Major electric vehicle (EV) makers saw a rebound in insurance registrations last week, though overall performance remained weak as the car market enters the slow season with the Chinese New Year just around the corner.
For the week of January 13-19, Nio (NYSE: NIO) branded vehicles saw insurance registrations of 2,800 units in China, up 86.67 percent from 1,500 in the previous week, according to data shared today by Li Auto (NASDAQ: LI).
The figures shared by Li Auto are by brand and in the case of Nio exclude sales of the sub-brand Onvo.
Onvo did not make it into any of the latest Li Auto lists and the Nio sub-brand had 1,800 insurance registrations in the previous week.
Nio later shared its numbers, saying it sold over 4,700 units last week, up 145.7 percent year-on-year.
The Nio brand sold 2,836 units last week and the Onvo brand 1,913, according to the company.
In the first three weeks of January, Nio Inc sold 13,349 units, doubling year-on-year, it said.
China will be celebrating the New Year holiday from January 28 to February 4, with industrial production typically seeing disruptions and auto purchases entering a low point.
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 data released earlier this month.
The Nio main brand delivered 20,610 vehicles in December, while the Onvo sub-brand was at 10,528 units.
Onvo launched its first model, the L60 SUV (sport utility vehicle), on September 19, 2024, with deliveries commencing on September 28.
Nio management previously said that Onvo L60 production capacity would reach at least 16,000 units by 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.
For the full year 2024, Nio Inc delivered 221,970 vehicles, up 38.70 percent from 2023.
Li Auto had 9,500 insurance registrations last week, up 25.00 percent from 7,600 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, below the lower end of the guidance range of 160,000 to 170,000 vehicles.
For the full year 2024, Li Auto delivered 500,508 vehicles, up 33.10 percent year-on-year.
On January 17, Li Auto opened its R&D center in Munich, Germany, its first overseas R&D center.
Xpeng (NYSE: XPEV) saw insurance registrations of 9,400 vehicles last week, up 27.03 percent from 7,400 the previous week.
The company delivered 36,695 vehicles in December, its fourth consecutive record month.
Xpeng's new model, the Mona M03, delivered 15,904 units in December, and the P7+ delivered 10,035 units, according to data compiled by CnEVPost.
In the fourth quarter, Xpeng delivered a record 91,507 units, 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, up 34.23 percent year-on-year.
Xpeng saw cumulative deliveries of the Mona M03 exceed 60,000 units on January 18, with the latest 10,000 units completed in 15 days.
Tesla (NASDAQ: TSLA) saw 10,000 insurance registrations in China last week, up 28.21 percent from 7,800 the week before.
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's retail sales in China were 196,902, contributing 39.73 percent of the 495,570 global deliveries, according to data compiled by CnEVPost.
The company's retail sales in China in 2024 were 657,102 units, contributing 36.73 percent of the 1,789,226 units delivered globally.
On January 15, Bloomberg reported that Tesla planned to suspend part of its production lines in Shanghai that produces its revamped Model Y for about three weeks during the upcoming Chinese New Year to better optimize its equipment.
Another area of the Shanghai plant that produces the Model 3 would be closed from January 26 to February 3, according to the report.
BYD (HKG: 1211, OTCMKTS: BYDDY) had insurance registrations of 55,000 units last week, up 28.50 percent from 42,800 units the previous week.
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.
In a January 11 research note, Deutsche Bank expected 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 5,600 insurance registrations last week, up 3.70 percent from 5,400 in the previous week.
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 on December 31.
Xiaomi officially launched its first EV model, the SU7, on March 28, 2024. On December 9, Xiaomi said that its second EV model was named Xiaomi YU7 and that the SUV was expected to go on sale in June or July 2025.
Goldman Sachs raised its EV sales forecast for Xiaomi to 350,000 units in 2025 from the previous 290,000 units in a January 14 research note, which is 21 percent higher than the consensus estimate.
They also raised their EV sales forecast for Xiaomi in 2026 from 480,000 units to 655,000 units, 48 percent higher than consensus.
Zeekr (NYSE: ZK) had 3,600 insurance registrations last week, up 28.57 percent from 2,800 the week before.
The company delivered 27,190 vehicles in December, the fourth consecutive month of record highs.
Zeekr delivered a record 79,250 vehicles in the fourth quarter, bringing full-year deliveries to 222,123, slightly below its target of 230,000 units.
It's aiming to deliver 320,000 vehicles in 2025, representing about 44 percent year-on-year growth.
Leapmotor (HKG: 9863) had 7,000 insurance registrations last week, up 34.62 percent from 5,200 the week before.
It delivered a record 42,517 vehicles in December, marking the second time the company has delivered more than 40,000 units 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 aims to deliver 500,000 vehicles for the full year.
Aito -- a brand jointly created by Huawei and Seres Group -- saw 6,100 insurance registrations last week, up 22.00 percent from 5,000 the week before.