November 2020 update of top 5 Chinese EV startups’ insurance registrations

Shanghai (Gasgoo)- In November, consumers in China bought the Mandatory Liability Insurance for Traffic Accidents of Motor Vehicles (MLI) for 176,718 homegrown new energy passenger vehicles (NEPVs), representing a year-on-year hike of 180.22%, according to the China Insurance Regulatory Commission (CIRC).

For the first eleven months, China's NEPV insurance registrations jumped 16.28% from a year ago to 901,908 units.

Among the NEPVs registered last month, 21,015 units were from Chinese EV startups, a splendid growth of 224.21% compared to the year-ago period.

The six startups whose Nov. registrations exceeded 10,000 units were NIO, Li Auto, Xpeng Motors, WM Motor, Leapmotor and HOZON Auto. Their registrations totaled 20,006 units last month, while still outnumbered by those of the Model 3, whose insurance volume stood at 21,572 units.

In terms of Nov. registrations, the top four startups were still NIO, Li Auto, Xpeng Motors and WM Motor. Notably, the occupant of the fifth place changed to Leapmotor from HOZON Auto.

NIO's EC6 crowned hottest-selling premium coupe SUV

With 5,205 new vehicles registered, NIO was honored the No.2 premium NEPV brand in November, following Tesla.

The registrations of the EC6 stood at 1,460 units last month, making the model the best-selling coupe SUV among those priced above 300,000 yuan ($45,930). Compared to October, the EC6 boasted a remarkable sales growth of 74.6%.

NIO EC6; photo credit: NIO

As NIO's third production model, the EC6 topped its segment only two months after the scale delivery started. Among the rivals outsold by the EC6, many were from the German luxury brands, such as the BMW X4 and the Mercedes-Benz GLC.

Among the full-sized SUVs priced above 400,000 yuan ($61,240), the NIO ES8 and the Audi Q7 are performing neck and neck. In Nov., the ES8’s registrations were 1,370 units, 66 units fewer than that of the Audi Q7. However, as for year-to-date performance, the ES8 had a volume of 8,804 units, outnumbering the Audi Q7 by 682 units.

Li ONE honored best-selling new energy SUV model for the third month in a row

In November, the Li ONE once again surpassed the hotter-selling NIO ES6 and BYD Tang DM, ranking first among new energy SUV models by monthly registrations for the third month in a row.

Compared to Oct., the Li ONE also posted a 36% leap in sales. The impressive number made Li Auto the runner-up among Chinese startups in Nov. with a single model for sale.

Li Auto said on Dec. 18 it had so far delivered over 30,000 new vehicles only one year after the delivery started. It is also the first startup in China that achieves the milestone within such a short period.

Li ONE; photo credit: Li Auto

According to the startup, Li ONE's users spread over 31 provinces, autonomous regions and centrally-administered municipalities in China, and have driven the REEVs (range-extended electric vehicles) for more than 230 million kilometers in total.

Li Auto claimed on Dec. 4 the pricing of its underwritten follow-on offering of 47 million American depositary shares (“ADSs”), each representing two Class A ordinary shares of the Company, at a public offering price of $29 per ADS. The underwriters would have a 30-day option to purchase up to an aggregate of 7,050,000 additional ADSs from the Company.

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.

Both Xpeng G3 and P7 score double-digit growth in Nov. registrations

Xpeng Motors witnessed the total registrations of the G3 and the P7 surge 43.1% from the previous month to 4,251 units in November.

The volume of the Xpeng G3 shot up 75.7% over a month earlier. It was also the third month in a row for the G3 to record month-over-month increase.

The Guangzhou-based EV maker expanded its free supercharging service to another 34 cities in December. Xpeng Motors has to-date launched 670 supercharging stations in 100 cities across China.

Xpeng P7 Wing; photo credit: Xpeng Motors

At the Auto Guangzhou 2020 held in late Nov., the company unveiled the P7 Wing, the limited edition of its P7 super-long range sports sedan. The vehicle drew attention of many viewers with the pair of specifically-designed scissor-style front doors that are usually only available in luxury sports vehicles.

The company said in early Dec. that it could raise up to $2.48 billion in a follow-on share placement. Xpeng's shares began trading on the New York Stock Exchange in August after netting $1.5 billion in an initial public offering (IPO).

WM Motor's Nov. registrations surge thanks to leaping demands of EX5

WM Motor's new car registrations skyrocketed 86.2% from a month ago to 2,559 units in November, primarily thanks to the precipitous rise in the EX5's registrations.

With 2,525 units registered, the WM EX5 is named the best-selling all-electric SUV model in China, outnumbering the NIO ES6 by 150 units. Since the delivery kicked off in Sept. 2018, there have been over 40,000 EX5s delivered, according to the startup.

WM EX6 Plus; photo credit: WM Motor

However, the EX6, WM Motor's second mass-produced model, was much eclipsed by the EX5. Its monthly registrations failed to exceed 100 units from June to November.

At the 2020 Apollo Ecosystem Conference, WM Motor unveiled its third smart all-electric SUV that boasts Level 4 autonomous driving capabilities in specific scenarios. Jointly developed by WM Motor and Baidu Apollo, the new model adopts fire-new Electrical/Electronic Architecture and will be armed with the Baidu's Cloud AVP (automated valet parking) system.

The new SUV was showcased without any camouflage, indicating that it will soon go into volume production. The vehicle is set to hit the market in 2021.

Leapmotor moves to the No.5 place for the first time this year

In Nov., Leapmotor ranked fifth among Chinese EV startups with a vehicle registration volume of 1,769 units, which topped 1,000 units for the first time so far this year. The growth should be entirely credited to the sales hike in T03. Compared to Oct., the T03’s insurance volume represented a surging movement of up to 88.4%.

The startup launched its third production model, the C11, on Nov. 20. Presale of the new electric SUV will begin on Jan. 1, 2021, coming with three trim levels, said the company. Guiding prices of the new model range from 159,800 yuan ($24,465) to 199,800 yuan ($30,590) after subsidies.

Leapmotor C11; photo credit: Leapmotor

Notably, the C11 is armed with two Lingxin 01 chips, Leapmotor's self-developed chips for intelligent driving, delivering 8.4 trillion operations per second of performance.

Leapmotor intends to go public on the technology-focused Science and Technology Innovation Board (STAR market) in the second half of 2021, according to a local media, citing sources familiar with the matter.

“Leapmotor plans to file IPO document in the second half of 2021, and is expected to trade shares on the STAR market at the end of 2021 or in early 2022,” said Wu Baojun, co-founder and CEO of Leapmotor, after being reached for comment by a local media channel.