The past week saw a surge in insurance registrations for major electric vehicle (EV) makers in China, following a brief slowdown at the beginning of the month. According to data shared by Li Auto, Nio branded vehicles recorded 4,400 insurance registrations, marking an 18.92% increase from the previous week.
Li Auto, which resumed sharing weekly insurance registration numbers earlier this year, reported 14,100 registrations last week, up 11.90% from the week before. The company delivered 48,740 vehicles in November, slightly lower than the previous month but still showing strong growth year-over-year.
Xpeng also saw an increase in insurance registrations, with 7,200 recorded last week. The company delivered a record 30,895 vehicles in November, surpassing the 30,000 mark for the first time. Xpeng aims to deliver at least 32,188 vehicles in December to meet its fourth-quarter target.
Tesla, on the other hand, experienced a slight decline in insurance registrations, with 18,500 recorded last week. The US EV maker sold 73,490 vehicles in China in November, its highest monthly sales figure for the year. Tesla also introduced new incentives for customers in China, including discounts and financing options.
BYD reported 97,800 insurance registrations last week, up 15.06% from the previous week. The company sold over 500,000 new energy vehicles in November, marking the second consecutive month of record highs. BYD is on track to achieve annual sales of 4.25 million units for 2024.
Xiaomi recorded 5,800 insurance registrations last week, up 7.41% from the previous week. The company’s EV division, Xiaomi EV, delivered over 20,000 units in November and aims to reach a delivery target of 130,000 units for the year.
Zeekr and Leapmotor also saw increases in insurance registrations, with 5,200 and 10,000 recorded last week, respectively. Both companies reported strong delivery numbers in November, with Zeekr delivering 27,011 vehicles and Leapmotor delivering 40,169 vehicles.
Aito, a brand created by Huawei and Seres Group, recorded 6,700 insurance registrations last week, showing an 11.67% increase from the previous week. The company is confident of reaching its delivery target for the year.
Overall, the EV market in China continues to show strong growth, with major players ramping up production and delivery numbers to meet increasing demand. With new models and incentives being introduced, the industry is poised for further expansion in the coming months.
