China EV ADRs slid in overnight trading. Li Auto fell over 7%; XPeng dropped 3%; NIO slid 1.5%.

Li Auto saw deliveries in February fall further from the previous month, as weakness at the start of the year continued.

The company delivered 26,263 vehicles in February, up 29.69 percent from 20,251 a year ago but down 12.24 percent from 29,927 in January.

Xpeng's deliveries stayed strong in February, despite the start of the year being a traditionally slow period for auto sales in China.

The company delivered 30,453 vehicles in February, up 570.03 percent from 4,545 in the same month last year, and essentially flat from 30,350 in January.

In January-February, Xpeng delivered 60,803 vehicles, up 375.21 percent from 12,795 in the same period last year.

NIO Inc. delivered 13,192 vehicles in February 2025, representing an increase of 62.2% year-over-year. The deliveries consisted of 9,143 vehicles from the Company's premium smart electric vehicle brand NIO, and 4,049 vehicles from the Company's family-oriented smart electric vehicle brand ONVO. Cumulative deliveries reached 698,619 as of February 28, 2025.

During the peak travel period surrounding the Chinese New Year holiday, NIO's nationwide power network consistently delivered comprehensive, efficient and convenient services.