Zhineng Weekly Report: Tracking China’s Auto Insurance Data

Zhineng Weekly Report tracks auto insurance data for domestic passenger cars in China. This week’s analysis is for the third week of March 2023 (March 13-19, 2023).

As car prices fell throughout the country in March, car sales hit a low. Looking at the overall data for auto insurance on passenger cars in China:

Sales for this week were 316,300 vehicles, an increase of 4.2% year-over-year and 0.9% month-over-month.
By power source, sales of new energy vehicles were 113,000 vehicles, an increase of 15.9% year-over-year and 4.6% month-over-month.

As acceptance of new energy vehicles among the public rises, their penetration rate is also increasing.

By comparison, traditional fuel vehicles are not selling well, with only 203,200 units sold. This represents a year-over-year decrease of 1.3% and a month-over-month decrease of 1.1%.

Breaking it down by car model:

BYD: 38,411 units sold this week, up 73.0% year-over-year and 3.4% month-over-month.
NIO: 1,775 units sold this week, down 2.8% year-over-year and 18.2% month-over-month.
XPeng: 1,297 units sold this week, down 59.6% year-over-year and 20.7% month-over-month.
Li ONE: 5,438 units sold this week, up 104.2% year-over-year and 28.2% month-over-month.