Nio

Nio today put 10 new battery swap stations into operation in China, bringing the total to 2,702 as it celebrates its 10th anniversary.

Nio, founded on November 25, 2014, is starting multi-brand operations, having already launched the Onvo sub-brand and will launch the Firefly brand next month.

A Nio executive has denied a rumor that the company will be acquired by BYD, after the fake information circulated widely on social media.

Deutsche Bank raised its sales forecast for Nio Inc in 2025, using the same 450,000 full-year 2025 sales assumption as the company's guidance.

Firefly is positioned in the boutique compact car market and leverages existing sales channels to drive growth, Nio said in a statement.

Nio is confident of doubling sales next year and aims to be profitable by 2026. The third brand is officially named Firefly and its first model will begin deliveries in the first half of 2025.

Nio reported weaker-than-expected revenue in the third quarter, which was also below its guidance range. It reported a net loss that was flat from the second quarter, with gross margin improving to 10.7 percent.

Li Auto had 12,300 insurance registrations last week, Xpeng 6,300, Zeekr 6,000, Leapmotor 8,500 and Aito 7,200.

Nio hopes to enter more than 90 percent of overseas markets in the next five to ten years.

Onvo aims to have at least 500 stores by March next year and 800-1,000 by the end of 2025, according to local media.