China's NEV insurance registrations make up 13.6% of total vehicle registrations in July

According to data from China Banking and Insurance Regulatory Commission (CBIRC), insurance registrations of locally-made passenger vehicles (PV) in China amounted to 1,576,468 vehicles in July, down 2.5% month over month and 826 vehicles less than the volume of the same month of last year.

CBIRC data shows that 11,538,743 new passenger vehicles were registered nationwide in the first seven months of this year, up 26.9% versus the same period of last year, 5.7 percentage points less than that of the first half of this year.

Tesla fell out of the monthly TOP 20 brands list as well as the Jan.-Jul. list. In July, 8,998 Shanghai-made Tesla vehicles were registered in China, ranking 34th among all vehicle brands and decreasing 21.4% from a year ago. By year-to-date insurance registrations, Tesla dropped to 21st spot with a total of 140,759 locally-made vehicles registered.

Cadillac was also excluded from July list with registering 19,931 vehicles. Compared with June list, Hongqi and Chevrolet were new comers on July list. Hongqi saw a YoY increase of 49.52% in registrations while Chevrolet’s registration volume declined 12.13% from a year ago.

Compared with June list, there were one more Chinese brand on July TOP 20 brands list. Among ten local brands on the list, only Roewe registered less (down 3.42%) vehicles than the same month of last year, while only Toyota saw a year-on-year increase of monthly registrations among the 10 foreign brands.

The Sylphy and the Lavida continued to occupy the first two spots of July TOP 20 models list. Monthly insurance registrations of the Sylphy grew by 3.61% from a year ago to 48,929 vehicles while those of the Lavida dropped 6.98% to 30,850 vehicles.

Two models among the TOP 5 spots on July list were from local vehicle brands. Monthly registrations of the Wuling Hongguang MINIEV skyrocketed 612.56% versus the corresponding month of last year to over 30,000 vehicles. The Haval H6’s ranking rose two spots to the 4th from that of June list with registrations jumping 14.29% year on year.

By registrations of the first seven months, the Haval H6 ranked third while the Wuling Hongguang MINIEV ranked 7th. Among the TOP 20 models by Jan.-Jul. registrations, the MINIEV was also the one with the highest growth (1062.5%) in year-to-date registrations.

Insurance registrations of new energy vehicles (NEVs) accounted for 33.1% of the growth in the total registrations through July. In the first seven months of this year, 1,202,777 NEVs were registered in the biggest auto market of the world, surging 206.5% from the same span of 2020.

Last month, the country registered 214,335 NEVs, representing an increase of 143.3% from a year ago, and making up 13.6% of all vehicle insurance registrations in China, 8 percentage points more than that of July in 2020.

Only three foreign brands were on the July TOP 20 NEV brands list, namely VW, Tesla and BMW, fewer than four in June. Tesla’s ranking on TOP 20 NEV brands list dropped from the third to the seventh while Volkswagen’s spots rosed four spots to the fifth. BMW were the 18th on the list.

The most registered NEV brand was still BYD in July, which was also the only brand with registrations exceeding 40,000 vehicles. Thanks to the popularity of the MINIEV, Wuling’s monthly registrations jumped 612.6% year on year to 30,606 vehicles. Changan ranked sixth with monthly registrations up 702% from a year ago.

There were fewer changes on the Jan.-Jul. TOP 20 NEV brands list. Tesla dropped from the second by first-half registrations to the third while Xpeng and Chery exchanged their spots. Among TOP 20 NEV brands, Wuling had the second highest registration growth of 3855.66% versus the span of last year.

30,204 Wuling Hongguang MINIEVs were registered in July while the Li ONE was a distant second with 8,843 vehicles registered. Last month, 6,601 Tesla Model 3s were registered in the market. Even though VW brand were on July TOP 20 NEV list, but no models from the brand were on monthly top models list.

By the Jan.-Jul. insurance registrations, the Wuling Hongguang MINIEV was the most registered model, followed by the Tesla Model 3 (91,792 registered) and the Model Y (48,967 registered).