Written by Cláudio Afonso | LinkedIn | X
EV maker Nio delivered 10,219 premium vehicles in March, down 13% from the same month last year. Its new sub-brand Onvo delivered 4,820 units of its first model, the L60.
In February, Nio had delivered 9,143 vehicles, while Onvo delivered 4,049 L60s.
In total, the Group delivered 15,039 in the final month of the first quarter (up 26.87% year over year) and 42,094 in the first three months of the year, up 40.1% year over year and in line with the guidance provided earlier this month.
The company has recently reiterated that it aims to double vehicle sales this year helped by the introduction of its cheapest model ever under its second sub-brand Firefly but also several facelifts which will bring improved features at a similar price.
To double last year’s sales, Nio needs to deliver about 400,000 vehicles over the next nine months — an average of 44,400 units per month. In December, the company reached a new monthly record with over 31,000 EVs delivered.
Nio Group founder and CEO William Li admitted earlier this month that the sales of the first sub-brand did not meet expectations in the first months of 2025.
At the Shanghai Auto Show, Nio will unveil the L90 — the second vehicle under its mass-market Onvo brand. The new model follows the L60, a five-seat SUV that aims to fight Tesla Model Y.
The company is under pressure to deliver a stronger performance with the L90 as it seeks to establish a foothold in the family-oriented segment.
Nio shares fell to their lowest level in nearly five years on Monday, extending recent losses following a stock offering and mounting pressure on new brand and model rollouts.
The Chinese electric vehicle maker fell as much as 4% in early U.S. trading to $3.57, the lowest intraday price since May 2020. The stock later reversed course to close up 1.6% at $3.81, paring intraday losses.
The stock is down 12.6% year-to-date, with the decline accelerating last week following the announcement of a $518 million share placement. Nio’s stock has lost more than 94% of its value since peaking at $66.99 in January 2021.
Product Pipeline
Over the weekend, Nio began deliveries of the ET9, a luxury sedan priced from 788,000 yuan ($108,490) with a battery pack included. The model, the most expensive in Nio’s lineup, was first unveiled at Nio Day 2024 in December and is also available with the company’s battery-as-a-service subscription.
The ET9 marks a push further into the premium segment, even as Nio prepares to expand its reach with lower-priced vehicles with its new sub-brand Firefly.
On April 19, the company’s second sub-brand is set to launch its debut model, a compact electric car currently available for pre-sale at 148,800 yuan. The final pricing will be announced at the event.
The company reached 70 million battery swaps in China earlier this Tuesday, aided by rapid network expansion in its home market. Nio aims to accelerate the rollout and open between 1,800 and 2,000 new stations this year with support from regional and national partners, allowing the EV maker to reduce its own investment while speeding up the deployment of new stations.