Nio Inc, a prominent Chinese electric vehicle (EV) maker, experienced a slight decline in deliveries in November. The company delivered a total of 20,575 vehicles last month, marking a 1.91 percent decrease from October’s figures. However, compared to the same period last year, this represented a 28.92 percent increase.
The Nio main brand delivered 15,493 vehicles in November, showing a decline of 6.99 percent from October. Despite this decrease, the brand has maintained a consistent performance above the 20,000 mark for the seventh consecutive month. On the other hand, the Onvo sub-brand delivered 5,082 vehicles, demonstrating a significant 17.67 percent increase from the previous month.
In the first eleven months of the year, Nio Inc delivered a total of 190,832 vehicles, reflecting a solid 34.36 percent growth compared to the same period in the previous year. The Nio main brand contributed significantly to this growth by delivering 180,599 vehicles during this period. Meanwhile, Onvo has delivered a cumulative total of 10,233 vehicles thus far.
Since its inception, Nio Inc has delivered a total of 640,426 vehicles, with 630,193 vehicles falling under the Nio main brand. The company has set ambitious goals for the fourth quarter, aiming to deliver between 72,000 and 75,000 vehicles. This target represents a substantial year-on-year growth of approximately 43.9 percent to 49.9 percent.
The introduction of the Onvo L60 model has been a significant development for the company. Launched in September, the L60 has shown promising performance, with deliveries steadily increasing each month. The production capacity for the L60 is expected to reach 10,000 units in December, with further plans to increase production to 16,000 units by January 2025.
Nio Inc is gearing up for its annual event, Nio Day 2024, scheduled for December 21. During this event, the company will officially unveil its third brand, Firefly. The first model under the Firefly sub-brand is set to begin deliveries in the first half of 2025.
Overall, Nio Inc continues to make strides in the EV market, with a strong focus on innovation and expansion. The company’s performance in November, despite a slight decline in deliveries, highlights its commitment to growth and development in the electric vehicle industry.
