Deliveries of the L60 are proceeding at a set pace with a goal of delivering more than 10,000 units in a single month in December, Onvo president said.
The head of Nio Inc's (NYSE: NIO) sub-brand Onvo reiterated near-term delivery targets, with weekly insurance registrations showing volumes are slowly improving.
Deliveries of the Onvo L60 are proceeding at a set pace, with a goal of delivering more than 10,000 units in a single month in the third month after deliveries begin, which is this December, Onvo president Alan Ai wrote on Weibo today.
“I'm confident in that goal. For those who question it, you can come bet me an L60,” Ai said.
If that target is met, he will give away 10 free Nio Phones through a lucky draw in December, Ai said.
Onvo officially launched the L60 on September 19 and started deliveries on September 28.
Onvo L60 delivered 832 units in September and 4,319 units in October, according to data previously announced by Nio.
Last week, Onvo's insurance registrations stood at 1,300 units, up 27.45 percent from 1,020 units in the previous week, according to data compiled by CnEVData.
Onvo L60 production capacity is expected to reach 5,000 units in October and 10,000 in December, William Li, Nio's founder, chairman, and CEO, said in a September 20 media communication.
By January 2025, the model's capacity would reach at least 16,000 units and 20,000 units by March, Li said at the time.
On the first day of the Guangzhou auto show on November 15, Ai said in a media briefing that as of November 14, the Onvo L60 had accumulated deliveries of more than 7,000 units.
Ai at the time reiterated Onvo's goal of seeing more than 10,000 units delivered in a single month in December and more than 20,000 units delivered in a single month by March 2025.
Orders for the Onvo L60 far exceeded those for other brand EVs launched at the same time, with production orders already lined up for the first quarter of next year, Ai said on November 15.
Onvo will launch two SUV models next year, including a six- or seven-seater and a big five-seater, completing its presence in the SUV market, Nio management said on November 20 during an earnings call.
The two models -- benchmarked against Li Auto's Li L8 and Li L7 -- are very competitive and have well-controlled costs, the company said.
Nio is targeting a 10 percent gross margin benchmark for the Onvo brand this year and gradually reaching 15 percent next year as capacity and deliveries grow.
Deutsche Bank expects Nio brand to sell 223,000 cars in 2025, Onvo 219,000, Firefly 8,000
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