Insurance registrations for major EV makers in China have dropped significantly over the past two weeks as people celebrate the traditional Chinese New Year holiday.
Major electric vehicle (EV) makers have seen a significant drop in insurance registrations in China over the past two weeks as people celebrate the traditional Chinese New Year holiday.
During the two weeks covering the Chinese New Year holiday -- February 5-18 -- sold 7,000 units, leading the pack of new car makers, the company said today on Weibo.
As before, Li Auto didn't explain the basis for calculating that sales volume, but apparently, they were insurance registrations. The company suspended sharing those numbers in May 2023, but has since resumed sharing them.
Li Auto didn't share weekly numbers for February 5-11 or February 12-18. February 10-17 was the Chinese New Year holiday, and many people who work in big cities started returning home in the week of February 5 for vacation.
During the week of January 29-February 4, Li Auto had 7,200 insurance registrations, according to figures it previously shared.
As of February 18, Li Auto had 10,100 insurance registrations so far this month.
Li Auto delivered 31,165 vehicles in January, up 105.83 percent year-on-year, but down 38.11 percent from December, according to figures it released on February 1.
Nio (NYSE: NIO) had 1,500 insurance registrations in China from February 5-18, according to figures shared by Li Auto today.
Nio had 3,100 for the week of January 29-February 4, according to figures shared previously by Li Auto.
As of February 18, Nio had 2,800 insurance registrations so far this month, according to Li Auto.
Nio delivered 10,055 vehicles in January, up 18.21 percent from 8,506 a year ago but down 44.18 percent from 18,012 in December.
The company announced on January 17 that it would begin deliveries of its 2024 models in early March and began offering incentives on current models.
Xpeng (NYSE: XPEV) had 1,000 insurance registrations in February 5-18 and 1,800 units in February 1-18.
Xpeng delivered 8,250 vehicles in January, up 58.11 percent year-on-year, but down 58.99 percent from December.
Xpeng announced on January 26 that it started an upgrade project at its Zhaoqing plant in Guangdong province, which would last for about 20 days, with overall production line commissioning completed by the end of February.
Tesla (NASDAQ: TSLA) vehicle insurance registrations in China were 8,200 units in the February 5-18 period and 13,500 units in February 1-18.
For the week of January 29-February 4, Tesla had that number at 10,600 units.
Tesla sold 71,447 China-made vehicles in January, including 39,881 sold in China and 31,566 exported from its Shanghai factory, according to the China Passenger Car Association (CPCA).
Tesla has a factory in Shanghai that produces the Model 3 sedan and Model Y crossover, and with a current annual production capacity of more than 950,000 vehicles.
Tesla cut the prices of the Model 3 and Model Y in China on January 12.
BYD (OTCMKTS: BYDDF) had 30,600 insurance registrations in the February 5-18 period and 49,400 from February 1-18.
BYD's figure for the week of January 29-February 4 was 43,300 units.
BYD sold 201,493 NEVs (NEVs) in January, up 33.14 percent year-on-year but down 40.92 percent from December.
BYD's premium Denza brand had insurance registrations of 1,100 units from February 5-18, and 2,200 units from February 1-18.
Denza sold 9,068 units in January, up 98.75 percent year-on-year while 23.98 percent lower than in December.
Zeekr had 1,700 insurance registrations from February 5-18 and 3,400 from February 1-18.
Leapmotor had 1,600 insurance registrations from February 5-18 and 2,900 from February 1-18.
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