China’s major electric vehicle (EV) makers reported their insurance registration figures for the week of March 31 to April 6, with notable changes in several brands’ performance compared to the previous week. The data, shared by automotive platform Yiche, comes after Li Auto’s decision to halt sharing these figures following a March 18 directive from the China Association of Automobile Manufacturers (CAAM).
Nio and Onvo Decline
Nio branded vehicles saw a sharp decline in insurance registrations, dropping 40% to 1,800 units from 3,000 the previous week. The sub-brand Onvo, which has struggled in recent weeks, registered only 700 units, marking a 50% drop from 1,400 units. Overall, Nio Inc., which includes both Nio and Onvo brands, reported 2,500 insurance registrations, a 43.18% decrease from 4,400 the week before.
This downturn follows a recent restructuring within Nio. On April 2, Alan Ai resigned as president of Onvo after the disappointing performance of the L60 model. Shen Fei, previously head of Nio Power, took over as Onvo president. Nio’s March deliveries included 15,039 units, marking a 26.74% year-on-year increase and a 14% rise from February.
Xpeng and Li Auto Show Mixed Results
Xpeng experienced a 20.97% increase in insurance registrations, reaching 7,500 units compared to 6,200 the week prior. The company also reported delivering 33,205 vehicles in March, continuing its trend of exceeding 30,000 units for the fifth consecutive month. Xpeng recently started pre-sales for its 2025 X9 MPV, which has a starting price of RMB 399,800 ($54,500).
Meanwhile, Li Auto saw a 29.55% drop, registering 6,200 units in the week, down from 8,800 the week before. Li Auto’s figure matches its own earlier announcement, which only includes its own weekly sales following its shift from publishing broader data.
Tesla Sees Dramatic Drop
Tesla’s figures for China showed a significant drop, with only 3,600 insurance registrations last week, a staggering 82.52% decline from 20,600 the week before. Despite this downturn, Tesla reported delivering 78,828 vehicles in March, including both domestic sales and exports, reflecting a 156.87% increase over February’s performance. However, it still marked a 11.49% decline year-on-year compared to March 2024.
BYD Continues Strong Performance
BYD reported a substantial 45,000 insurance registrations last week, though this represented a 25.50% decrease from the previous week’s 60,400 units. The company, however, posted impressive delivery figures, selling 377,420 new energy vehicles (NEVs) in March—up 24.78% from the same month last year and 16.90% from February.
Xiaomi’s Challenges
Xiaomi’s EV division, which faced public backlash following a fatal accident involving its SU7 model, registered 5,100 insurance units, down 34.62% from the prior week’s 7,800. Xiaomi’s founder, Lei Jun, has refrained from public comment following the incident, as the company navigates through this challenging period.
Other Notable Brands
Zeekr reported 2,700 registrations, a 20.59% decline from the previous week’s 3,400. The brand’s total deliveries, including both Zeekr and Lynk & Co models, saw significant growth in March, up 30.18% from February.
Leapmotor registered 5,400 units, a 33.33% decrease from the prior week’s 8,100. However, Leapmotor’s March deliveries soared by 154.65% year-on-year, totaling 37,095 vehicles.
As the Chinese EV market continues to evolve, the fluctuating weekly insurance registration figures highlight both the growth and challenges faced by the industry, with some brands showing resilience and others facing setbacks. The overall trend suggests that while electric vehicle adoption continues to rise, market conditions remain dynamic and competitive.
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