Tesla saw an increase in insurance registrations for the first week of November in China. The company is one of the few electric vehicle makers to see an increase in registrations compared to last week, despite the industry generally experiencing a decline at the start of the month.
Insurance registrations with major electric vehicle (EV) makers in China were mostly down last week. Tesla’s main competitors in the country experienced sales difficulties at the beginning of the month. This once again underlines the attractiveness of the cars coming off the Gigafactory Shanghai assembly line for local consumers looking for an electric vehicle.
Thus, Li Auto registered 8,600 units in the week from October 30 to November 5, according to CnEVPost. Registrations were down 14 percent last week from 10,000 the week before. Nio recorded 4,200 units, down 8.7 percent from 4,600 units the week before. Xpeng’s insurance registrations totaled 4,700 units last week, down 18.97 percent from 5,800 units the week before. BYD registered 46,700 units, down 9.85 percent from the previous week’s 51,800 units.
Tesla became one of the few who saw a week-over-week increase in insurance registrations in China. Last week 14,000 units were registered. This represents an increase of 29.63 percent from 10,800 units the week before. The high rate of registrations indicates that Tesla is actively supplying its cars to the Chinese market and could surprise with the overall data for November. Also, do not forget that in the first month of each quarter, the Shanghai Gigafactory produces cars for export, so during this time, registrations in China are lower than in the following months.
In October, Tesla sold 72,115 China-made vehicles. That is up 0.57 percent from 71,704 a year earlier, according to data from the China Passenger Car Association (CPCA). At the moment, we can see a slight decrease in the production capacity of Gigafactory Shanghai as it began production of the updated Model 3. In addition, changes were also made to Model Y, which also influenced the production pace.