BEIJING, July 11, 2024 – The Chinese new energy vehicle (NEV) market recorded a mixed performance in the 27th week of 2024, with Xiaomi emerging as a standout performer with a 15% increase in registrations, while other major players such as Nio, Tesla, and BYD experienced declines.

BYD, the market leader, saw a 22.43% decrease in insurance registrations to 58,800 units, following a record-breaking 75,800 units the previous week. Despite the dip, BYD’s May sales reached 341,658 vehicles, showcasing its strong market presence.

Tesla‘s registrations dropped by 53.90% to 6,500 units from the previous week’s 14,100, but this still represents a significant 103.13% increase from the 3,200 units registered in the same week last year.

Nio registered 5,300 vehicles, a 22.06% decrease from 6,800 units the week before, but a substantial 70.97% increase from the 3,100 units registered in the same week of the previous year. The company recently delivered a record 21,209 vehicles in June, surpassing its previous high set in May 2023.

Xiaomi, with its sole model, the Xiaomi SU7, reported a 15.63% increase in registrations to 3,700 units, up from 3,200 units the week prior. The company aims to deliver 120,000 vehicles in 2024, and its June delivery of over 10,000 SU7 sedans is a strong indication of its progress towards this goal.

Other notable performances include Aito’s 7,900 registrations, a 36.80% drop from the previous week but a 618.18% increase year-over-year, and Leapmotor‘s 3,800 registrations, a 20.83% decrease from the previous week but a 72.73% increase from last year.

The market’s fluctuations highlight the dynamic nature of Chinese new energy vehicle sector, with companies like Xiaomi demonstrating resilience and growth potential amidst market volatility. As the industry continues to evolve, the introduction of new models and brands by companies like Nio is expected to inject fresh momentum into the market.