Major electric vehicle (EV) manufacturers in China experienced a notable decline in insurance registrations last week, attributed to the usual sluggish deliveries at the start of the month and the impact of the New Year’s Day holiday.
Nio, a prominent EV brand, saw a decrease in insurance registrations from 6,500 to 3,000 in the week of December 30 to January 5. This drop of 53.85 percent was influenced by the holiday and a shorter working week. Despite this decline, Nio delivered a record-breaking 31,138 vehicles in December, surpassing the 30,000 mark for the first time in a single month. The company aims to double its deliveries in 2025 compared to 2024.
Li Auto, another major player in the EV market, experienced a 50 percent decrease in insurance registrations, dropping from 13,400 to 6,700. However, the company delivered a record 58,513 vehicles in December, marking a significant achievement. Li Auto delivered a total of 500,508 vehicles in 2024, representing a 33.10 percent year-on-year increase.
Xpeng, on the other hand, saw a 30.69 percent decline in insurance registrations, with numbers dropping from 10,100 to 7,000. Despite this decrease, Xpeng overtook Li Auto to claim the top spot in the new brands list for the first time. The company delivered 36,695 vehicles in December, achieving its fourth consecutive record month. Xpeng aims to deliver 320,000 vehicles in 2025, reflecting a 44 percent year-on-year growth.
Tesla witnessed a significant decline of 70.43 percent in insurance registrations, falling from 18,600 to 5,500. However, the company sold a record high of approximately 83,000 units in China in December, contributing 40 percent of the total global deliveries. Tesla aims to maintain its strong presence in the Chinese market, with plans to further expand its offerings.
Other notable EV manufacturers, such as BYD, Xiaomi, Zeekr, Leapmotor, and Aito, also experienced declines in insurance registrations last week. Despite this, these companies have shown resilience in the market, with impressive delivery numbers and ambitious targets for the future.
Overall, the EV market in China continues to evolve, with manufacturers adapting to market dynamics and customer preferences. As the industry grows and competition intensifies, these companies are focused on innovation, sustainability, and customer satisfaction to drive their success in the rapidly expanding EV sector.
