Between May 1 and 26, NIO had 15,400 insured registrations, Tesla had 43,900, BYD had 209,900, and Xiaomi had 6,700.
Major electric vehicle (EV) makers continued to see mixed results in insurance registrations in China last week.
During the week of May 20-26, NIO (NYSE: NIO) received 5,400 insurance registrations for vehicles in China, up 22.73 percent from 4,400 the previous week, according to data released today by Li Auto (NASDAQ: LI).
After publishing weekly insurance enrollment figures for about a year, ReAuto stopped doing so earlier this year. In early May, the company began releasing those figures again. It no longer releases month-to-date figures, as it had done in the past.
The latest figures mean that insurance registrations for NIO cars reached 15,400 between May 1 and 26, compared with 10,000 between May 1 and 19.
According to figures released by Nio on May 1, the number of vehicles delivered in April was 15,620, up 31.64% from the previous month and up 134.60% from the previous year.
Nio, along with its major peers, is scheduled to announce its May delivery results on Saturday, June 1. NIO’s fourth-quarter 2023 earnings report will be released on June 6 before the U.S. stock market opens.
Nio announced yesterday that it had delivered its flagship model, the ES6, to 200,000 units.
Lee Auto registered 8,600 insurance policies last week, up 10.26% from 7,800 the previous week.
Lee Auto’s insured registrations from May 1 to 26 were 27,200 units, and from May 1 to 19, the number was 18,600 units.
The company delivered 25,787 vehicles in April, up 0.41% from the same month last year, but down 11.03% from March.
In its earnings report on May 20, Lee Auto forecast second-quarter vehicle deliveries to be in the range of 105,000 to 110,000 units, implying an increase of 21.3% to 27.1% from the same period last year.
Considering Li Auto delivered 25,787 vehicles in April, this guidance means it plans to deliver a total of 79,213 to 84,213 vehicles in May and June.
The company said in its earnings call last week that it won’t launch an all-electric SUV this year, instead planning to launch one in the first half of next year.
Lee Auto said in its last earnings call that it plans to launch three fully electric SUV models in the second half of 2024.
Li Auto is one of the leading long-range electric vehicle (EREV) companies in China, with its main models sold being the L-series EREV, including the Li L6, Li L7, Li L8 and Li L9.
Li Auto’s first BEV, the Li Mega MPV (multi-purpose vehicle), was launched on March 1 this year, but its below-expected performance and the challenges facing sales of the L-series may be part of the reason why Li Auto has adjusted its product launch strategy.
Xpeng (NYSE: XPEV) had 1,900 insurance registrations last week, down 5% from 2,000 the previous week.
Xpeng’s insurance registrations from May 1 to 26 were 6,700 units, and from May 1 to 19, the number was 4,800 units.
The company delivered 9,393 vehicles in April, up 4.07% from the previous month and 32.69% from a year ago.
When Xpeng Motors announced its fourth-quarter 2023 financial results on May 21, it forecast second-quarter deliveries of 29,000 to 32,000 units, an increase of approximately 25.0% to 37.9% compared to the same period last year.
The guidance meant that Xpeng was forecasting deliveries of 19,607 to 22,607 vehicles in May and June combined, after delivering 9,393 vehicles in April.
Xpeng plans to unveil the first model of its sub-brand, codenamed Mona, in June, with sales and deliveries expected to begin in the third quarter.
Undisguised spy photos of the first Mona models began circulating widely on Chinese social media yesterday.
Tesla (NASDAQ: TSLA) had 13,100 insurance registrations in China last week, down 5.76% from 13,900 the previous week.
US EV makers made 43,900 insurance registrations in China between May 1 and 26, compared with 30,800 registrations between May 1 and 19.
Reuters reported on May 24 that Tesla’s Shanghai factory plans to cut Model Y production by at least 20% between March and June.
The report said it was unclear whether the production cuts would last until later this year or even to the Model 3, and whether similar cuts would be made at Tesla’s factories in the U.S. and Germany.
Tesla’s Shanghai factory, which produces the Model 3 sedans and Model Y crossovers, has an annual production capacity of more than 950,000 units, making it the company’s largest in the world.
Tesla stepped up its marketing in China in May, announcing on Weibo yesterday that Chinese customers who complete delivery of their vehicles between May 25 and June 30 will have the chance to win a free tour of the company’s Fremont factory in the US.
BYD (HKG: 1211; OTCMKTS: BYDDY) had 55,000 insured registrations for vehicles in China last week, up 2.61% from 53,600 the previous week.
According to calculations by CnEVPost, a total of 209,900 BYD cars were insured in China between May 1 and 26. The company insured 154,900 vehicles between May 1 and 19.
BYD sold 313,245 new energy vehicles (NEVs) in April, up 48.96% from 210,295 units in the same month last year and up 3.57% from 302,459 units in March.
The company is expected to unveil its fifth generation of DM (dual mode) hybrid technology later today, with the Qin L and Seal 06 coming to market.
Xiaomi saw 2,700 insurance registrations last week, up 35% from 2,000 the previous week.
The company’s insured registrations from May 1 to 26 were 6,700 units, and from May 1 to 19, the number was 4,000 units.
Xiaomi launched the SU7 on March 28th in three models – standard, Pro and Max – priced from RMB 215,900 ($29,800), RMB 245,900 and RMB 299,900 respectively.
Xiaomi’s EV factory will begin two-shift production in June and is expected to deliver at least 10,000 units that month, Xiaomi executives said in an earnings call on May 23.
Xiaomi EV will deliver at least 100,000 units in the full year of 2024, aiming to hit a delivery target of 120,000 units, Xiaomi’s management said.
On May 24, Xiaomi EV announced in a Weibo post that it has added CATL batteries to the standard version of the SU7, which previously only used BYD batteries, in order to increase capacity.
Zeekr (NYSE: ZK) saw 4,600 insurance enrollments last week, up 17.95% from 3,900 the previous week.
The number of insured registrations for the G-Car from May 1 to 26 was 14,100, while the number of registrations from May 1 to 19 was 9,500.
Zeekr listed on the New York Stock Exchange on May 10, becoming the latest Chinese EV maker to list in the US.
Leap Motor’s insurance registrations last week were 4,100 units, up 13.89 percent from 3,600 units the previous week.
Leap Motor International, a joint venture between Leap Motor and Stellantis NV, Europe’s second-largest automaker by sales, was established on May 14 and will begin sales in Europe in September.
Aito, a joint brand between Huawei and Ceres Group, saw insured registrations of 6,500 units last week, down 1.52% from 6,600 units the previous week.
Huawei’s auto business turned profitable in the first quarter thanks to explosive sales growth, particularly for its Aito brand, Richard Yu, chairman of the tech giant’s smart car solutions division, said in an interview earlier this month.
(1 dollar = 7.2462 yuan)
China EV insurance registrations week ending May 19: NIO 4,400, Tesla 13,900, BYD 53,600, Xiaomi 2,000
