China EV Insurance Registrations By Brand For Week Ending Feb 16: Nio 1,900, Onvo 900, Tesla 7,500, Xiaomi 6,900, BYD 46,800

CnEVPost
02-18
  • Xpeng was at 8,100 units, Li Auto 7,500, Zeekr 3,600, Leapmotor 5,200 and Aito 3,000.

  • Major EV makers saw increased insurance registrations last week, albeit still at a low level.

Weekly sales performance of major electric vehicle (EV) makers is slowly recovering, despite continued weakness at the start of the year.

For the week of February 10-16 -- week 7 of 2025 -- Nio (NYSE: NIO) branded vehicles saw 1,900 insurance registrations in China, up 72.73 percent from 1,100 the week before, 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 figures shared by several auto bloggers, the brand was at 900 units last week, up 143.24 percent from 370 units the week before.

January 29 was this year's Chinese Spring Festival, with a public holiday from January 28 to February 4, disrupting industrial production and consumer activities in China.

Nio Inc delivered 13,863 vehicles in January, up 37.87 percent from 10,055 in the same month last year, but down 55.48 percent from December's 31,138, according to figures it announced 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 5-year, 0 percent interest financing program for the Nio brand on February 1. Onvo also announced larger promotions on February 7.

Xpeng (NYSE: XPEV) saw insurance registrations of 8,100 vehicles last week, up 138.24 percent from 3,400 the week before.

The company delivered 30,350 vehicles in January, its third consecutive month over the 30,000 mark. This was 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 that it launched a 0 percent down payment, and 0 percent interest financing plan for up to 5 years in China.

Also on February 5, He Xiaopeng, Xpeng's chairman and CEO, said in a speech that the company was confident that it would see deliveries double in 2025 compared to last year.

In the first week after the Chinese Spring Festival, Xpeng's order intake was up 7.6 times from the same period in 2024, breaking the industry norm that February is usually a low point for sales, the company said on February 13.

Li Auto had 7,500 insurance registrations last week, up 59.57 percent from 4,700 the week before.

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) had 7,500 insurance registrations in China last week, up 20.97 percent from 6,200 the previous week.

Tesla China sold 63,238 vehicles in January, including those sold in China and those exported from China to overseas markets, according to the China Passenger Car Association (CPCA).

That's down 11.49 percent from 71,447 a year ago and down 32.56 percent from 93,766 in December.

The company sold 33,703 vehicles in China's domestic market in January, down 15.49 percent from 39,881 in the same month a year ago and down 59.36 percent from 82,927 in December.

On February 5, Tesla began to offer a RMB 8,000 ($1,100) insurance subsidy for the Model 3 sedan, restarting a promotional tool it has used many times before on the first working day of the Year of the Snake on the Chinese lunar calendar.

Earlier today, an update to Tesla's China website showed that deliveries of the facelifted Model Y will begin later this month, ahead of the previous March, after the model completes regulatory approval.

BYD (HKG: 1211, OTCMKTS: BYDDY) had 46,800 insurance registrations last week, up 61.94 percent from 28,900 the week before.

The company sold 300,538 new energy vehicles (NEVs) in January, up 49.16 percent from 201,493 a year earlier, but down 41.62 percent from 514,809 in December.

BYD announced its vehicle intelligence strategy on February 10 to start bringing smart driving capabilities to low-cost affordable models.

The announcement of the strategy drove up BYD's Shenzhen-traded shares, putting it back in the RMB 1 trillion market capitalization club.

Xiaomi (HKG: 1810, OTCMKTS: XIACY) had 6,900 insurance registrations last week, up 56.82 percent from 4,400 the week before.

Xiaomi EV said on February 1 that deliveries of its first model, the SU7, once again topped 20,000 units in January.

The SU7 electric sedan had delivered more than 20,000 units for four consecutive months, Xiaomi EV said in a Weibo post, not mentioning specific numbers as before.

Lei Jun, Xiaomi's founder, chairman and CEO, said in Weibo on February 7 that he went to Xiaomi EV's factory and discussed with colleagues in charge of manufacturing to further increase production capacity.

Yesterday, Xiaomi's second model, the YU7 SUV (sport utility vehicle), completed the full regulatory process, paving the way for its launch in June or July this year.

Zeekr (NYSE: ZK) had 3,600 insurance registrations last week, up 50.00 percent from 2,400 the week before.

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.

On February 14, Zeekr announced it had completed transactions to integrate Lynk & Co, and its CEO Andy An unveiled its product plans for this year.

Leapmotor (HKG: 9863) had 5,200 insurance registrations last week, up 92.59 percent from 2,700 the week before.

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 year.

Leapmotor would begin pre-sales of the B10 SUV on March 10, the company announced on February 10 on Weibo.

Aito -- a joint brand created by Huawei and Seres Group -- had 3,000 insurance registrations last week, up 172.73 percent from 1,100 the week before.

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