In the week of November 4 to November 10, 2024, China’s electric vehicle (EV) market exhibited varied performance among major manufacturers, as reflected in the latest insurance registration data.
Nio
Nio reported 3,000 insurance registrations, marking a 31.8% decrease from the previous week’s 4,400 units. This decline follows the company’s delivery of 20,976 vehicles in October, a 30.5% year-over-year increase. Nio is preparing for its Nio Day 2024 event in Guangzhou on December 21 and will celebrate its 10th anniversary on November 25.
Li Auto
Li Auto recorded 11,700 insurance registrations, a 2.6% rise from the prior week’s 11,400 units. The company delivered 51,443 vehicles in October, up 27.3% year-over-year. Li Auto has set a fourth-quarter delivery target between 160,000 and 170,000 vehicles, indicating a slight increase from the third quarter’s 152,831 units.
Xpeng
Xpeng’s insurance registrations stood at 3,600, a 33.3% drop from the previous week’s 5,400 units. In October, Xpeng delivered 23,917 vehicles, a 19.6% year-over-year increase. The company launched the P7+ sedan on November 7, receiving 31,528 orders within three hours. Volume deliveries of the P7+ have commenced in China.
Tesla
Tesla achieved 17,300 insurance registrations, a 10.2% increase from the prior week’s 15,700 units. In October, Tesla’s Shanghai factory sold 68,280 vehicles, including 27,795 for export. Domestic sales reached 40,485 units, the lowest since April.
BYD
BYD reported 85,900 insurance registrations, a 10.8% decrease from the previous week’s 96,300 units. The company sold 502,657 new energy vehicles (NEVs) in October, surpassing the 500,000 mark for the first time and marking the fifth consecutive month of record highs. This represents a 66.5% year-over-year increase and a 19.8% rise from September.
Xiaomi
Xiaomi’s insurance registrations were 5,500, reflecting the company’s ongoing efforts to establish a presence in the EV market.
Zeekr
Zeekr recorded 5,700 insurance registrations, indicating steady performance in the competitive EV sector.
Leapmotor
Leapmotor’s insurance registrations totaled 8,200, showcasing the company’s growth trajectory in the EV industry.
Aito
Aito, a brand jointly created by Huawei and Seres Group, had 6,500 insurance registrations, reflecting its market penetration efforts.
These figures underscore the dynamic nature of China’s EV market, with manufacturers experiencing fluctuations in insurance registrations. Companies are actively pursuing strategies to enhance their market positions amid evolving consumer preferences and competitive pressures.
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