A recent report revealed the latest vehicle registration figures for China’s major electric vehicle (EV) manufacturers. Nio Inc, a prominent player in the EV market, experienced a decline in insurance registrations last week. The company’s Nio branded vehicles saw 1,800 insurance registrations in China during the week of March 31 to April 6, marking a 40.00 percent decrease from the previous week.
Similarly, Nio’s sub-brand Onvo also witnessed a drop in insurance registrations, with only 700 registrations recorded last week, down 50.00 percent from the previous week. Overall, Nio Inc, including both Nio and Onvo brands, had a total of 2,500 insurance registrations in China last week, showing a significant decrease of 43.18 percent from the previous week’s 4,400 registrations.
Despite the decline in insurance registrations, Nio Inc delivered a total of 15,039 vehicles in March, demonstrating a 26.74 percent year-on-year increase. The deliveries included 10,219 vehicles under the Nio main brand and 4,820 vehicles under the Onvo brand.
In other news, Xpeng, another key player in the EV market, reported 7,500 insurance registrations last week, showing a 20.97 percent increase from the previous week. The company delivered 33,205 vehicles in March, marking the fifth consecutive month of delivering more than 30,000 units.
On the other hand, Tesla, a prominent US-based EV maker, experienced a significant decline in insurance registrations in China. The company recorded 3,600 insurance registrations last week, down 82.52 percent from the previous week’s 20,600 registrations. However, Tesla China reported selling 78,828 vehicles in March, including both domestic sales and exports.
BYD, a renowned Chinese EV manufacturer, also saw a decrease in insurance registrations last week, with 45,000 registrations recorded, down 25.50 percent from the previous week’s 60,400 registrations. The company sold 377,420 new energy vehicles (NEVs) in March, reflecting a 24.78 percent year-on-year increase.
In conclusion, the EV market in China continues to witness fluctuations in vehicle registrations and deliveries among major manufacturers. Despite challenges and variations in performance, these companies remain at the forefront of the electric vehicle industry, striving to meet the growing demand for sustainable transportation solutions.
