The Nio main brand delivered 15,493 vehicles in November, down 6.99 percent from October, while Onvo delivered 5,082 vehicles, up 17.67 percent from October.
Nio Inc (NYSE: NIO) saw a further decline in deliveries last month, as volume of the Nio main brand declined while the Onvo sub-brand slowly ramped up.
The Chinese electric vehicle (EV) maker delivered 20,575 vehicles in November, up 28.92 percent from 15,959 a year earlier, but down 1.91 percent from 20,976 in October, according to figures it released today.
This is the second consecutive month-on-month decrease in Nio Inc deliveries, albeit the seventh consecutive month above the 20,000 mark.
The Nio main brand delivered 15,493 vehicles in November, down 2.92 percent from 15,959 a year ago and down 6.99 percent from 16,657 in October.
The Onvo sub-brand delivered 5,082 vehicles, up 17.67 percent from 4,319 in October.
In January-November, Nio Inc delivered 190,832 vehicles, up 34.36 percent from the same period last year.
The Nio main brand delivered 180,599 vehicles in the January-November period, up 27.16 percent year-on-year. Onvo has so far delivered a cumulative 10,233 vehicles.
As of November 30, Nio Inc has delivered 640,426 vehicles since its inception with 630,193 vehicles under the Nio main brand.
Nio guided fourth-quarter vehicle deliveries to be in the range of 72,000 to 75,000 vehicles in its third-quarter results announced November 20, representing year-on-year growth of about 43.9 percent to 49.9 percent.
The guidance means Nio could deliver a total of 51,024 to 54,024 vehicles in November and December, with full-year deliveries expected to be in the range of 221,000 to 224,000 vehicles.
The November delivery figure means that Nio needs to deliver at least 30,449 vehicles in December to meet its fourth-quarter delivery guidance.
The company said in its third-quarter earnings call that the Nio brand reduced its per-vehicle promotion by RMB 15,000 ($2,070) in October, which largely carried over into November.
Onvo officially launched its first model, the L60, on September 19 and began deliveries on September 28.
Onvo L60 delivered 832 units in September and 4,319 units in October, according to data previously announced by Nio.
The Onvo L60's production capacity was expected to reach 5,000 units in October and 10,000 units 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 by March 20,000 units, Li said at the time.
On November 27, Onvo president Alan Ai said in a Weibo post that deliveries of the Onvo L60 were proceeding at a set pace, reiterating the goal of delivering more than 10,000 units in a single month in December.
Earlier today, information monitored by CnEVPost showed that Onvo L60 delivery wait time has been shortened to 8-10 weeks from 10-14 weeks previously.
As of November 30, the number of Onvo stores has reached 208, covering 63 cities. Onvo authorized service centers have reached 306, covering 165 cities.
Nio will hold its annual event, Nio Day 2024, on December 21, when it would officially launch its third brand, Firefly, the company previously said.
Firefly's first model, which will bear the same name as the sub-brand, will begin deliveries in the first half of 2025.
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