Electric vehicle (EV) makers in China saw a surge in insurance registrations last week, indicating a growing demand for their products in the market. Li Auto reported 11,600 insurance registrations, Xpeng had 7,200, Zeekr recorded 6,200, Leapmotor saw 9,100, and Aito registered 7,500 insurance enrollments.
Nio, a prominent EV brand, observed a 5.26 percent increase in insurance registrations, with 4,000 units recorded for the week of November 18-24. The sub-brand Onvo also experienced growth, with around 1,300 insurance enrollments, marking a 27.45 percent increase from the previous week.
Nio delivered 20,976 vehicles in October, showing a 30.50 percent year-on-year growth. The company aims to achieve a total of 72,000 to 75,000 vehicle deliveries in the fourth quarter, with an ambitious goal of doubling sales by 2025.
Li Auto delivered 51,443 vehicles in October, up 27.26 percent year-on-year. The company expects to deliver between 160,000 and 170,000 vehicles in the fourth quarter, projecting a year-on-year increase of 21.4 percent to 29.0 percent.
Xpeng recorded a record 7,200 insurance registrations last week, indicating a growing interest in the brand. The company delivered 23,917 vehicles in October, marking a 19.57 percent year-on-year increase.
Tesla experienced a slight decline in insurance registrations, with 16,700 units recorded last week. The company has been focusing on its factory in Shanghai, producing the Model 3 and Model Y for both local and export markets.
BYD saw 95,900 insurance registrations last week, up 1.27 percent from the previous week. The company achieved a significant milestone by selling over 500,000 new energy vehicles (NEVs) in October, marking a continuous trend of record-high sales.
Xiaomi recorded 4,600 insurance registrations last week, showing a slight decline from the previous week. The company aims to deliver 130,000 units of its SU7 model in 2024 and is planning to launch a second EV model in early 2025.
Zeekr and Leapmotor also saw an increase in insurance registrations, indicating a positive trend in the market. Both companies have set ambitious goals for vehicle deliveries in the coming months and years.
Overall, the EV market in China is witnessing significant growth, with key players like Nio, Li Auto, Xpeng, and others experiencing a surge in demand for their electric vehicles. As the industry continues to expand, these companies are positioning themselves for future success and growth in the competitive market.
