Nio Group’s Weekly Registrations Drop 39% in China

Written by Cláudio Afonso | LinkedIn | X

Nio Group saw its weekly vehicle registrations decline 39% between March 3 and 9 to 3,000 units, data from rival automaker Li Auto showed on Tuesday. The previous week, Nio Group had registered 4,900 vehicles across its two brands.

The latest figures included 1,100 units of the Onvo L60 SUV and 1,900 Nio-brand vehicles. The decline comes as the company prepares to unveil refreshed versions of some models in its lineup in April.

Tesla registered 13,800 vehicles as it continues ramping up production of its refreshed Model Y while XPeng recorded 8,500 units, Xiaomi 6,200 and Stellantis-backed Leapmotor 5,900 vehicles.

Over the next eight weeks, Nio Group plans to begin deliveries of two brand new models in China: the ET9, its most expensive sedan, and Firefly, a compact car under its upcoming third brand, which shares the same name.

Nio’s founder and CEO William Li said late last year he was “very confident” the company would double sales in 2024 across its three brands—Nio, Onvo, and Firefly.

In 2023, Nio Group delivered nearly 222,000 vehicles, up 39% from the previous year. A doubling of sales would push its annual deliveries beyond 440,000 units.

In February, Nio delivered 9,143 vehicles, while Onvo recorded 4,049 units, bringing the Group’s total to 13,192—up 62% from a year earlier.

The monthly decline in Onvo’s sales comes as Tesla began deliveries of its refreshed Model Y, a key competitor to the Onvo L60. Onvo’s February deliveries fell 31.5% from the 5,912 units recorded in January. The brand, launched in late September 2024, is positioned as Nio Group’s mass-market offering.