China’s NIO (NYSE: NIO) crossed the 20K delivery threshold for the third straight month in July. Despite intensifying competition, NIO continues to see strong demand in the world’s largest EV market.
NIO hits the 20K delivery threshold again in July 2024
NIO delivered 20,498 vehicles last month, its third straight month above the 20K mark. Of them, 11,964 were electric SUVs, and 8,534 were EV sedans.
Although NIO’s deliveries were up slightly YOY, they were down from the record 21,209 units delivered last month and 20,544 in May 2024. NIO has now delivered 107,924 EVs through the first seven months of 2024, up 44% compared to 2023.
NIO’s lineup includes five “premium smart” electric SUVs: The EC6, EC7, ES6, ES7, and ES8. It also features three EV sedans: The ET5, ET5 Touring, and ET7.
After NIO launched the new ET7 earlier this year, all models are now based on its NT 2.0 platform. The EV maker made waves after unveiling its new low-cost Onvo L60 last month.
As the first of its new mass-market Onvo brand, the L60 electric SUV will start at $30,500 (219,900 yuan) as the latest Tesla Model Y challenger. NIO is expected to launch the Onvo L60 in China in September, with deliveries shortly after.
NIO will add the new flagship ET9 to its lineup early next year, with sales expected to kick off in the first quarter of 2025.
Despite delivering over 20,000 EVs again, NIO’s stock is down nearly 10% on Thursday following the news. NIO shares are down 52% in 2024 and 72% over the past 12 months.
The news comes after China’s leading EV maker, BYD, sold a record 342K new energy vehicles (NEVs) in July. However, BYD’s EV sales slipped for the second straight month.
Electrek’s Take
With the launch of its new mass-market Onvo brand, NIO looks to build momentum into the end of 2024 and early 2025.
Deutsche Bank analyst Wang Bin’s team said in a note to investors last month that “We think Nio’s expectation of monthly >20,000 unit delivery is achievable with a boost from Onvo.” Meanwhile, the EV maker is already hitting the mark.
The L60 is a mid-size electric SUV often compared to Tesla’s best-selling Model Y. Next year, a larger Onvo electric SUV will debut, and more are on the way.
Can NIO keep up the momentum as the competition intensifies in China? Let us know what you think in the comments.
Source: CnEVPost, NIO
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Author Peter Johnson
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