After the major stock market benchmarks finished last year down by sizable percentages, investors are hoping that 2023 will give them better results than they got in 2022. The extremely early indications are hazy. After opening Tuesday's trading session higher, Wall Street gave up some of its early gains, leaving the key indexes mixed as of 10 a.m. ET.

One area many investors have focused their attention on is the electric vehicle (EV) industry, particularly in the key market of China. Even as global automakers try to capture market share in the world's most populous nation, China's own EV specialists have more than held their own, and many investors see good things ahead for those companies in 2023.

Finishing 2022 strong

Shares of most major Chinese electric vehicle manufacturers were up on Tuesday morning. Those gains followed upbeat releases on monthly sales for December, capping what for many of them has been a strong year on the production front.

XPeng (XPEV -3.35%) shares had the biggest gains, rising 9% early Tuesday. The company reported that it delivered nearly 11,300 vehicles in December, bringing its fourth-quarter total to just over 22,200 units. Its total deliveries in 2022 exceeded 120,750 vehicles, up 23% from its 2021 figure.

XPeng is particularly pleased with the ramp-up in deliveries of its flagship G9 SUV, which exceeded 4,000 vehicles in December, up 160% from November's figure. The G9 was recognized as one of China's top 10 cars of the year as a recipient of China's Xuanyuan award. The EV maker also successfully delivered an over-the-air update to the G9's software in late December, making a voice assistant system available in a groundbreaking move for the industry.

In addition, Li Auto (LI -9.65%) stock moved up by 4% Tuesday morning. Li reported deliveries of more than 21,200 vehicles in December, which set a new monthly record for the company and was 50% higher than its delivery volume in December 2021. Fourth-quarter deliveries came to more than 46,300, up 32% year over year, and Li finished 2022 with almost 133,250 units delivered, topping its 2021 total by 47%.

Li saw high demand for its L8 and L9 models, both of which topped the 10,000 mark for monthly deliveries. Their success has given Li a solid position in the premium electric vehicle market in China, and the company has put together an impressive footprint of retail stores, servicing centers, and body and paint shops in hundreds of cities across the country.

Shares of Nio (NIO -5.00%) inched higher by 2% following the release of its monthly delivery report. Nio delivered more than 15,800 vehicles in December, up just over 50% from the year-ago figure. For the fourth quarter, deliveries rose by 60% year over year to top the 40,000 mark. And for the year, Nio put nearly 122,500 electric vehicles into consumers' hands.

Nio has put together infrastructure assets to support its vehicles. As of year's end, Nio had deployed more than 1,300 Power Swap stations, as well as 1,228 Power Charger stations with 6,225 chargers, and 1,058 destination charging stations with 7,159 chargers.

Finally, BYD (BYDDY -1.46%) got a 5% bump in its stock price. For December, the leading EV seller in China reported more than 235,200 units of EV production and sales, bringing its total production for 2022 to nearly 1.88 million vehicles. That was triple its 2021 sales number, with a good mix between plug-in hybrid electric vehicles and pure battery electric vehicles.

Don't count China out

What's particularly impressive about these numbers is that they were achieved despite the challenges created by China's recently relaxed "zero COVID" policy for addressing the pandemic, which hurt supply chains and caused production disruptions in the country. If China's EV companies could do this well even under those tough conditions, they could deliver even more growth once the world's second-largest economy is firing on all cylinders once again.