The Chinese New Year holiday caused disruption, and potential customers' wait-and-see ahead of the 2024 models may also have had an impact.
Nio (NYSE: NIO) saw deliveries fall further last month, as the Chinese New Year holiday caused disruptions and potential customers' wait-and-see ahead of the 2024 model year refreshes may have also taken its toll.
The battery electric vehicle (BEV) maker delivered 8,132 vehicles in February, down 33.11 percent from a year earlier and down 19.12 percent from January, according to data it released today.
The deliveries included 4,765 SUVs and 3,367 sedans, according to the company, which didn't provide specific figures for different models.
Nio is currently delivering the ES8, ES7, ES6, EC7, EC6, ET7, ET5, and ET5 Touring, with the first five being SUVs and the last three sedans.
The company unveiled the ET9 flagship sedan at Nio Day 2023 on December 23, 2023, but its deliveries won't start until the first quarter of 2025.
As of February 29, Nio's cumulative vehicle deliveries reached 467,781 units.
February 10-17 was the 2024 Chinese New Year holiday, which created a major disruption to car deliveries. Last year's New Year holiday was January 21-27, 2023.
Data released earlier today showed Nio's local peer Li Auto (NASDAQ: LI) delivered 20,251 vehicles in February, up 21.85 percent year-on-year but down 35 percent from January.
Xpeng (NYSE: XPEV) delivered 4,545 vehicles in February, down 24.38 percent year-on-year and down 44.91 percent from January.
For Nio, potential customers' wait for updates of existing models may have also hurt deliveries.
Nio announced on January 17 that it would begin deliveries of 2024 models in early March, with discounts available for the purchase of 2023 models.
Nio started accepting orders for 2024 models on February 22, with upgraded vehicle specifications but unchanged prices.
Deliveries of the new ES8, EC7, ES6, EC6, and ET5 Touring will begin in March, the ET5 in April, and the ES7 in May.
The 2024 ET7 will be released and begin allowing orders to be locked in April.
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