China EV insurance registrations for week ending Jun 2: Nio 6,700, Tesla 15,200, BYD 53,400, Xiaomi 2,200
Nio vehicles saw a record 6,700 insurance registrations in China last week, up 24.07 percent from 5,400 the week before.
Multiple electric vehicle (EV) makers saw insurance registrations increase in China last week, as the end of the month usually has a pulse to the upside.
For the week of May 27-June 2, Nio (NYSE: NIO) vehicles saw a record 6,700 insurance registrations in China, up 24.07 percent from 5,400 in the previous week, according to data shared today by Li Auto (NASDAQ: LI).
Li Auto stopped sharing weekly insurance registration numbers earlier this year, after doing so for about 1 year. In early May, it resumed sharing those numbers.
Last week included the last 5 days of May and the first 2 days of June. Vehicle deliveries usually see a pulse upwards at the end of the month, and are usually lower at the beginning of the month.
Nio delivered 20,544 vehicles in May, surpassing the 20,462 vehicles delivered in July 2023 for a new record high, according to figures it announced on June 1.
That’s an increase of 233.78 percent from 6,155 vehicles in the same period last year and up 31.52 percent from 15,620 in April.
In the January-May period, Nio delivered 66,217 vehicles, up 50.99 percent year-on-year, CnEVPost’s calculations show.
Li Auto had 8,400 insurance registrations last week, down 2.33 percent from 8,600 the week before.
The company delivered 35,020 vehicles in May, up 35.8 percent from April and up 23.85 percent year-on-year.
May’s deliveries were Li Auto’s highest for a single month so far in the year, though still well below last December’s record 50,353 vehicles.
So far this year, Li Auto has delivered 141,207 vehicles, up 32.54 percent year-on-year, according to data compiled by CnEVPost.
Xpeng (NYSE: XPEV) had 2,500 insurance registrations last week, up 31.58 percent from 1,900 the week before.
The company delivered 10,146 vehicles in May, surpassing the 10,000 mark for the first time this year.
So far this year, Xpeng has delivered 41,360 vehicles, up 26.04 percent.
Tesla (NASDAQ: TSLA) had 15,200 insurance registrations in China last week, up 16.03 percent from 13,100 the previous week.
Tesla’s Shanghai factory, which produces the Model 3 sedan and Model Y crossover, is its largest in the world, with an annual capacity of more than 950,000 vehicles.
On May 24, Reuters reported that Tesla’s Shanghai factory planned to cut Model Y production by at least 20 percent between March and June.
It’s unclear whether the production cuts will extend into the second half of this year or the Model 3, and whether Tesla’s factories in the US and Germany are taking similar production cuts, the report noted.
BYD (HKG: 1211, OTCMKTS: BYDDY) vehicles saw 53,400 insurance registrations in China last week, down 2.91 percent from 55,000 the week before.
The company sold 331,817 new energy vehicles (NEVs) in May, further closing in on its all-time high of 341,043 units in December last year.
BYD sold 146,395 passenger battery electric vehicles (BEVs) and a record 184,093 passenger plug-in hybrid electric vehicles (PHEVs) in May
Xiaomi‘s insurance registrations stood at 2,200 units last week, down 18.52 percent from 2,700 units in the previous week.
The company’s EV unit, Xiaomi EV, delivered 8,646 vehicles in May, bringing cumulative deliveries in 2024 to 15,764, according to one of its June 2 Hong Kong Stock Exchange announcements.
Xiaomi launched the SU7 on March 28, offering three variants — standard, Pro, and Max — with starting prices of RMB 215,900 ($29,800), RMB 245,900, and RMB 299,900, respectively.
The Xiaomi EV factory will begin double-shift production in June and will deliver at least 10,000 units that month, Xiaomi’s management said in a May 23.
Xiaomi EV will deliver at least 100,000 units for the full year of 2024 and will challenge its delivery target of 120,000 units, Xiaomi management said.
Zeekr (NYSE: ZK) had 4,200 insurance registrations last week, down 8.7 percent from 4,600 the week before.
The company delivered 18,616 vehicles in May, surpassing its previous record of 16,089 vehicles in April for its second consecutive record month.
Zeekr went public on the New York Stock Exchange on May 10, becoming the latest Chinese EV maker to list in the US.
Leapmotor’s insurance registrations last week were 4,300 vehicles, up 4.88 percent from 4,100 the previous week.
The company delivered 18,165 vehicles in May, a year-to-date high and close to its all-time high at the end of last year.
Aito, the brand jointly created by Huawei and Seres Group, saw insurance registrations of 7,000 vehicles last week, up 7.69 percent from 6,500 the week before.
