(Yicai Global) Nov. 29 -- Individual policyholders insured 52 percent of all newly protected electric passenger vehicles in China from January through October, according to data published by the China Banking and Insurance Regulatory Commission.

Individuals insured some 371,000 new-energy vehicles of a total 713,000 during the period, the CBIRC said yesterday. Domestic brand BYD was the most popular by a long shot, with corporate and personal customers covering nearly 160,000 of its vehicles. Compatriots BAIC New Energy and Geely followed with 73,500 and 53,400 cars.

Local marques filled out eight of the top 10 spots, with SAIC-GM-Wuling and SAIC-Volkswagen the only foreign-backed firms to make the list. They ranked sixth and 10th after 32,800 and 26,300 of their vehicles were included in insurance policies. Industry newcomers Nio, WM and Xiaopeng all had more than 10,000 cars insured during the period, while Hozong had over 6,000. Other EV startups had less than 1,000 vehicles insured.

Many consumers have been shying away from NEV purchases due to quality and safety issues and the low residual value of electric cars, according to John Zeng, director of LMC Automotive Asia Pacific Forecasting. NEV's quickly lose their value as their power batteries, which make up most of an electric car's worth, wear out within three to five years.

Other reasons include poor range, a lack of charging facilities and car prices, according to General Motors President Mark Reuss; while Guodu Securities puts the issue down to a reduction in subsidies but believes a rise in demand from overseas could spark the beginning of a new sales cycle.

Of the remaining vehicles insured, corporations made up 19 percent, or 135,000, while ownership of the other 29 percent is unknown. The figures are based on compulsory vehicle insurance car owners must obtain before putting their vehicle on the road.

China's NEV wholesale total reached 844,000 units during the 10-month period, up 17 percent annually, according to data from the China Passenger Car Association.

Editor: James Boynton