Insurance registrations for new energy vehicles (NEVs) in China decreased in the second week of September, with the arrival of the Mid-Autumn Festival holiday.
From September 5 to 11, insurance registrations for all passenger vehicles in China were 354,000, down 18.4 percent from the previous week, according to data shared today by Xueqiu blogger @痛快舒畅.
The insurance registrations for internal combustion engine vehicles were 247,000, a decrease of 21.6 percent from the previous week. NEVs were 107,000 units, down 10 percent from the previous week, with a 30.2 percent penetration rate.
The decline was due to the impact of the Mid-Autumn Festival holiday from September 10 to 12, according to the blogger.
BYD vehicles had 31,000 insurance registrations during the period, and Tesla was 18,000.
Li Auto was 1,891 vehicles, including 1,448 of the company's new SUV, the Li L9.
Li Auto officially launched the Li L9, the company's second model after the Li ONE, on June 21, and its first deliveries began on August 30.
Li Auto founder, chairman and CEO Li Xiang said on Weibo on June 4 that the model will be officially delivered to customers in August and deliveries could exceed 10,000 in September.
The blogger previously shared data showing that from August 29 to September 4, insurance registrations for BYD's NEVs were 33,631, 15,264 for Tesla, 2,882 for NIO, 1,849 for XPeng and 1,554 for Li Auto.
The traffic compulsory insurance registration volume data is non-public and usually only institutional subscribers will pay for a subscription.
It is worth noting that weekly high-frequency data usually fluctuates greatly, especially at the end of the month when the pulse effect is more pronounced in the Chinese auto industry.
Overall, monthly data is a better indicator, though weekly data is also interesting for those looking to track the industry more closely.
Earlier today, the China Passenger Car Association (CPCA) released data showing that from September 1-12, retail sales of passenger cars in China were 462,000 units, unchanged from a year ago and down 11 percent from the same period last month.
The market was relatively quiet this year as the Mid-Autumn Festival fell on September 10 and authorities in some areas encouraged residents not to leave for other regions because of Covid concerns, according to the CPCA.
Last year's Mid-Autumn Festival was on September 21, in the third week, the CPCA noted.
From September 1-12, 3,232 confirmed cases were reported in 26 provinces in China, and a total of 13,672 asymptomatic infections were reported in 28 provinces, so Covid control is making it challenging for local governments, according to the CPCA.
The recent Covid outbreak has had a small impact on car purchase spending, with some disruption to retail sales of cars, and some cities saw a loss of sales in early September, the CPCA said.