Written by Cláudio Afonso | LinkedIn | X
According to data released by the German Federal Motor Transport Association on Wednesday, the registration of passenger cars in Germany fell to 236,425 units in May, marking a month-over-month and year-over-year decline.
Electric vehicle maker Nio, which entered the German market in October 2022, registered 35 vehicles in May, a decrease of 20.5 percent from the previous year. Year-to-date sales for Nio reached 190 vehicles, 7.3 percent lower than registrations recorded between January and May 2023.
In April, Nio had registered 53 vehicles marking the second consecutive month of growth after selling 27 units in February and 48 in March.
Last week, Nio appointed Thijs Meijling as the new Head of European Business as part of a restructuring effort in its European organization, aiming to prepare for the next phase of expansion and the introduction of sub-brands.
The automaker Tesla also faced a significant drop in sales in Germany, with May registrations plummeting 64 percent year-over-year to 1,896 units.
Meanwhile, Guangzhou-based EV maker Xpeng registered 12 units, and Geely’s Polestar recorded 414 vehicles, down 34.2 percent.
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Nio is exploring various distribution methods for its new car brand, codenamed “Firefly,” set to launch in Europe in the summer of 2025. The other sub-brand, Onvo, which was launched in mid-May, will arrive afterwards with no exact timeline defined.
In an interview with Norwegian media outlet Bilbransje24, Nio’s general managers for Norway and Germany discussed potential distribution strategies.
“As I see it, we have three options,” said An Ho, Nio’s general manager for the Norwegian market. “We can either sell the cars through our five company-owned Nio Houses and Nio Spaces. The second option is a combination of company-owned showrooms and independent dealers. The third option is just independent dealers”.
In late January, Nio co-founder and president Lihong Qin enhanced the European market as a target for the more affordable brand.
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The first model has been seen several times over the last months in road tests across China. According to official documents shared recently on Weibo, the factory responsible for producing Firefly vehicles is planned to have an annual output of 120,000 units.
In China, Nio registered 6,700 insurance registrations in China last week setting a new record. From May 27 to June 2, the Shanghai-headquartered manufacturer increased its weekly registrations by 24 percent from the 5,400 units registered in the previous week.
Earlier today, China’s investment bank CICC issued a new research note maintaining the outperform rating on Nio‘s Hong Kong-traded shares wile setting a price target of $HK62, equivalent to $7.94 USD.
Nio shares closed at HK$41.55 on the Hong Kong Stock Exchange on Tuesday, indicating that the price target from CICC suggests an implied upside potential of 49 percent.
Written by Cláudio Afonso | LinkedIn | X
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The post Nio’s May Sales in Germany Drop 20% to 35 Vehicles Registered first appeared on EV.