Multiple electric vehicle (EV) makers saw insurance registrations grow last week, though overall performance remained weak, with the usual slow deliveries at the start of the month.
For the week of January 6-12, insurance registrations for Nio's (NYSE: NIO) sub-brand Onvo in China totaled 1,800 units, down 21.74 percent from 2,300 in the previous week, according to data shared today by Li Auto (NASDAQ: LI).
The Nio main brand did not make it to any of the lists published by Li Auto for the first time, after it had been included in the top 10 list of new car-making brands and the top 10 list of premium brands.
According to figures shared by several auto bloggers, the Nio main brand had 1,500 insurance registrations last week, down 50 percent from 3,000 the previous week.
Nio Inc delivered a record 31,138 vehicles in December, the first time it has seen deliveries exceed the 30,000 mark in a single month, according to figures released earlier this month.
The Nio main brand delivered 20,610 vehicles in December, up 14.42 percent from 18,012 in the same month last year and up 33.03 percent from 15,493 in November.
The Onvo sub-brand delivered 10,528 vehicles in December, up 107.16 percent from 5,082 in November.
Onvo launched its first model, the L60 SUV (sport utility vehicle), on September 19 and deliveries started on September 28.
Nio management previously said Onvo L60 production capacity would reach at least 16,000 units in January 2025 and 20,000 units by March.
In the fourth quarter, Nio Inc delivered a record 72,689 vehicles, within the guidance range of 72,000 to 75,000 units.
Li Auto had 7,600 insurance registrations last week, up 13.43 percent from 6,700 the previous week, according to figures it shared.
The company delivered a record 58,513 vehicles in December, bringing fourth-quarter deliveries to 158,696 vehicles, which is below the lower end of the guidance range of 160,000 to 170,000 units.
For the full year 2024, Li Auto delivered 500,508 vehicles, up 33.10 percent year-on-year.
Xpeng (NYSE: XPEV) had insurance registrations of 7,400 vehicles last week, up 5.71 percent from 7,000 the week before.
The company delivered 36,695 vehicles in December, its fourth consecutive record month.
Xpeng's new model, the Mona M03, delivered 15,904 units and the P7+ delivered 10,035 units in December, according to data compiled by CnEVPost.
In the fourth quarter, Xpeng delivered 91,507 units, an all-time high for a single quarter, exceeding the upper end of the guidance range of 87,000 to 91,000 units.
For the full year 2024, Xpeng delivered 190,068 vehicles, an increase of 34.23 percent year-on-year.
Tesla (NASDAQ: TSLA) had 7,800 insurance registrations in China last week, up 41.82 percent from 5,500 the previous week.
Tesla has a factory in Shanghai that produces the Model 3 sedan and Model Y crossover, both for deliveries to local customers and as an export hub for it.
The US EV maker launched the facelifted five-seat Model Y in China on January 10, the first time it has made a major update to a model first in China.
Tesla is offering two Model Y variants it calls the “Launch Series,” with deliveries expected to begin in March.
Tesla China sold 93,766 vehicles in December, including 82,927 sold in China and 10,839 exported from its Shanghai plant, according to data released by the China Passenger Car Association (CPCA).
In the fourth quarter, Tesla sold about 196,900 vehicles in China, contributing 40 percent of the 495,570 delivered worldwide, CnEVPost's calculations show.
For the full year 2024, Tesla sold about 657,000 units in China, up 8.8 percent year-on-year, contributing about 37 percent of global deliveries.
BYD (HKG: 1211, OTCMKTS: BYDDY) had 42,800 insurance registrations last week, up 17.26 percent from 36,500 the week before.
The company sold 514,809 new energy vehicles (NEVs) in December, marking the 3rd time it has surpassed the 500,000 mark and the 7th consecutive month of record sales.
In the fourth quarter, BYD sold a record 1,524,270 NEVs, marking the second time the company has sold more than 1 million units in a single quarter.
For the full year 2024, BYD's NEV sales were 4,272,145 units, a year-on-year increase of 41.26 percent.
Deutsche Bank expects BYD Group to sell 5.52 million vehicles in 2025, including 5.1 million under the BYD brand, 250,000 under the Denza brand and 160,000 under Fang Cheng Bao.
Xiaomi (HKG: 1810, OTCMKTS: XIACY) had 5,400 insurance registrations last week, up 17.39 percent from 4,600 the week before.
The company has delivered more than 135,000 vehicles in 2024 and is targeting 300,000 deliveries in 2025, Xiaomi founder, chairman, and CEO Lei Jun said in a live video stream on December 31.
Xiaomi officially announced on March 30, 2021 that it joined the car-making bandwagon, and on March 28, 2024, it officially launched its first EV model, the SU7.
It previously said the SU7 delivered more than 20,000 units in a single month in both October and November, without mentioning specific numbers.
Xiaomi announced on December 9 that its second EV model was named Xiaomi YU7, and that the SUV (sport utility vehicle) is expected to be officially launched in June or July 2025.
Earlier this month, Xiaomi filed for a single-motor version for the YU7, after filing for a dual-motor version last month.
Zeekr (NYSE: ZK) had 2,800 insurance registrations last week, down 44 percent from 5,000 the week before.
The company delivered 27,190 vehicles in December, its fourth consecutive record month.
Zeekr delivered a record 79,250 vehicles in the fourth quarter, bringing full-year deliveries to 222,123 units, slightly below its target of 230,000 units.
It's aiming to deliver 320,000 vehicles by 2025, representing about 44 percent year-on-year growth.
Leapmotor (HKG: 9863) had insurance registrations of 5,200 units last week, up 20.93 percent from 4,300 units the week before.
It delivered a record 42,517 vehicles in December, marking the second time the company has delivered more than 40,000 vehicles in a single month and the seventh consecutive record month.
In the fourth quarter, Leapmotor delivered a record 120,863 vehicles, an increase of 118.45 percent year-on-year and up 40.27 percent from the third quarter.
For the full year 2024, Leapmotor delivered 293,724 vehicles, an increase of 103.76 percent over 2023.
In 2025, Leapmotor is targeting to deliver 500,000 vehicles for the full year.
Yesterday, Leapmotor said it saw its net income turn positive in the fourth quarter of 2024, achieving its goal a year ahead of schedule.
Aito -- a brand jointly created by Huawei and Seres Group -- had 5,000 insurance registrations last week, down 18.03 percent from 6,100 the previous week.
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