Update: Added figures for Onvo.
Deliveries by major electric vehicle (EV) makers remained low during the two weeks where the Chinese New Year holiday falls, as production and delivery activities were disrupted.
In weeks 4-5 of 2025 -- January 20 to February 2 -- Nio (NYSE: NIO) branded vehicles saw 3,300 insurance registrations in China, up from 2,836 in the third week, according to data shared today by Li Auto (NASDAQ: LI).
The figures shared by Li Auto are by brand, and in Nio's case do not include insurance registrations for the sub-brand Onvo.
Onvo didn't make any of Li Auto's latest lists, but according to Deutsche Bank's China passenger-vehicle weekly sales monitor, the Nio sub-brand was at 2,480 units in weeks 4-5, higher than the 1,913 units in the third week.
Industrial production in China was disrupted by the Chinese New Year holiday from January 28 to February 4, when people usually return to their hometowns for vacations.
Nio Inc delivered 13,863 vehicles in January, up 37.87 percent from 10,055 a year ago but down 55.48 percent from 31,138 in December, according to data it released on February 1.
The Nio main brand delivered 7,951 vehicles in January, down 20.92 percent from 10,055 a year earlier and down 61.42 percent from 20,610 in December.
The Onvo brand delivered 5,912 units in January, down 43.84 percent from 10,528 in December.
Nio announced a five-year, zero-interest financing program for the Nio brand on February 1. Earlier today, Onvo also announced bigger promotions.
Xpeng (NYSE: XPEV) continued to sit at No. 1 in the top 10 new car-making brands shared by Li Auto, with 11,100 insurance registrations in the past two weeks, up from 9,400 in the third week.
It delivered 30,350 vehicles in January, its third consecutive month above the 30,000 mark. That's up 267.88 percent from 8,250 a year ago, but down 17.29 percent from 36,695 in December.
Xpeng announced on February 5 the launch of a zero down payment, five-year zero-interest financing in China.
On the same day, its chairman and CEO He Xiaopeng said in a speech that the company is confident it would see deliveries double in 2025 compared to last year.
Li Auto had 11,000 insurance registrations in weeks 4 to 5, up from 9,500 in the third week.
The company delivered 29,927 vehicles in January, down 3.97 percent from 31,165 a year ago and down 48.85 percent from 58,513 in December.
Tesla (NASDAQ: TSLA) was at 13,400 vehicles in weeks 4-5, up from 10,000 in the third week.
The US EV maker's sales figures for January are not yet available, and they are expected to be released by the China Passenger Car Association (CPCA) later this month.
Tesla launched the facelifted five-seat Model Y in China on January 10, marking the first time it has made a major update to a model first in China.
The facelifted Model Y was better received than the facelifted Model 3 after its launch in China, with more than 70,000 orders in the first five days, local media outlet Yicai said in a January 25 story, citing an insider.
On February 5, the first working day of the Year of the Snake in the Chinese lunar calendar, Tesla fired the first shot in the price war by announcing an insurance subsidy of RMB 8,000 ($1,100) for all variants of the Model 3 electric sedan.
BYD (HKG: 1211, OTCMKTS: BYDDY) saw 68,100 insurance registrations in weeks 4-5, up from 55,000 in the third week.
The company sold 300,538 new energy vehicles (NEVs) in January, up 49.16 percent from 201,493 in the same month last year, but down 41.62 percent from 514,809 in December.
BYD is expected to unveil plans for its smart driving system at an intelligence strategy launch event at its global headquarters in Shenzhen, Guangdong province, at 7:30 pm Beijing time on February 10.
Xiaomi (HKG: 1810, OTCMKTS: XIACY) had 8,500 insurance registrations in weeks 4-5, up from 5,600 in the third week.
Xiaomi EV said on February 1 that its first model, the SU7, once again exceeded 20,000 deliveries in January.
The SU7 electric sedan has delivered more than 20,000 units for four consecutive months, Xiaomi EV said in a Weibo post, not mentioning specific numbers as before.
Xiaomi founder, chairman, and CEO Lei Jun said in a Weibo post today that he went to Xiaomi EV's factory today to discuss how to further increase production capacity with colleagues in charge of manufacturing.
The company would launch the SU7 Ultra, an ultra-performance variant of the SU7 later this month, which went on pre-sales last October for RMB 814,900.
Zeekr (NYSE: ZK) had 4,500 insurance registrations in weeks 4-5, up from 3,600 in the third week.
The company delivered 11,942 vehicles in January, down 4.75 percent from 12,537 a year ago and down 56.08 percent from 27,190 in December.
Zeekr delivered 222,123 vehicles in 2024 and is targeting 320,000 vehicles in 2025, representing about 44 percent year-on-year growth.
Leapmotor (HKG: 9863) had 9,500 insurance registrations in weeks 4-5, up from 7,000 in the third week.
It delivered 25,170 vehicles in January, up 105.02 percent from 12,277 a year earlier, but down 40.8percent from 42,517 in December.
For the full year 2024, Leapmotor delivered 293,724 vehicles, up 103.76 percent from 2023.
In 2025, Leapmotor aims to deliver 500,000 vehicles for the full year.
Aito -- a brand jointly created by Huawei and Seres Group -- had 7,700 insurance registrations in weeks 4 to 5, up from 6,100 in the third week.
Data table: China EV insurance registrations in Jan 20-Feb 2
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