Electric vehicle (EV) makers in China experienced a slight dip in insurance registrations last week, attributed to lower deliveries at the beginning of the month and the impact of the Labor Day holiday from May 1-5. Nio Inc, a prominent EV manufacturer, reported 5,100 insurance registrations in China during the week, with 3,470 under the Nio brand, 1,280 for Onvo, and 350 for Firefly.
Nio’s insurance registrations for the Nio brand saw a decrease of 46.62% from the previous week, while Onvo registrations dropped by 12.93%. Firefly, Nio’s latest sub-brand, had 350 insurance registrations, marking its first appearance in the figures.
The overall decline in insurance registrations was also observed in other major EV manufacturers. Xpeng reported 5,550 registrations, a 22.49% decrease from the previous week. Li Auto, on the other hand, saw an increase in registrations with 11,400 units, up by 32.56%.
Tesla recorded 7,290 insurance registrations, down by 29.09% from the previous week. BYD reported 59,310 registrations, a slight decrease of 4.65%. Xiaomi had 5,690 registrations, marking an 18.71% decline, while Zeekr saw 3,080 registrations, down by 12.75%.
Leapmotor experienced a decrease in registrations with 6,230 units, down by 32.06%. Aito, a brand created by Huawei and Seres Group, registered 6,680 insurance registrations, a 2.48% decrease from the previous week.
Despite the decline in insurance registrations, Nio delivered 23,900 vehicles in April, marking its second-highest monthly delivery record. Xpeng delivered 35,045 vehicles, Li Auto delivered 33,939 vehicles, and Xiaomi delivered over 28,000 vehicles in April.
The EV market in China continues to show resilience and growth, with manufacturers adapting to market fluctuations and holidays to ensure consistent delivery and performance. The upcoming financial results and delivery figures will provide further insights into the performance of these leading EV manufacturers in the Chinese market.
