Nio, a leading Chinese electric vehicle maker, delivered 20,498 vehicles in July 2024, marking the third consecutive month the company has surpassed the 20,000 unit delivery threshold. The July deliveries consisted of 11,964 electric SUVs and 8,534 EV sedans. Although Nio’s deliveries were up slightly year-over-year, they dipped from the previous month and from the peak of 20,544 in May 2024.
In the first seven months of 2024, Nio has delivered a total of 107,924 EVs, a 44% increase compared to the same period in 2023. Nio’s current lineup includes five electric SUVs: the EC6, EC7, ES6, ES7, and ES8. The company also offers three EV sedans: the ET5, ET5 Touring, and ET7.
All models are now based on Nio’s NT 2.0 platform following the launch of the new ET7 earlier this year. The company recently unveiled its new mass-market Onvo brand, with the L60 electric SUV being the first model introduced. Priced at $30,500 (219,900 yuan), the L60 is set to challenge other models in its segment.
Nio’s July vehicle delivery consistency
Nio plans to launch the Onvo L60 in China in September, with deliveries starting shortly after. Nio is also preparing to add a new flagship model, the ET9, to its lineup early next year, with sales anticipated to begin in the first quarter of 2025.
Despite robust delivery numbers, Nio’s stock took a hit, falling nearly 10% on Thursday following the delivery announcement. Overall, Nio shares have declined 52% in 2024 and 72% over the past year. Investors are growing impatient waiting for Nio to achieve profitability, anticipating a continued ramp-up of vehicle sales.
However, delivery results have leveled off over the past several months. Deutsche Bank analyst Wang Bin’s team commented last month that Nio’s goal of maintaining monthly deliveries above 20,000 units seems achievable, especially with a boost from Onvo. The L60, a mid-size electric SUV, is often compared to Tesla’s best-selling Model Y.
Looking ahead, a larger Onvo electric SUV is set to debut next year, with more models to follow. Nio aims to sustain its momentum into late 2024 and early 2025 with the launch of its new Onvo brand.
