Insurance Numbers in China W3 May: Tesla 13,200; Nio 5,400; Xpeng 1,945
Written by Cláudio Afonso | LinkedIn | X
Weekly car insurance figures for China from May 20 to 26 revealed a notable surge for pure electric vehicle (EV) manufacturers including Zeekr, Nio, and Xiaomi, while Xpeng struggled to surpass 3,000 units insured per week.
Tesla Model 3 registered the highest number of weekly insured units since the launch of the new version in China last October.
From May 1 to May 26, insurance registrations were recorded as follows: Nio at 15,400, Tesla at 43,900, BYD at 209,900, Xpeng at 6,200 and Xiaomi at 6,700 units.
Tesla registered a weekly decrease of 5 percent to 13,200 vehicles, with 7,800 of those being the Model Y, the world’s best-selling car. The Model 3, which has broken the weekly record in sales since the launch in China, starts now at 231,900 yuan ($32,000), with the Performance version priced from 335,900 yuan ($46,400).
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Tesla employees in China have noticed last weekend a new message on their vehicles following the recent “Spring update” to Tesla’s operating system version 12. The update has caused “some” employees’ cars to display the phrase “Employee FSD Beta Program: Registered,” according to Tesla blogger Chris Zheng on X.
Nio‘s deliveries for May are expected to surpass 18,000 units, Tesla‘s to exceed 52,000, BYD’s to reach 250,000 units, and Xiaomi’s to hit 8,000 units of its first model, the SU7, in its second full month of production.
After registering 10 thousand units in the first two weeks of May, Nio insured 5,400 cars from May 20 to 26, bringing up the month to date figures to 15,400 vehicles. The electric vehicle maker announced last week that it will report its unaudited financial results for the first quarter of 2024 on June 6, before the market opening.
Xpeng‘s monthly figures in China are expected to stand at 6,000 units as the brand expands to over 20 markets in Europe and Southeast Asia. Last week, the Guangzhou-headquartered brand insured 1,945 units, down from 2,000 vehicles the second week of May.
The company expects to deliver between 29 and 32 thousand vehicles in the second quarter of the year, which would represent a yearly growth of 25 to 37.9 percent.
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Xiaomi CEO, Lei Jun, along with a team of top executives, paid a visit earlier this month to Nio’s Shanghai headquarters, keen to get a firsthand look at Nio‘s latest model, the L60. The SUV was launched in mid May under Nio‘s subbrand Onvo and undercuts the Tesla Model Y by $4,000.
Li Auto recorded 8,600 insurance registrations last week, an increase of 10.26 percent from 7,800 the previous week, representing a new weekly record since early March.
The Chinese automaker reported its first-quarter earnings results last week, projecting a delivery range of 105,000 to 110,000 vehicles for the second quarter, marking an anticipated surge of 21.3 to 27.1 percent compared to the same period last year.
BYD, renowned for its hybrid and fully electric vehicles, saw a slight increase with 55,000 units insured, up 2.61 percent from 53,600 vehicles the week before. The Shenzhen-headquartered company has insured nearly 210,000 new energy vehicles (NEVs) in the first four weeks of May.
Written by Cláudio Afonso | LinkedIn | X
