# AITO/Wenjie

China’s EV Upstarts Face a Reckoning: Leapmotor and Li Auto Hold Lead as Xiaomi, AITO and Xpeng Slip in February

February deliveries show China’s EV challengers entering a more uneven phase: Leapmotor and Li Auto held the lead while Xiaomi, AITO and Xpeng experienced sharp month-on-month declines. With many new models scheduled for March and rising cost pressures, the market will prize product timing, margin discipline and scalable software over short-term financing promotions.