Electric vehicle (EV) manufacturers in China experienced a surge in insurance registrations last week, indicating a rise in delivery volumes as the end of the month approached. Nio Inc, a prominent player in the EV market, recorded 7,190 vehicle insurance registrations during the week of August 11-17, marking a significant increase of 17.87 percent from the previous week’s figure of 6,100.
Within Nio’s brand portfolio, Onvo stood out with 3,790 vehicle insurance registrations, the second-highest on record, showing a robust growth of 16.98 percent from the previous week. The Firefly sub-brand also saw a notable increase in insurance registration volume, reaching 880 units, up by 25.71 percent.
Nio’s recent launch of the L90 flagship electric SUV has evidently contributed to the surge in insurance registrations, with 2,330 units registered for this model alone. The company’s consistent delivery performance was highlighted by the delivery of 21,017 vehicles in July, surpassing the 20,000-unit mark for the fourth consecutive month.
On the other hand, Tesla witnessed a 4.48 percent increase in insurance registrations in China, totaling 14,000 units for the week. This uptick came amidst the launch of the six-seat Model Y L in China, offering consumers a larger variant of the popular Model Y at a starting price of RMB 339,000.
Xpeng, another key player in the EV market, reported 7,890 insurance registrations last week, maintaining a steady performance compared to the previous week. The company delivered 36,717 vehicles in July, setting a new record for monthly deliveries and showcasing a remarkable year-on-year growth of 229.45 percent.
Li Auto, BYD, Xiaomi, Zeekr, Leapmotor, and Aito also demonstrated positive trends in insurance registrations and delivery volumes, reflecting the overall growth and competitiveness of the Chinese EV market. These companies have been introducing new models, reducing prices, and setting ambitious delivery targets to further strengthen their position in the EV industry.
With the EV sector in China showing resilience and continued growth, manufacturers are expected to focus on innovation, customer satisfaction, and sustainable practices to maintain their momentum and drive the transition towards a greener automotive landscape.
