Tesla Sees Insurance Registrations Rise in China Last Week

Electric vehicle insurance registrations in China for the week ending January 21 showed Tesla strengthening its position. While Nio had 1,900 insurance registrations, Xpeng 1,800, and Li Auto 7,600, Tesla had 11,700, boding well for a strong month.

Insurance registrations in China by major electric vehicle (EV) manufacturers increased last week. However, CnEVPost notes that it remains low due to seasonal factors. Registrations by major market players remain lower than in the same period last year, while Tesla saw a significant increase.

For the week of January 15 to 21, Li Auto recorded weekly insurance registrations of 7,600 units. This roughly corresponds to the same situation as in the same week in 2023. The number of insurance registrations last week increased by 11.76 percent compared to 6,800 units in the previous week. In total, from January 1 to January 21, Li Auto had 18,700 insured registrations.

Last week, Nio had 1,900 insurance registrations, up 11.76 percent from 1,700 the week before. From January 1 to January 21, Nio’s insurance registrations totaled 6,600 units.

Xpeng’s insurance registrations from January 15 to 21 totaled 1,800 units. This is 28.57 percent higher than 1,400 a week earlier. For the period from January 1 to January 21, this figure totaled 4,600 units. On January 16, Xpeng announced it had begun mass deliveries of its X9 MPV within China.

Tesla again distinguished itself from the general flow of NEV manufacturers. There were 11,700 insurance registrations for the company’s vehicles in China last week, up 58.11 percent from 7,400 from the week prior. In addition, the number of insurance registrations increased by 172% compared to the same period last year. From January 1 to January 21, Tesla had 22,400 vehicle insurance registrations.

BYD had 40,400 insurance registrations in China last week, up 0.25 percent from 40,300 the previous week. However, the number of insurance registrations remains lower than the same period last year. For the period from January 1 to January 21, BYD insurance registrations amounted to 125,100 units, which makes it the presumed sales leader in the NEV segment. However, it is worth keeping in mind that the majority of cars sold by BYD are hybrids, not BEVs (battery electric vehicles).

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