Summary
- Nio aims to deliver 220,000 vehicles in 2024, with 200,000 under the Nio main brand and 20,000 under the Onvo sub-brand
- The company’s president, Qin Lihong, mentioned this delivery target during an interview at the Chengdu auto show
- Nio delivered 20,176 vehicles in August and 128,100 units year-to-date
- Third-quarter delivery guidance is between 61,000 and 63,000 units, with expectations for September deliveries to be between 20,326 and 22,326 vehicles
- Nio plans to launch the first model of the Onvo brand, the L60, on September 19 and aims to deliver 20,000 units by the end of the year, with long-term goals of 40,000 sales per month for the main brand
Article
Nio is setting ambitious delivery targets for its vehicles, aiming to deliver 220,000 vehicles in 2024, with 200,000 under the Nio main brand and 20,000 under its sub-brand Onvo. This is the first time the company’s management has publicly mentioned an overall delivery target, as co-founder and president Qin Lihong announced during an interview at the Chengdu auto show. Nio has been performing well in terms of deliveries, with 20,176 vehicles delivered in August and a year-to-date total of 128,100 units, showing a 35.77 percent increase from the previous year.
For the Nio main brand, which targets the premium segment, the 200,000-unit whole-year delivery target means that deliveries would need to average around 18,000 units per month for the remaining months of the year. Nio has guided for third-quarter vehicle deliveries to be between 61,000 and 63,000 units, representing a year-on-year growth of 10 percent to 13.7 percent. This guidance suggests that September deliveries are expected to be in the range of 20,326 to 22,326 vehicles. The EV maker also plans to launch its first model under the Onvo brand, the L60, on September 19, with deliveries beginning by the end of the month.
Nio’s founder, chairman, and CEO, William Li, shared that the company is aiming to deliver 20,000 Onvo L60 units this year, with preparations in place to deliver 10,000 units in December. The long-term goals for Nio’s main brand include reaching 40,000 sales per month and achieving a 25 percent gross margin. Looking ahead, Nio hopes that the Onvo L60 will eventually reach 20,000 units delivered in a single month by 2025. The company has plans for its F3 plant to start production in the third quarter of 2025, as mentioned during the second-quarter earnings call.
Overall, Nio is optimistic about the future and is confident in its ability to meet its delivery targets. The company’s consistent performance in surpassing the 20,000 mark of monthly deliveries, along with its plans for new model launches and expansion of its product line, demonstrate its commitment to growth and innovation in the electric vehicle market. With a strategic focus on both its main brand and sub-brand offerings, Nio is gearing up to establish a strong presence in the EV industry and achieve its long-term goals for sales and profitability.
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