Onvo, a sub-brand of Nio (NYSE: NIO), has reached a significant milestone as the peak of travel approaches on the eve of the Chinese New Year. The use of the battery swap service by Onvo drivers exceeded 5,000 services in a single day on January 25, marking a new record for the Nio sub-brand.
Just two days ago, Nio announced that it had provided over 100,000 battery swap services in a single day on January 23, totaling 103,919 services. This surge in demand for battery swap services comes as the Chinese New Year holiday, which begins on January 28 and lasts until February 4, approaches. The weeks before and after the holiday are typically peak travel times for the public.
Earlier this month, Onvo announced a special promotion for Onvo owners, offering unlimited free battery swap services and charging at available stations along highways in China between January 22 and February 12. However, Nio is not currently offering similar free services, as it has done in the past to encourage acceptance of the battery swap service.
In December, Nio Inc achieved a record delivery of 31,138 vehicles, including 20,610 under the Nio main brand and 10,528 under the Onvo sub-brand. Cumulative deliveries of Onvo vehicles through the end of December totaled 20,761 units.
Onvo officially launched its first model, the L60, an electric SUV that competes with the Tesla Model Y, on September 19, 2024, with deliveries beginning on September 28. The cumulative deliveries of Nio’s main brand vehicles through the end of December reached 650,803 units.
Nio Power, Nio’s power business arm, has added 180 available battery swap stations for Onvo from January 20-26, bringing the total number of battery swap stations available to Onvo in China to 1,254. Nio Inc currently operates 3,081 battery swap stations in China, with 954 located along highways.
The completion of trial production for Nio Onvo’s second model has also been reported, indicating the brand’s continued growth and expansion in the electric vehicle market. As the Chinese New Year holiday approaches, the demand for battery swap services is expected to remain high, as more drivers take to the roads for the holiday season.
