Tesla Inc ( NASDAQ:TSLA )
Insurance registrations for Tesla ( NASDAQ:TSLA ) vehicles in China decreased for the second week in a row, which may be due to the fact that the company’s top competitors in China are increasing their delivery rates. Tesla stock fell early on Tuesday, with recent crashes involving Tesla vehicles and a potential deal involving lithium also in the spotlight.
During the week of February 13-19, Tesla had 5,913 insurance registrations, which is a 15% decrease from the 6,963 registrations the company had during the previous week as well as the 8,643 registrations the week before that. A drop in the number of electric vehicle registrations in China after an initial surge in response to significant price reductions on January 6 may indicate that consumer interest is waning. However, Tesla Shanghai’s exports may be limiting the availability of electric vehicles for local delivery in other regions.
According to CnEVPost, there were 1,579 Tesla Model 3 vehicles among the insurance registrations that took place between February 13 and 19, while there were 4,334 Tesla Model Y vehicles registered.
Meanwhile, the majority of other electric vehicle manufacturers in China are continuing to see increased registrations as a result of increased production and demand following the Chinese New Year.
BYD, a company that competes with Tesla, reported 37,026 total insurance registrations, which is an increase of 18% in comparison to the registrations from the previous week. Registrations for China-based electric vehicle startups Li Auto ( NASDAQ:LI ) and Nio ( NYSE:NIO ) both increased by 4% to 3,174 units, and XPeng (NYSE:XPEV) increased by 5% to 1,463 units. Li Auto’s registrations reached 4,238 units, while Nio’s registrations reached 3,174 units, and XPeng’s increased by 5%.
Bloomberg reported the week...
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