Weekly EV Sales

Retail penetration of NEVs in China was 35.6 percent in the first three weeks of May.

Tesla vehicles registered 10,200 insurance units in China last week, bringing the number to 26,118 for the first three weeks of May.

As price wars fade and consumer wait-and-see sentiment eases, pent-up demand has been released, the CPCA said.

Nio's sales appear to continue to be dampened by the upcoming new ES6, as potential consumers may be waiting for this more cost-effective SUV.

Li Auto shared the numbers, saying its sales last week far outpaced those of other local new car-making brands.

Nio sold 2,000 units last week, up from 700 the week before and 1,316 in the first week of April.

Nio's weak performance may be because it is on the eve of multiple product switches, as it will begin deliveries of the new ET7, new ES6, EC7 in May and will begin deliveries of the new ES8 in June.

Starting this week, insurance registration data will no longer be available, with Li Auto's sharing a surprise exception.

In the past five weeks, Nio vehicles had 11,929 insurance registrations. The company delivered 10,378 vehicles in March.

Nio is on track to reach its guidance, with 9,199 vehicles registered in the past four weeks.