Summary
– Nio delivered 66,217 vehicles in the January-May period, up 50.99% year-on-year
– SUVs contributed 58.58% to Nio’s deliveries
– Nio saw record deliveries in May, delivering 20,544 vehicles
– Nio currently has eight models on sale, with the ET9 sedan set to begin deliveries in the first quarter of 2025
– Nio made adjustments to its BaaS battery rental service to attract more customers and exceeded sales growth expectations in May
Article
Nio, an electric vehicle maker, achieved record deliveries in May 2024, totaling 20,544 vehicles. This marked a significant increase from the previous year and surpassed the previous record set in July 2023. The company’s SUVs accounted for the majority of these deliveries, with 12,164 vehicles delivered in May. Nio currently offers eight models for sale, including SUVs and sedans, with plans to begin deliveries of the ET9 sedan in the first quarter of 2025.
In the first five months of 2024, Nio delivered a total of 66,217 vehicles, representing a 50.99 percent increase from the previous year. The company’s SUV models saw a substantial increase in deliveries, contributing to the majority of the total deliveries. By the end of May, Nio’s cumulative deliveries since inception stood at 515,811 vehicles. The strong performance in May exceeded expectations, especially considering the lack of any brand-new models introduced in the first three quarters of the year.
Nio made adjustments to its Battery as a Service (BaaS) program in March to attract customers amid a fierce price war in China’s auto market. While the company did not lower the selling prices of its vehicles, it offered incentives for customers who opted for the BaaS model. They could receive discounts on monthly payments and have the option to recoup a portion of the payment when they purchase the battery pack in the future. The tweaked BaaS program allowed customers to receive a free bill payment for every four payments made, up to a maximum of 12 payments.
On May 15, Nio launched the Onvo sub-brand and began pre-sales of the L60 model at a discounted price compared to the Tesla Model Y. The L60 is scheduled to go on sale and begin deliveries in September, offering consumers an alternative option in the electric vehicle market. Nio’s strategic moves and strong sales performance indicate its ability to navigate challenges in the competitive auto industry and attract customers with innovative offerings. The company’s focus on both SUVs and sedans positions it well for continued growth and success in the evolving electric vehicle market.
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