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China Passenger Vehicle Registrations Show Growth in Latest Week
Passenger vehicle registrations in China experienced a modest rise in the week ending April 13, according to recent industry data. A total of 351,000 passenger vehicles were registered, marking a 3.9% increase compared to the prior week. Significantly, new energy vehicles (NEVs), including electric vehicles (EVs), constituted a substantial portion of this growth, accounting for 186,000 units and achieving an EV penetration rate of 53%. This signifies a 2.9 percentage point surge in electric vehicle adoption within the Chinese automotive market.
BYD Leads with Robust Sales Figures
BYD, a leading automotive manufacturer, demonstrated strong performance, registering 53,400 vehicles during the reported week. This figure represents an 18.4% climb from the 45,100 units registered in the preceding week. In the first two weeks of April alone, BYD’s registrations in China reached 98,500 cars. Following a successful 2024 with 4.3 million vehicles sold, BYD has set an ambitious delivery target of approximately 5.5 million vehicles for the current year. BYD’s premium brand, Denza, also witnessed positive momentum, registering 3,000 vehicles, a 15.4% gain from the week prior.
Tesla’s Registrations Increase
Tesla also saw an upward trend in vehicle registrations, reporting 5,400 units for the week. This marks a significant 50% jump from the 3,600 registrations in the previous week. While Tesla China’s deliveries in March totaled 78,828 vehicles (including both domestic sales and exports), indicating an 11.5% decrease year-over-year, this figure more than doubled February’s total, suggesting a fluctuating but overall strong market presence.
Li Auto Experiences Growth, Adjusts EV Strategy
Li Auto followed closely with 7,200 vehicle registrations, showing a 16.1% increase from the 6,200 units in the prior week. Year-to-date registrations for April have reached 13,400 units. Despite selling over 500,000 vehicles in 2024, Li Auto has reportedly postponed the launch of its next all-electric model after the Li Mega minivan received a lukewarm market response. The company is aiming for 700,000 vehicle sales in 2025.
Xpeng Registrations Dip Slightly
Xpeng registered 6,700 vehicles, experiencing a 10.7% decrease compared to the prior week. However, Xpeng achieved strong overall delivery numbers in March with 33,205 vehicles delivered, and has maintained over 30,000 monthly deliveries for five consecutive months, bolstered by the popularity of its Mona M03 sedan. Notably, the Mona M03 model reached 100,000 cumulative units in less than eight months.
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Emerging Brands Show Positive Momentum
Several emerging brands also demonstrated notable registration increases:
- Xiaomi: Recorded 6,300 registrations, a 23.5% rise from the previous week. The company has delivered 11,400 units in the first half of April and has revised its 2025 sales target upwards from 300,000 to 350,000 vehicles. Xiaomi reported 135,000 units sold in 2024.
- Leapmotor: Reported 6,400 registrations, an 18.5% increase. The brand has achieved 11,800 units registered month-to-date.
- Deepal: Logged 4,340 registrations, a 5.9% increase, with 8,440 registrations in the first two weeks of April.
- Nio: Witnessed a substantial weekly surge, registering 3,500 units, a 94.4% increase from the prior week’s 1,800. This growth is partly attributed to enhanced incentives, including five years of complimentary battery swaps. Nio Group, encompassing Onvo and Firefly, registered 4,200 units, a 68% increase from the week before. Onvo accounted for 730 units. Firefly is anticipated to unveil its first model on April 19. Nio’s delivery target for 2024 is 440,000 vehicles, with Onvo expected to contribute half of this total.
Mixed Performance Among Other Brands
In contrast, some brands experienced registration declines:
- Aito: Registered 3,200 vehicles, a 33.3% decrease from the previous week.
- Zeekr: Reported 2,300 registrations, a 14.8% drop.
- Avatr: Logged 1,500 units, showing a 15.4% increase.