Nio is aiming to deliver 220,000 vehicles in 2024, including 200,000 under the Nio main brand and 20,000 under its sub-brand Onvo, its president said.
Nio (NYSE: NIO) co-founder and president Qin Lihong said the electric vehicle (EV) maker is aiming to deliver 220,000 vehicles in 2024, the first time the company's management has publicly mentioned an overall delivery target.
Qin mentioned the target in an interview with local automotive media Auto Home during the Chengdu auto show, according to a video released yesterday.
That includes 200,000 vehicles for the main Nio brand and 20,000 for sub-brand Onvo, Qin said.
“At this point, I think there's reason to be optimistic,” Qin said.
Nio delivered 20,176 vehicles in August, the fourth consecutive month of deliveries above the 20,000 mark, according to figures it announced on September 1.
Year to date, Nio's deliveries stood at 128,100 units, up 35.77 percent year-on-year.
For the Nio main brand, which is targeting the premium segment, the 200,000-unit whole-year delivery target means that the target will be met if deliveries average about 18,000 units per month for the remaining four months of this year.
Nio guided for third-quarter vehicle deliveries to be between a record 61,000 and 63,000 units, representing year-on-year growth of about 10 percent to 13.7 percent, when it reported second-quarter earnings yesterday.
The guidance means that it expects September deliveries to be in the range of 20,326 to 22,326 vehicles, considering that it delivered 20,498 and 20,176 vehicles in the past two months, respectively.
The EV maker will launch the first model of the Onvo brand, the L60, on September 19 and deliveries will begin by the end of September.
Nio is aiming to deliver 20,000 Onvo L60 units during this year, and is working on supply chain readiness based on delivering 10,000 units in December, William Li, Nio's founder, chairman, and CEO, said in an analyst call yesterday.
Nio hopes the Onvo L60 will reach 20,000 units delivered in a single month sometime in 2025, Li said.
Nio's long-term goals for the main brand are 40,000 sales per month and a 25 percent gross margin, according to Li.
Nio Q2 earnings call: Onvo L60 to be launched on Sept 19, F3 plant to start production in Q3 2025
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