Dec. 2020 update of top 5 Chinese EV startups’ insurance registrations

Shanghai (Gasgoo)- In December 2020, consumers in China bought the Mandatory Liability Insurance for Traffic Accidents of Motor Vehicles (MLI) for 224,223 homegrown new energy passenger vehicles (NEPVs), representing a year-on-year hike of 163%, according to the China Insurance Regulatory Commission (CIRC).

For the year of 2020, China's NEPV insurance registrations leapt nearly 35% from a year ago to 1,126,131 units.

Among the NEPVs registered last month, 29,425 units were from Chinese EV startups, a splendid growth of 174% compared to the year-ago period.

With 26,455 new vehicles registered in total, the so-called first-tier NEV startups, including NIO, Li Auto, Xpeng Motors, WM Motor, HOZON Auto and Leapmotor, accounted for 90% of the Dec. registrations of startups' cars. Except Leapmotor, the other five all achieved their 2020's best monthly number last month.

NIO achieves 2020's highest monthly registrations for both ES8 and EC6

Last month, the insurance registrations of three NIO-branded models totaled 6,937 units, leaping 33.3% over the previous years. The volumes of the NIO ES8 and the EC6 reached 1,991 and 2,516 units respectively, both hitting a new high for the year of 2020.

With 2,516 units registered in Dec., the NIO ES6 logged a 5.9% growth compared to November. Its monthly volume saw the highest record in September with 3,271 units registered, and then experienced two consecutive monthly drops.

In Jan. 2021, the startup launched its first sedan model, the NIO ET7, at the NIO Day. As the company's fourth mass-produced model, the ET7 is expected for delivery in the first quarter 2022.

The ET7 features NIO's latest NAD (NIO Autonomous Driving) technology including NIO Aquila super sensing system and NIO Adam super computing platform. According to the corporate data platform Qichacha, NIO has applied for the registration of several trademarks related to the “ADAM” platform.

Meanwhile, NIO also launched its second-generation battery swapping station which can accommodate 13 batteries and allow for up to 312 swap services per day. The startup said it expects the number of its battery swapping stations in China to total 500 by 2021.

Li ONE honored best-selling new energy SUV model for four straight months

The monthly registrations of the Li ONE hit a new high of 6,621 units in December, soaring 41.6% from the previous month. In terms of Dec. volume, the REEV (range-extended electric vehicle) model was also the champion among new energy SUVs.

Of the vehicles registered last month, 5,216 units were from private users. The top three cities by the Dec. registrations of the Li ONE were Shanghai (810 units), Shenzhen (518 units) and Guangzhou (475 units).

Li Auto said the number of Li ONE orders for December was also at its highest-ever level in December.

By the end of 2020, the company had 52 retail stores covering 41 cities, and 114 service centers, and operated Li Auto-authorized body and paint shops in 83 cities.

Li ONE; photo credit: Li Auto

Li Auto claimed on Dec. 4, 2020 the pricing of its underwritten follow-on offering of 47 million American depositary shares (“ADSs”). The net proceeds from the proposed offering would be used for R&D of next-generation electric vehicle technologies, including high-voltage platform, high C-rate battery, and ultra-fast charging, the next-generation BEV platform, future car models, autonomous driving technologies and solutions, as well as for general corporate purposes.

Xpeng Motors achieves 2020's highest monthly registrations in Dec.

Xpeng Motors witnessed the total registrations of the G3 and the P7 leapt 35.2% from the previous month to 5,747 units, hitting last year's highest monthly level.

In December, both the G3 and the P7 recorded month-on-month growth for the second month in a row, and gained their 2020's best monthly figures as well.

In terms of Dec. registrations, the Xpeng P7 ranked ninth among China-made all-electric car models, and the Xpeng G3 was the No. 5 full-electric SUV model.

Xpeng Motors plans to launch its third production model in 2021 and the vehicle is expected for delivery as early as this year’s fourth quarter, said Brian Hongdi Gu, Vice Chairman and President of Xpeng Motors.

The company teased in early Jan. its third mass-produced model via its WeChat account. The silhouette indicates that the forthcoming model will be a sedan.

In last November, the company's second manufacturing base broke ground in Guangzhou, making it the first Chinese EV startup with two self-owned plants.

Xpeng Motors delivered last month the first 100 G3 smart SUVs to customers in Norway, representing a milestone for its international business.

WM EX5's monthly registrations reach 2020's record high level in Dec.

WM Motor also attained last year's best monthly registrations in Dec. thanks to the precipitous growth in the WM EX5's volume.

In Dec., the registrations of the WM EX5 consecutively surged to 3,368 units from 1,342 units in Oct., and also hit 2020's highest level. Nevertheless, the volume of the WM EX6 only reached 29 units, falling to surpass 100 units for seven straight months.

The startup's third mass-produced model, the W6 SUV, rolled off the assembly line on Jan. 19 at the company's Hubei manufacturing base and is expected for delivery at the Auto China 2021.

Jointly developed with Baidu, the W6 is capable of performing some self-driving functions under specific scenarios by virtue of Baidu Apollo's cloud with a whopping computing power of over 1 million TOPS.

Photo credit: WM Motor

For the year of 2020, WM Motor's users drove the vehicles for over 700 million kilometers. As for the charging service, the company delivered 107 kWh of electric energy, a year-on-year surge of 55.2%. As of Dec. 2020, GETnGO, the App the startup designs for mobility service, had partnered with 16 mainstream charging operators in China, including State Grid, TELD and Star Charge, with its services connected to 200,000 plus charging piles and covering over 260 cities.

HOZON Auto again enters top 5 startups thanks to hike in Nezha V's registrations

After being outperformed by Leapmotor in Nov., HOZON Auto once again took the No.5 place in December. Its registrations totaled 2,147 units last month, surging 39.2% from the previous month.

The registration hike was wholly credited to the precipitous rise in the volume of the Nezha V, the startup's third production model hitting the market in early November. Last year, a total of 2,631 consumers bought insurance for the Nezha V SUVs, of which 1,840 were from December.

Nezha V; photo credit: HOZON Auto

The Zhejiang-based EV startup, announced on Dec. 2, 2020 it was about to successfully close its series C financing, which had raised 2 billion yuan ($308.652 million) from the leading investor, HD Capital.

The company initiated its Series C funding in last July and attempts to have its shares trade on the Science and Technology Innovation Board (STAR Market) next year.