Electric vehicle (EV) makers in China are seeing a surge in insurance registrations as deliveries peak towards the end of the month. Last week, Xiaomi recorded 6,700 insurance registrations, Li Auto had 13,400, Xpeng saw 10,100, Zeekr had 8,900, Leapmotor registered 9,200, and Aito recorded 8,200.
Nio, a prominent EV brand, witnessed 6,500 insurance registrations last week, marking a 20.37% increase from the previous week. This data, shared by Li Auto, excludes sales of Nio’s sub-brand Onvo. However, Onvo saw a record high of 4,200 insurance registrations, doubling from the previous week.
Onvo’s success can be attributed to the launch of its first model, the L60, which saw deliveries surpassing 20,000 units within 100 days of its launch. Nio Inc. delivered 20,575 vehicles in November, including both Nio’s main brand and Onvo.
Li Auto, on the other hand, recorded 13,400 insurance registrations last week, a slight decrease from the previous week. The company delivered 48,740 vehicles in November, with fourth-quarter vehicle deliveries expected to be between 160,000 and 170,000 units.
Xpeng achieved a record high of 10,100 insurance registrations last week, up by 36.49% from the previous week. The company delivered 30,895 vehicles in November, surpassing the 30,000 mark for the first time.
Tesla saw 18,600 insurance registrations in China last week, with its Shanghai factory producing Model 3 sedans and Model Y crossovers for local customers and exports. Tesla China sold 78,856 vehicles in November, including 5,366 for export.
BYD recorded 72,100 insurance registrations last week, down from the previous week. The company sold over 500,000 new energy vehicles (NEVs) in November, with a target to sell 4.25 million units in 2024.
Xiaomi had a record 6,700 insurance registrations last week, with its SU7 model delivering over 130,000 units in 2024. Zeekr registered 8,900 insurance registrations, while Leapmotor recorded 9,200. Aito, a brand created by Huawei and Seres Group, saw 8,200 insurance registrations.
Overall, the EV market in China is witnessing significant growth, with various brands achieving record highs in insurance registrations and deliveries. As the industry continues to expand, competition and innovation are expected to drive further advancements in the electric vehicle sector.
