The Nio brand delivered 15,493 electric vehicles in November, down 2.9% from 15,959 units last year and 7% less than in October. The entry-level Onvo model delivered 5,082 electric vehicles, an increase of 17.7% compared to the 4,319 units in October. This is the second consecutive month of sales decline for the Nio brand.
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Last week, Onvo president Alan Ai confirmed that the December delivery target would be more than 10,000 units. To achieve this goal, Onvo would need to grow its revenue by almost 100% month-over-month.
Onvo’s only model is the L60 SUV, which was launched in China in September as a rival to Tesla Model Y. It starts at 206,900 yuan (28,580 USD) for a 60 kWh version equipped with a BYD blade battery, Nvidia Drive Orin- chip and 240 kW rear motor (322 hp). The dimensions are (L/W/H) 4828/1930/1616 mm and the wheelbase is 2950 mm.
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Onvo’s monthly production capacity will reach 10,000 units in December, 16,000 in January and 20,000 in March 2025, Nio’s CEO William Li announced in September.
In total, Nio delivered 20,575 electric vehicles in November, down 1.9% from 20,976 units in October and up 28.9% from 15,959 the year before.
In 2024 (January – November), Nio delivered 190,832 electric vehicles, an increase of 34.4% compared to the same period last year. The Nio brand is responsible for the majority of sales: 180,599 units, while Onvo’s cumulative deliveries since its launch in September are 10,233.
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Nio’s original target for 2024 was 230,000 electric vehicle sales. In its fourth quarter delivery guidance, Nio announced its target of 72,000 – 75,000 electric vehicles. This means the company needs to deliver 30,449 vehicles in December to reach the lower end of the target.
Nio will launch its third brand, Firefly, on December 21 during Nio Day. Initially, the car was planned to be launched in Europe first, as the first car would be a Europe-friendly electric hatchback that would compete with Volkswagen ID.3, but Nio changed its plans due to low European sales and the EU-imposed rates.
Competition situation
By comparison, Geely’s Zeekr delivered 27,011 EVs in November, setting a new monthly record and up 106% year-on-year. Volkswagen-backed Stellantis-backed Leapmotor delivered 40,169 vehicles in November, a 117% increase from last year.
