Nio Inc, a Chinese battery electric vehicle (BEV) start-up based in Shanghai, reported a significant increase in vehicle deliveries in October 2024. The company delivered a total of 20,976 vehicles, marking a 30.5% year-over-year growth. Out of these deliveries, 16,657 vehicles were from the premium smart electric vehicle brand Nio, while 4,319 vehicles belonged to the family-oriented smart electric vehicle brand ONVO. The cumulative deliveries for Nio reached 619,851 by the end of October 2024.
One of the key highlights was the steady ramp-up in production and delivery of the ONVO L60. As of October 31, 2024, ONVO had 166 ONVO Centers and ONVO Spaces across 60 cities in China. Additionally, users were provided access to 584 Nio Power Swap Stations in the country.
Looking ahead, ONVO aims to expand its sales, service, and power networks to cater to a growing user base and drive long-term growth. In September, Nio secured CNY3.3bn (US$471m) in new funding for its main manufacturing subsidiary, Nio Holding Company, also known as Nio China. This fresh capital infusion will support the company’s new technology development and manufacturing operations located in Hefei, Anhui province. Nio currently operates two vehicle assembly plants in the province, with plans for a third facility that would increase the company’s annual production capacity to 1 million vehicles.
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