Nio Inc (NYSE: NIO) experienced a slight dip in deliveries in February compared to January, with the Nio main brand making a comeback while the Onvo sub-brand continued to struggle. The company delivered a total of 13,192 vehicles in February, marking a 62.22 percent increase from the same period last year but a 4.84 percent decrease from January.
The Nio main brand outperformed expectations by delivering 9,143 vehicles in February, showing a 12.43 percent increase from the previous year and a 14.99 percent increase from January. On the other hand, the Onvo sub-brand delivered 4,049 vehicles in February, which was a significant drop of 31.51 percent from January.
The Chinese automotive industry typically experiences a slowdown at the beginning of the year, particularly during the Chinese New Year holiday. This year, the holiday period was from January 28 to February 4, as opposed to February 10-17 last year.
In the first two months of the year, Nio Inc delivered a total of 27,055 vehicles, marking a 48.76 percent increase from the same period last year. The Nio main brand delivered 17,094 vehicles during this time, showing a slight decline of 6.01 percent from the previous year, while the Onvo sub-brand delivered 9,961 vehicles.
Since its inception, Nio Inc has delivered a total of 698,619 vehicles, with 667,897 vehicles falling under the Nio main brand and 30,722 under the Onvo sub-brand. Onvo recently launched its first model, the L60, which is positioned as a competitor to Tesla’s Model Y. The company also introduced a 5-year, 0-interest financing program and teased its upcoming flagship model, the L90.
Looking ahead, Nio Inc plans to launch new products every quarter from the second to the fourth quarter of the year. The company’s founder, chairman, and CEO, William Li, expressed this commitment to innovation and growth in a recent announcement.
In conclusion, despite some challenges faced by the Onvo sub-brand, Nio Inc continues to demonstrate resilience and growth in the competitive electric vehicle market. With a focus on new product launches and customer-centric financing programs, the company remains a key player in the industry.
