According to insurance registrations, Tesla is the best-selling EV brand in China.
Chinese consumers must purchase Mandatory Liability Insurance (MLI) for China-built “new energy vehicles” (NEVs), which include both plug-in hybrids and all-electric vehicles. According to Gasgoo, a Chinese automotive news outlet, there was a surge of 841% over the previous year in registrations. The vast majority of these MLI policies were for Tesla vehicles.
There were 93,680 registrations in February, with nearly 20% (18,039) accounting for Tesla. Nearly 75% (13,394) of those vehicles were Model 3 sedans, while nearly 25% (4,645) were Model Y crossovers. The combined value of the two models was greater than that of China’s leading EV startups.
Tesla China has seen a growth rate of 9.2% in February, primarily to increased demand for the Model Y – the company’s second vehicle built in China. In the United States, the company has seen a 50.1% year-over-year increase for 2020, selling over 290,000 vehicles.