Insurance registrations in China last week for the major electric vehicle (EV) makers were mixed, with most seeing declines.
For the week of November 6 to November 12, Li Auto (NASDAQ: LI) saw weekly sales of 10,000 units, the company said today on Weibo.
As before, Li Auto didn't explain the basis for calculating the weekly volume, but apparently, they were insurance registrations. The company suspended sharing those numbers in May, but has since resumed sharing them.
Li Auto's insurance registrations were up 16.28 percent last week from the previous week's 8,600 units, making it one of the few of the major EV companies to see an uptick.
Li Auto's three models currently on sale are the Li L7, Li L8 and Li L9, all of which are extended-range electric vehicles (EREVs), essentially plug-in hybrids.
The Li L7 had 4,000 insurance registrations last week, and the Li L8 and Li L9 both had 3,000, the company said. This is the first time it's shared weekly data with breakdown figures for different models.
Between November 1 and November 12, insurance registrations for Li Auto vehicles were 15,400, according to the company.
Li Auto's sales last week were close to those of Mercedes-Benz and Audi in China, and its weekly revenue has already surpassed Audi's, Li Xiang, the company's founder, chairman, and CEO, said in a Weibo post today.
Li Auto will unveil its first battery electric vehicle (BEV) model, the Li Mega MPV (Multi-Purpose Vehicle), on November 17, the first day of the Guangzhou auto show, and start taking pre-orders, it said yesterday.
The company delivered 40,422 vehicles in October, surpassing the 40,000 mark for the first time, according to figures it announced on November 1.
Nio (NYSE: NIO) vehicles had 2,900 insurance registrations in China last week, down 30.95 percent from 4,200 in the previous week -- October 30 to November 5, according to figures shared by Li Auto.
Between November 1 and November 12, a total of 5,700 Nio vehicles were registered for insurance in China.
Nio delivered 16,074 vehicles in October, up 59.8 percent year-on-year and up 2.77 percent from September.
The ES6 -- the best-selling Nio model -- delivered 5,875 units in October, up 198.22 percent from 1,970 a year ago, but down 25.60 percent from 7,896 in September.
Nio founder, chairman and CEO William Li outlined plans for organizational optimization in an internal letter on November 3 that will see a reduction of about 10 percent in positions, with an emphasis on improving execution efficiency.
Xpeng (NYSE: XPEV) vehicles saw 3,900 insurance registrations in China last week, down 17.02 percent from 4,700 in the previous week.
Between November 1 and November 12, 6,100 Xpeng vehicles were registered for insurance in China.
Xpeng delivered a record 20,002 vehicles in October, the first time it has exceeded the 20,000 mark. A total of 8,741 Xpeng G6s and a record of 4,593 units of the G9 were delivered in October.
Xpeng launched the 2024 G9 on September 19 and allowed the starting price to drop significantly. On September 25, it launched the 2024 Xpeng P5, eliminating the LiDAR option and reducing the available versions to just two.
On November 6, Xpeng launched new virants of its flagship sedan, the P7i, with lower-cost lithium iron phosphate (LFP) battery packs, bringing down the starting price.
Nio provided its supply chain with 2024 sales forecasts of over 230,000 units, Xpeng for over 280,000 units and Li Auto for over 800,000 units, local media outlet 36kr said in a November 7 report.
All current Nio and Xpeng models are BEVs.
Xpeng will make its first MPV model, the X9, officially unveiled and go on pre-sale at the Guangzhou auto show on November 17.
Insurance registrations for Tesla (NASDAQ: TSLA) vehicles in China last week amounted to 12,700, down 9.29 percent from 14,000 the week before.
Between November 1 and November 12, 22,900 Tesla vehicles were registered for insurance in China.
Tesla has made several price adjustments in China over the past few months, and earlier today raised the prices of the base Model 3 and Model Y in China slightly by RMB 1,500 and RMB 2,500, respectively.
This is a continuation of Tesla's price hike last week, when it raised the prices of the long-range versions of the Model 3 and Model Y in China by a small amount on November 9.
Tesla cut the starting price of both the Model Y Long Range as well as the Model Y Performance by RMB 14,000 on August 14.
However, on October 27, Tesla raised the starting price of the Model Y Performance in China by RMB 14,000 to RMB 363,900 from RMB 349,900, the start of its latest round of price hikes.
Tesla sold 72,115 China-made vehicles in October, of which 43,489 were exported and 28,626 were sold in China, according to the China Passenger Car Association (CPCA).
BYD (OTCMKTS: BYDDY) vehicles saw insurance registrations of 49,000 in China last week, up 4.93 percent from 46,700 the week before, and was the other to see growth besides Li Auto.
Between November 1 and November 12, 76,800 BYD vehicles were registered for insurance in China.
BYD sold 301,833 new energy vehicles (NEVs) in October, the first time it has surpassed the 300,000-unit mark and the sixth consecutive month of record highs, according to figures it announced on November 1.
Following the October sales announcement, BYD announced limited-time discounts on a number of models to maintain sales growth momentum.
Denza, BYD's premium brand, was at 1,800 units last week, down 10 percent from 2,000 units the week before.
Neta was at 2,000 units last week, down 9.09 percent from 2,200 in the previous week.
Zeekr was at 2,000 last week, down 50 percent from 4,000 the week before.
Leapmotor was at 4,000 units last week, down 6.98 percent from 4,300 the week before.