,000 units (48% penetration), driven by provincial subsidy renewals.

NEV Brand Rankings

 XPeng (30,453):570% YoY surge, anchored by MONA M03 (¥100K-150K, 15K+ Feb sales) and P7+ (800V platform).

 Li Auto (26,263): ↑29.7% YoY

 Leapmotor (25,287): ↑285% YoY

 Harmony Intelligent Driving Alliance (21,517)

 NIO Group (13,192): ↑62.2% YoY, including Onvo (4,049).

Tech Revolution: "Democratization of Smart Driving" Hits Mass Market

 Changan: "BeiDou Tianshu 2.0" strategy deploys L2+ ADAS in ¥100K-class Deepal models.

 BYD: "Celestial Eye" ADAS debuts on ¥78,800 Seagull, targeting first-time tech adopters.

 Tesla: Began FSD V12.3.6 trial rollout in China.

February Flashpoints

 1. Huawei's Stelato S800 Launch Controversy

Richard Yu's "World's Most Powerful Intelligent Driving" claims for the ¥1M+ sedan triggered sector-wide debates, with JAC Motors facing collateral PR pressure.

 2. Xiaomi SU7 Ultra's 2-Hour Sales Coup

Lotus CEO Feng Qingfeng rebutted its "fastest sedan" title via Weibo: "True performance lies in cornering mastery, not just straight-line stats."

3. SAIC-Huawei "Shangjie" Joint Venture

Signed Feb 21: Co-develop Huawei ADS-powered EVs.The first model is built on the Feifan RC7 platform, with its intelligent driving solution powered by Huawei's full-stack technology.

Strategic Implications：

 Tech Over Tariffs: NEV wars pivot from pricing to democratizing premium tech (e.g., sub-¥100K ADAS, 800V architectures).

 Legacy vs. Tech Titans: Xiaomi/Lotus spar over performance metrics; Huawei challenges Tesla in software-defined premium.

 Ecosystem Gambits: SAIC's "Shangjie" mirrors the industry shift toward OEM-tech co-creation models.

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XPeng Motors--A Resilience Blueprint in the EV Elimination Race

XPeng Motors delivered 30,453 vehicles in February, marking a 570% YoY increase and exceeding 30,000 units for the fourth consecutive month. Total deliveries for the first two months of 2025 reached 60,803 units, up 375% YoY.

This growth was driven by the MONA M03 and P7+ models launched in 2024. The MONA M03 (RMB 119,800-155,800) surpassed 15,000 deliveries in February, while the P7+ (RMB 186,800-218,800) sold over 30,000 units in three months, setting a new record.

Following Xiaomi's SU7 Ultra launch, XPeng introduced the 2025 G6, featuring an upgraded 800V silicon carbide platform and a 300km charge boost in five minutes. It replaces LiDAR with the "Eagle Eye" pure vision AI system, aligning with Tesla's autonomous strategy.

XPeng CEO He Xiaopeng, who tested Tesla's FSD V12.3.6 in 2024, welcomed its potential China entry, stating it would drive industry progress. He announced plans to benchmark XPeng's Turing AI against global ADAS leaders in 2025, aiming for leadership in performance and safety.

He emphasized that widespread ADAS adoption requires "standardized hardware, free software, and frequent OTA updates," contrasting Tesla's paid model. While XPeng is on a growth trajectory, He cautioned, "Emerging automakers need at least 15,000 weekly deliveries, and even one million annual sales are just the survival threshold."

Li Auto delivered 26,263 vehicles in February, up 29.7% YoY but down 12% MoM, with total deliveries reaching 1.19 million. Early 2025 sales remained below 30,000 units, a drop from Q4 2024's 50,000 monthly average.

Now entering the pure EV market, Li Auto unveiled its first electric SUV, the i8. CEO Li Xiang described it as a "luxury yacht," signaling confidence in the new lineup. Competing with the Tesla Model X and NIO ES8, the i8 features a 102.7kWh CATL Qilin battery, 710km CLTC range, and 5C ultra-fast charging, adding 500km in 12 minutes.

Equipped with LiDAR, an Orin-X chip, and city NOA, the i8 also offers an MPV-style three-row layout for families. Its debut boosted Li Auto's stock by HKD 30 billion, with the company aiming for 20% of China's intelligent EV market by 2025.

On March 1, Harmony Intelligent Mobility, which includes AITO, Luxeed, and Stelato, was the last to announce its February sales. The group delivered 21,517 vehicles, maintaining its position as the top Chinese brand in transaction price, despite a 38.5% MoM decline.

Sales details for the flagship SUV AITO M9 were not disclosed, but it remained China's top-selling luxury vehicle above RMB 500,000 for 11 consecutive months. The AITO M7 series called the "national SUV," delivered 5,204 units, leading China's new energy luxury segment above RMB 300,000. The Stelato R7 coupe SUV recorded 8,748 deliveries in February and 20,168 YTD, with the range-extended version driving strong sales. Meanwhile, the Luxeed S9 continued its streak as the top-selling luxury EV sedan above RMB 400,000 for seven months.

Series Group Chairman Zhang Xinghai remained active, engaging with users at multiple events. On February 16, he attended an AITO gathering in Wuhan, personally delivering car keys and holding discussions with customers.

At the event, Zhang emphasized, "AITO will stay committed to a user-first approach, striving for the highest quality and service standards."

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Xiaomi: SU7 Ultra Launch Ignites Cross-Industry Dialogue

Xiaomi SU7 Ultra: Redefining High-Performance EVs
In 2024, Xiaomi delivered 135,000 SU7 series vehicles, surpassing 20,000 deliveries in February 2025. CEO Lei Jun set a 2025 sales target of 300,000 units, with the Xiaomi YU7 launching mid-year.

On February 27, Xiaomi unveiled the SU7 Ultra at ¥529,900, ¥285,000 lower than its initial pre-sale price. Featuring a tri-motor AWD system with 1,548 horsepower, it accelerates from 0 to 100 km/h in 1.98 seconds, reaching a top speed of 359 km/h. The CATL Kirin II battery enables 520 km ultra-fast charging in 11 minutes.

The market response was strong, with 15,000 orders placed within a day. The SU7 Ultra marks Xiaomi's shift to high-performance luxury, setting a new standard for Chinese EVs.

Automakers including Nissan, Zeekr, Denza, and Porsche praised the SU7 Ultra's performance and innovation.

Porsche officially congratulated the Xiaomi SU7 Ultra for setting a new lap record for production cars at the Shanghai International Circuit (SIC), stating:
"Congratulations to Xiaomi Auto on achieving a new lap record on the track. We take pride in this accomplishment for products made in China." Additionally, Porsche shared an image with the caption: "Looking forward to meeting again on the next 'track'."

Lei Jun responded modestly: "This is thrilling news, but it does not signify that we have surpassed Porsche. In my view, Porsche continues to be the world's finest automotive brand and remains the benchmark we aspire to learn from."

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NIO: While Rivals Engage in Price Wars, We Double Down on Safety

NIO's Strategic Pivot: Elevating Value Over Price in China's EV War

NIO's February sales performance, though less impressive compared to its previous monthly highs exceeding 20,000 units, aligns with expectations due to pre-holiday demand exhaustion.

2024 marks a pivotal product year for NIO. The flagship ET9 will commence deliveries in Q1 while existing models-including the ET5/ET5T, ES6, and EC6-are set for generational upgrades. For its Onvo sub-brand, two SUVs are slated for release in Q3-Q4 2025: a five-seat SUV and a 6-7-seat midsize SUV (leaked images of the latter have surfaced). Meanwhile, the Firefly brand's debut model is expected to launch in Q2.

NIO is currently offering five-year zero-interest financing across its lineup, with phased discounts on outgoing models ahead of new releases to stimulate sales. Onvo has similarly extended its zero-interest term from three to five years.

Post-Lunar New Year, the auto industry's focus remains split between price cuts and autonomous driving advancements. NIO, however, is spotlighting safety innovation. On February 27, Ma Lin, NIO's VP of Brand and Communications, revealed on Weibo that the Automatic Emergency Steering (AES) system averted 107 potential accidents between February 17 and 23. Followers urged NIO to publish weekly safety metrics akin to sales rankings.

NIO further showcased safety prowess through extreme tire blowout tests for the ET9:

 80 km/h cornering with dual-tire failure

 150 km/h straight-line driving with dual-tire failure

 120 km/h wet-road driving with dual-tire failure
The sedan maintained stability in all scenarios.

Huawei's Richard Yu later countered this at the Stelato S800 launch, demonstrating front-wheel blowouts under "more challenging" conditions. A lighthearted exchange between Yu and NIO CEO William Li on Weibo fueled viral discussions.

Amid relentless price wars, NIO asserts that "safety defines true luxury"-embodying Li's philosophy: "Compete on value, not discounts."

NIO retains dominance in China's premium EV sector (¥300,000+). As of 2024, it has led this segment for two consecutive years, commanding a 49.6% market share in Shanghai-one in every two premium EVs sold there is a NIO.

The company targets 440,000 annual sales by 2025, aiming for profitability by Q4 that year.

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