Nio, a leading Chinese electric vehicle maker, continues to make waves in the EV market with its impressive delivery numbers. In July 2024, the company delivered 20,498 vehicles, marking the third consecutive month that Nio has surpassed the 20,000 unit delivery threshold. This achievement is a testament to Nio’s growing presence in the electric vehicle industry.
The July deliveries consisted of 11,964 electric SUVs and 8,534 EV sedans. While Nio’s deliveries were up slightly year-over-year, they dipped from the previous month and from the peak of 20,544 in May 2024. Despite this slight decrease, Nio has still managed to maintain a strong delivery performance.
In the first seven months of 2024, Nio has delivered a total of 107,924 EVs, representing a 44% increase compared to the same period in 2023. This growth is a clear indication of Nio’s expanding market share and popularity among consumers. Nio’s current lineup includes five electric SUVs: the EC6, EC7, ES6, ES7, and ES8, as well as three EV sedans: the ET5, ET5 Touring, and ET7.
All of Nio’s models are now based on the NT 2.0 platform, following the launch of the new ET7 earlier this year. The company recently introduced its new mass-market Onvo brand, with the L60 electric SUV being the first model unveiled. Priced at $30,500 (219,900 yuan), the L60 is positioned to compete with other models in its segment and is expected to attract a wide range of customers.
Nio’s plans for the future include the launch of the Onvo L60 in China in September, with deliveries set to begin shortly after. The company is also gearing up to introduce a new flagship model, the ET9, to its lineup early next year, with sales expected to commence in the first quarter of 2025. These new models are part of Nio’s strategy to expand its product offerings and appeal to a broader audience.
Despite its strong delivery numbers, Nio’s stock has faced challenges, with a nearly 10% drop following the delivery announcement. Overall, Nio shares have declined 52% in 2024 and 72% over the past year. Investors are eagerly awaiting Nio’s path to profitability, as the company continues to ramp up its vehicle sales.
Looking ahead, Nio remains focused on maintaining its momentum into late 2024 and early 2025 with the launch of its new Onvo brand. With the introduction of new models and a commitment to innovation, Nio is poised to solidify its position as a key player in the electric vehicle market.