Phate Zhang

Nio's annual event, Nio Day, is expected to take place at the end of this month.

China has imposed restrictions on car production over the past decade amid concerns about overcapacity. Nio had previously been producing cars under JAC's qualification.

As JAC's deal to sell its factory assets comes to a deadline, rumors that Nio will buy them and announce its own car-making qualifications are circulating widely on Chinese social media.

The Yangwang brand sold 408 vehicles in November, while Fang Cheng Bao sold 626 vehicles.

In November, BYD sold 30,629 NEVs in overseas markets, essentially flat from October but a new record.

The two will build luxury smart connected EVs based on Huawei's smart car solutions, with product development under the overall responsibility of JAC.

At the end of November, Nio's year-to-date deliveries stood at 142,026 units, up 33.14 percent year-on-year.

Xpeng's year-to-date deliveries reached 121,486 units, up 10.98 percent year-on-year, surpassing last year's full-year deliveries.

Li Auto's cumulative deliveries for the year to the end of November were 325,677 vehicles, achieving its 2023 target of 300,000 units ahead of schedule.

Steps being taken by Nio should bear fruit in the coming quarters, but a material improvement in the sales trajectory may take more time, Edison Yu's team said.