Chinese electric vehicle (EV) manufacturer BYD (BYDDF) announced on Thursday that the sales of new energy vehicles in January reached 93,168, surging 361.73% year-on-year. In addition, the company's total automobile sales in January reached 95,422, up 125.05% year-over-year, which indicates the sales of oil-fueled vehicles plunged nearly 90%.

BYD also said that due to the sharp rise in raw material prices and the decline of new energy vehicle purchase subsidies, it plans to raise the official guidance price of some new energy models in the near future, ranging from CNY 1,000 to 7,000. We expect BYD's new energy market to maintain a high growth rate this year.

Earlier, Nio Inc. (NIO), XPeng Inc. (XPEV), and Li Auto (LI), the top players of China's new automakers, also announced their sales in January. Among them, the sales of XPeng and Li Auto both exceeded 12,000 in the first month of 2022, up 115% and 128.1%, respectively, year-over-year. 

Nio sold 9,652 electric vehicles in the same month, up 33.6% compared with the same period in 2021. According to National Passenger Cars Association (CPCA), Tesla (TSLA), Nio, XPeng, BYD, and other leading EV manufacturers all increased the official guidance price on the grounds of subsidy adjustment, and the impact on their sales remains to be seen.