delivered 30,053 vehicles in the first quarter, reaching its lowered guidance of about 30,000 units.

Nio (NYSE: NIO) saw deliveries rebound last month as the effects of the Chinese New Year holiday subsided.

The company delivered 11,866 vehicles in March, up 45.92 percent from 8,132 in February and up 14.34 percent from 10,378 a year ago, according to data it released today.

The deliveries included 6,737 SUVs and 5,129 sedans, it said.

Nio's deliveries last month surpassed the 10,055 units it delivered in January before the Chinese New Year holiday. February 10-17 was this year's Chinese New Year holiday, which caused significant disruptions to the carmakers' deliveries.

Nio delivered 30,053 vehicles in the first quarter, meeting its recently lowered guidance of around 30,000 units.

As of March 31, Nio's cumulative deliveries stood at 479,647 vehicles.

On March 27, Nio revised its guidance for deliveries in the first quarter to about 30,000 vehicles, down 3.23 percent to 9.09 percent from the previous 31,000 to 33,000.

Earlier today, Nio announced the launch of a subsidy of up to RMB 1 billion ($140 million) for gasoline vehicle trade-ins for its 2,024 models, saying the move was in response to China's consumer goods trade-in initiative.

Starting April 1, gasoline car customers who buy a new Nio vehicle through trade-in will receive an additional RMB 10,000 in option fund subsidies, it said in a statement.

When added to other perks, customers will receive a total of up to RMB15,000 in option fund.

In addition, Nio is also offering discount coupons for Nio Phone worth RMB 6,498, as well as packages that include 36 free battery swaps, and one year of free access to its assisted driving software NOP+ (Navigate on Pilot Plus).

Nio had eight 2,023 models -- ES8, ES7, ES6, EC7, EC6, ET7, ET5, ET5 Touring -- of which the first five are SUVs and the last three are sedans. Deliveries of the ET9, unveiled last December, will begin in the first quarter of 2025.

On February 22, the company began accepting customer orders for seven updated models -- the 2024 ES8, ES7, EC7, ES6, EC6, ET5, and ET5 Touring -- at the same prices as before.

The 2024 ET7 will be released in April and begin allowing orders to be locked in, Nio said in February.

On March 8, deliveries of the 2024 ES8, EC7, ES6, EC6, and ET5 Touring began. Deliveries of the updated ET5 will begin in April and the ES7 in May, according to its previous announcement.

The company plans to begin deliveries of the 2024 ES7, ET7, and ET5 in the second quarter of 2024, Nio said in today's statement on deliveries.

($1 = RMB 7.2305)

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