Li Auto's insurance registrations last week were 4,460, down 37.36 percent from the previous week, while Xpeng's were 2,460, up 55.7 percent from the previous week.
Most of the major electric vehicle (EV) companies saw insurance registrations in China rise last week, while some saw declines.
For the week of April 15-21, Nio (NYSE: NIO) vehicles sold 2,990 units in China, up 19.12 percent from 2,510 the week before, according to Deutsche Bank's China passenger car weekly sales monitor.
Weekly sales are measured by insurance registrations, and for the past year Li Auto (NASDAQ: LI) would publish those numbers every Tuesday, but it has stopped doing so.
The ET5 lineup, which includes the regular ET5 as well as the ET5 Touring, contributed the bulk of Nio's sales last week with 1,320 insurance registrations.
Insurance registrations last week were 1,000 for the ES6, 400 for the EC6, 150 for the ES8, 50 for the ET7, 40 for the EC7 and 6 for the ES7.
Nio delivered 11,866 vehicles in March, up 45.92 percent from 8,132 in February and up 14.34 percent from 10,378 in the same month last year, according to data it announced on April 1.
The company will officially launch the 2024 ET7 on the first day of the Beijing auto show on April 25, when its specifications and pricing will be announced and customers will be allowed to lock in their orders. Reservations for the updated sedan have already opened on April 16.
The ET7 is the only one from Nio that has yet to receive the update. Deliveries of the 2024 ES8, EC7, ES6, EC6, and ET5 Touring begun in early March, with the ET5 set to begin in April and the ES7 in May.
Deliveries of the 2024 ET7 will begin on April 30, Nio announced earlier this month.
The 2024 Beijing auto show will be held from April 25-May 4, with media days from April 25-26 and public days from April 27-May 4.
Nio will display its full range of models at the event, and its booth is located at E207 in the China International Exhibition Center (Shunyi).
Tesla (NASDAQ: TSLA) saw 5,160 insurance registrations in China last week, down 17.17 percent from 6,230 in the previous week.
The Model Y continues to be the mainstay of Tesla's sales, with 4,610 insurance registrations in China last week, down 1 percent from 4,680 in the previous week.
Model 3 insurance registrations in China were 540 last week, down 65 percent from 1,550 the week before.
Tesla has a factory in Shanghai that produces the Model 3 and Model Y, and not only delivers to local consumers, but is also an export hub for it.
On April 21, Tesla lowered the prices of its entire lineup of models in China, cutting the prices of the Model 3 and Model Y, the imported Model S and Model X all by RMB 14,000 yuan ($1,930).
Tesla began a 10 percent global layoff earlier this month, and the China team has also been affected.
In March, Tesla sold 62,398 vehicles in China, up 107.02 percent from 30,141 in February, though down 18.61 percent from 76,663 a year earlier.
Its Shanghai plant exported 26,666 units in March, down 11.77 percent from 30,224 units in February and up 118.47 percent from 12,206 units a year earlier.
BYD (HKG: 1211, OTCMKTS: BYDDY) saw 59,470 insurance registrations in China last week, up 11.93 percent from 53,130 in the previous week.
The BYD Seagull contributed 6,630 units last week, the Qin Plus PHEV 6,510 and the Yuan Plus 5,590.
BYD sold 302,459 NEVs in March, the second highest ever behind last December's 341,043, according to figures it announced April 1. That's up 147.29 percent from 122,311 in February and up 46.06 percent from 207,080 in the same month last year.
Internal sales of BYD-branded vehicles are targeted at 3.3 million units in 2024, excluding overseas markets, according to an April 1 story in local media outlet LatePost.
BYD Group currently owns brands including BYD, Denza, Yangwang and Fang Cheng Bao, with BYD-branded passenger cars including the Dynasty and Ocean series.
Xpeng (NYSE: XPEV) saw insurance registrations of 2,460 units last week, up 55.7 percent from 1,580 the week before.
There were 880 Xpeng P7 series, 590 G6, 430 G9, 420 X9 MPV (multi-purpose vehicle), 100 P5 and 20 G3.
The company delivered 9,026 vehicles in March, up 98.6 percent from 4,545 in February and up 28.91 percent from 7,002 in the same month last year.
Xpeng launched a new, lower-priced variant for the G6 on April 11 and continues to offer a limited-time discount of RMB 20,000 on all G6 variants.
Li Auto (NASDAQ: LI) had 4,460 insurance registrations last week, down 37.36 percent from 7,120 in the previous week.
Before the end of March, Li Auto continued to share weekly sales figures every Tuesday for months to show it was leading the pack of new EV makers.
But after its first battery electric vehicle (BEV), the Li Mega MPV, saw poor initial acceptance, the company stopped sharing those numbers.
The Li L7 contributed 1,960 units last week, the Li L9 1,080, the Li L8 840, the Li L6 390 and the Li Mega 170.
Li Auto delivered 28,984 vehicles in March, up 43.12 percent from 20,251 in February and up 39.19 percent from 20,823 in the same month last year.
Yesterday, Li Auto sharply cut the prices of all its models except the newly-launched Li L6, the first local carmaker to follow suit after Tesla's price cut.
Xiaomi (HKG: 1810, OTCMKTS: XIACY) had 1,690 insurance registrations last week, down 28.99 percent from 2,380 in the previous week.
Xiaomi officially launched its first EV model, the SU7, on March 28 and said it received 88,898 firm orders for the model in the first 24 hours.
As of April 20, the Xiaomi SU7 had more than 70,000 locked-in orders, Xiaomi founder Lei Jun said at an investor conference earlier today.
Xiaomi is targeting 100,000 deliveries of the SU7 in 2024, Lei said.
Aito, Huawei's joint car brand with Seres Group, saw insurance registrations of 6,000 units last week, up 24.22 percent from 4,830 the previous week.
Zeekr had 3,140 insurance registrations last week, up 17.6 percent from 2,670 the week before.
Leapmotor was at 3,820 last week, down 2.30 percent from 3,910 the week before.
Neta was 130 units last week, up 9.24 percent from 119 units the week before.
($1 = RMB 7.2469)
Nio offering incentives to lure Xiaomi SU7 order holders, report says
