# automotive finance

China’s January Auto Scorecard: Xiaomi Tops the EV Upstarts as the Industry Shifts to a ‘Financial War’

January 2026 sales data show Xiaomi Auto leading China’s electric‑vehicle upstarts with over 39,000 deliveries while BYD retained dominance with roughly 210,000 NEV sales. Facing soft seasonality and fading tax incentives, automakers have shifted from price cuts to long‑tenor, low‑interest finance offers — a developing “financial war” that stimulates demand but raises credit and regulatory risks.