China EV Market: Nio and Tesla's Mixed Fortunes">
Beijing — May 20, 2024 — Recent data paints a complex picture of teh electric vehicle (EV) market in china. The latest insurance registration figures for the week of May 5-11 reveal shifts in the competitive landscape. Nio experienced an increase in registrations, whereas Tesla saw a drop. The article explores the factors behind these changes and examines the performance of other meaningful players.
China EV Market: Mixed Fortunes for Nio, Tesla, and Others
The Week in Review: A Snapshot of China’s EV Landscape
china’s electric vehicle (EV) market continues to evolve, with recent data revealing a mixed bag of results for major players. Insurance registrations, a key indicator of sales momentum, showed significant shifts in the week of May 5-11, designated as week 19 of 2025.
Nio Inc.: A Multi-Brand Surge
Nio Inc. (NYSE: NIO), encompassing the Nio, Onvo, and Firefly brands, experienced an overall upswing.Total insurance registrations for the group reached 6,060 units, marking an 18.82 percent increase from the previous week’s 5,100.
- Nio Brand: Registrations climbed to 3,930, a 13.26 percent rise from the prior week’s 3,470.
- Onvo: The sub-brand saw 1,660 registrations, a substantial 29.69 percent jump from 1,280.
- Firefly: The newest addition to the Nio family recorded 470 registrations, a 34.29 percent increase from 350. Firefly launched its first model on April 19, with deliveries commencing on April 29.
Nio’s April deliveries painted a similar picture of growth. The company delivered 23,900 vehicles,its second-highest monthly total ever. The Nio brand delivered 19,269 vehicles in April, up 23.36 percent year-on-year and up 88.56 percent from March.
Onvo contributed 4,400 vehicles, while Firefly, with only two effective delivery days in April, added 231 units.
Tesla: A Notable Dip
In contrast to Nio’s positive trajectory, tesla (NASDAQ: TSLA) experienced a significant decline in insurance registrations. The company recorded 3,070 registrations, a 57.89 percent drop from the previous week’s 7,290.
Tesla’s Shanghai plant, a crucial production hub for both domestic sales and exports, plays a pivotal role in its China operations. Tesla sold 28,731 vehicles in China’s domestic market in April, down 8.56 percent from 31,421 in the same month a year ago and down 61.24 percent from 74,127 in March.
The plant exported 29,728 vehicles in April.
Other Key players: Xpeng,Li Auto,BYD,Xiaomi,Zeekr,Leapmotor,and Aito
Here’s a look at how other major EV manufacturers fared:
- Xpeng (NYSE: XPEV): 6,870 registrations,up 23.78 percent. April deliveries reached 35,045 vehicles.
- Li Auto (NASDAQ: LI): 8,160 registrations, down 28.42 percent. April deliveries totaled 33,939 vehicles.
- BYD (HKG: 1211, OTCMKTS: BYDDY): 67,980 registrations, up 14.62 percent. April sales hit 380,089 new energy vehicles (NEVs).
- Xiaomi (HKG: 1810, OTCMKTS: XIACY): 5,180 registrations, down 8.96 percent. Xiaomi EV delivered over 28,000 units in April.
- Zeekr (NYSE: ZK): 4,310 registrations,up 39.94 percent. April deliveries reached 13,727 vehicles.
- Leapmotor (HKG: 9863): 7,800 registrations, up 25.20 percent. April deliveries totaled 41,039 units.
- Aito (Huawei & Seres Group): 7,540 registrations, up 12.87 percent.
