(Yicai) Jan. 2 -- Chinese new energy vehicle manufacturers saw their sales volumes increase last month, mainly thanks to large price cuts.

BYD’s NEV sales soared 45 percent to 341,000 units in December from a year earlier, the Shenzhen-based carmaker announced yesterday. Its total sales for last year rose 62 percent to three million units from the previous year.

Many Chinese NEV brands slashed prices last month to tackle the increasingly fierce domestic competition and meet their annual sales targets. Among the participants in this new price war are BYD, Xpeng, Li Auto, Huawei Technologies-backed Aito, and Jiyue Auto, a joint venture between Chinese search engine giant Baidu and carmaker Geely Holding Group.

Li Auto delivered 50,353 cars last month, setting a new monthly record for last year, the Beijing-based NEV startup announced yesterday, adding that its annual sales jumped 182 percent to 376,030 units.

Li Auto’s numbers were fueled by big discounts launched in December. The firm cut the prices of its L7 and L8 models by up to CNY36,000 (USD5,050), according to a sales staffer.

Nio’s deliveries rose 14 percent to 18,012 units last month from a year earlier, with the yearly total up 31 percent to 160,038 units from 2021, the NEV maker said in a statement yesterday.

The Shanghai-based firm offers an up to CNY8,000 (USD1,125) purchase allowance on spot cars, a sales staffer said, adding that buyers can also enjoy credit points worth CNY2700 on second-hand platforms.

Xpeng, another Chinese NEV startup, delivered 20,115 cars last month, up 78 percent from the same period last year. Its deliveries totaled 140,000 units in 2023.

Leapmotor’s deliveries surged 119 percent to a new monthly record of 18,618 units in December, bringing last year’s total to 144,155 units, up more than 29 percent from 2021.

Aito, an electric car collaboration between Huawei and carmaker Seres Group, delivered 24,468 units last month, an increase of 30 percent from November, with cumulative deliveries of 94,380 units in 2023.

Editors: Shi Yi, Futura Costaglione