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SAIC Motor, the Chinese biggest automobile group, reported a gross revenue of 189.095 billion yuan ($29.22 billion) for the first quarter of 2021, a year-on-year jump of 82.13%.

For the first quarter of 2021, NIO’s vehicle margin rose to 21.2% from negative 7.4% for the prior-year period mainly driven by higher deliveries and solid average selling price, and the gross margin also grew to 19.5%.

In March, the insurance registrations of the vehicles from Chinese EV startups exceeded 24,000 units, rocketing 300% from the previous year, while also leaping 86% from the previous month.