Nio Inc. delivered 31,138 EVs globally in December, bringing the 2024 deliveries to 221,970 units, up 38.7% from the previous year. It’s the first time Nio surpassed the 30,000 monthly delivery milestone.
The December 31,138 deliveries are 72.9% up from last year and 51.3% up from last month. They include 20,610 Nio-branded vehicles and 10,528 units of Onvo L60.
Nio’s delivery guidance for the last month of the year was 30,449 – 33,449 units, meaning the company successfully met the lower end of the target.
In December, Onvo successfully ramped up the production in its F2 plant in Neopark in Hefei and delivered 10,528 cars, up 107.2% from 5,082 in November.
Onvo’s CEO, Alan Ai, previously said he would resign if the company didn’t meet the December 10,000 delivery target. Onvo’s cumulative sales in 2024 were 20,761 units.
Onvo is a new entry-level brand under Nio Inc., which launched its first car, the Onvo L60 SUV, in September. It is a Tesla Model Y competitor with battery swap support, and it starts at 149,900 yuan (20,500 USD) in China.
Despite a record-breaking 221,970 deliveries, Nio slightly missed its annual target of 230,000 vehicles. For 2025, Nio set a goal of 440,000 sold cars.
To meet this target, Nio relies on two new sub-brands: Entry-level Onvo and the new affordable Firefly, which will deliver its first model in the first half of 2025.
Nio Inc.’s cumulative deliveries since 2018 are 671,564 units.
Editor’s comment
The 2025 target is another attempt by Nio’s CEO, William Li, to double deliveries. In 2023, Li announced that Nio would double 2022 sales to about 245,000 units. However, 2023 deliveries were 160,038 units. For 2024, Li set a more realistic goal of 230,000 deliveries, which was nearly met. With the help of new brands, the 440,000 target should be easily doable.
However, the vital story to watch in 2025 will be the extent of cannibalization between the Onvo brand and the leading Nio brand, where the company enjoys premium margins, as reviews and customer surveys suggest Onvo might be too good. Anyway, one thing is clear today – despite the ongoing price war in China and many other challenges ahead, 2025 will be another record-breaking year for the Shanghai-based automaker. We will keep an eye on it.
