Major electric vehicle (EV) makers in China experienced a surge in insurance registrations last week, indicating a rise in deliveries towards the end of the month. Li Auto led the pack with 11,900 insurance registrations, followed by Xpeng with 9,400, Zeekr with 6,200, Leapmotor with 9,200, and Aito with 7,700.
Li Auto, which had temporarily stopped sharing weekly insurance registration numbers, resumed doing so earlier this year. The company delivered 48,740 vehicles in November, marking a year-on-year increase of 18.79 percent.
Nio, on the other hand, saw a slight decrease in deliveries in November compared to the previous month. The company delivered 20,575 vehicles, down 1.91 percent from October. However, Nio remains optimistic about meeting its fourth-quarter delivery target of 72,000 to 75,000 vehicles.
Xpeng achieved a milestone in November by delivering 30,895 vehicles, surpassing the 30,000 mark for the first time. The company had previously guided for fourth-quarter deliveries in the range of 87,000 to 91,000 units.
Tesla, with its factory in Shanghai, saw a significant increase in insurance registrations last week. The company sold 68,280 vehicles in October, including exports. Tesla also announced discounts and financing incentives for customers in China.
BYD recorded 97,800 insurance registrations last week, reflecting the company’s strong performance in November. BYD sold 506,804 new energy vehicles (NEVs) in November, up 67.87 percent from the previous year.
Xiaomi set a new record with 6,300 insurance registrations last week. The company’s second EV model is scheduled to launch in early 2025 and is expected to compete with Tesla’s Model Y.
Zeekr and Leapmotor also saw an increase in insurance registrations, indicating growing demand for their vehicles. Zeekr delivered 27,011 vehicles in November, while Leapmotor achieved a milestone by delivering 40,169 vehicles.
Aito, a brand created by Huawei and Seres Group, had 7,700 insurance registrations last week, signaling a positive trend in the market. The company aims to reach its delivery target of over 130,000 units for the year.
Overall, the EV market in China continues to show strong growth, with leading manufacturers witnessing increased demand and deliveries. With the ongoing shift towards electric vehicles, these companies are well-positioned to capitalize on the growing market opportunities.
