The past week saw a surge in insurance registrations for major electric vehicle (EV) makers in China. As the end of the month approached, companies like Nio, Li Auto, Xpeng, Zeekr, Leapmotor, and Aito saw an increase in registrations, indicating higher deliveries in the pipeline.
Nio, a prominent player in the EV market, recorded 5,400 insurance registrations for its branded vehicles, marking a 22.73 percent increase from the previous week. Onvo, Nio’s sub-brand, also saw a rise in registrations with 2,100 units registered last week.
Li Auto, on the other hand, had 13,900 insurance registrations, a slight decrease from the previous week. The company delivered 48,740 vehicles in November and aims to deliver at least 59,817 vehicles in December to meet its fourth-quarter guidance.
Xpeng reported 7,400 insurance registrations, a 2.78 percent increase from the previous week. The company delivered 30,895 vehicles in November and aims to deliver at least 32,188 vehicles in December to meet its fourth-quarter guidance.
Tesla, with a factory in Shanghai, recorded 17,600 insurance registrations in China last week. The company sold 78,856 vehicles in November and is offering final payment reductions on existing Model Y vehicles in China.
BYD had 87,700 insurance registrations last week, down 10.33 percent from the previous week. The company sold 506,804 new energy vehicles in November and expects annual sales in 2024 to reach 4.25 million units.
Xiaomi saw 6,000 insurance registrations last week, a 3.45 percent increase from the previous week. The company announced its second EV model, Xiaomi YU7, and entered into a charging network partnership with Nio, Xpeng, and Li Auto.
Zeekr and Leapmotor also saw an increase in insurance registrations, with 5,300 and 10,300 registrations respectively. Aito, a brand jointly created by Huawei and Seres Group, recorded 7,700 insurance registrations last week.
Overall, the EV market in China continues to show promising growth, with companies gearing up for higher deliveries and expanding their product offerings. The competition is fierce, but each company is striving to carve out its niche in the rapidly evolving EV industry.
