Nio delivers record 21,209 cars in Jun, Q2 deliveries exceed guidance
With over 20,000 electric vehicles delivered (again) last month, Nio broke its monthly and quarterly records. The surge comes with new models rolling out as Nio aims to expand the brand.
NIO delivered 21,209 vehicles last month, nearly double (+98%) that of Jun 2023. The growth was enough to top its previous monthly sales record, set in May with 20,544 deliveries.
After its second straight month with over 20,000 deliveries, Nio broke both of its monthly and quarterly records.
Nio's EV deliveries reached 57,373 in the second quarter of 2024. That's up 143% compared to Q2 2023. It was also enough to beat the previous record with 55,532 deliveries in Q3 2023. NIO expected between 54,000 and 56,000 deliveries in Q2, topping its guidance.
The delivery surge is due to rebounding auto sales in China, new models rolling out, and pricing adjustments.
After launching the new ET7 in Apr, NIio's entire lineup has been updated. Nio's lineup includes the 2024 ET5, ET5T, EC6, ES6, EC7, ET7, and ES8, all based on its NT 2.0 platform.
NIO also revealed its new low-cost Onvo L60 last month. The electric SUV is the first of Nio's new Onvo mass-market brand aimed at Toyota and Volkswagen. Nio's new Onvo L60 starts at USD30,500 (219,900 yuan) as a potential Tesla Model Y rival.
The Onvo L60 will launch in China in Sep. With deliveries also kicking off this fall, the new electric SUV is expected to help boost sales even further.
With plans to launch a larger electric SUV under the Onvo brand next year, Nio expects the momentum to continue into 2025.
Despite this, Nio is bracing for additional tariffs placed on Chinese EV imports in Europe. Nio believes its third brand, Firefly, will remain competitive in the region even with tariffs.
Following the news, Nios stock is up 8% on Mon. However, Nio shares are still down over 47% in 2024 and 55% over the past 12 months.
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