Nio expects the Onvo sub-brand to sell around 240,000 units for the full year in 2025, with the Firefly sub-brand selling around 5,000 units per month, according to local media.

Nio (NYSE: NIO) said on its earnings call late last month that it was confident of doubling sales in 2025, without giving more details. Now, a new report offers more.

The Chinese electric vehicle (EV) maker provided the same sales forecast to its supply chain that was mentioned in the earnings call, which was to see sales double in 2025, local media outlet 36kr said in a report last night, citing industry sources.

In its sales forecast for next year, Nio expects the Onvo sub-brand to be around 240,000 units, according to the report.

Nio's third brand, Firefly, will start delivering vehicles in the first half of next year, targeting sales of around 5,000 units a month, according to 36kr.

Nio guided on November 20 that fourth-quarter vehicle deliveries would be between 72,000 and 75,000 units, and said it was confident of doubling sales in 2025.

That means the company expects deliveries to be expected to be in the range of 221,000 to 224,000 units in 2024 and about 450,000 units in 2025.

Nio Inc delivered 20,575 vehicles in November, including 15,493 under the Nio main brand and 5,082 under Onvo.

In the January-November period, Nio delivered 180,599 vehicles under its main Nio brand. A total of 10,233 Onvo vehicles have been delivered cumulatively since deliveries began on September 28.

Onvo's first model, the L60 SUV (sport utility vehicle), has been slowly ramping up production capacity since its launch on September 19. Alan Ai, president of the Nio sub-brand, reiterated late last month that the goal is for the Onvo L60 to see deliveries of more than 10,000 units in a single month in December.

Nio management said the day after the Onvo L60's launch that the model's capacity would reach at least 16,000 units by January 2025 and 20,000 units by March.

Onvo will launch two SUV models next year, including a six/seven-seater and a big five-seater, completing its presence in the SUV market, Nio management said in the November 20 earnings call.

The two models – benchmarked against Li Auto's Li L8 and Li L7 -- are very competitive and cost-controlled, the company said.

Nio will officially launch the Firefly brand at Nio Day 2024 on December 21, and deliveries of its first model is set to begin in the first half of 2025.

Nio will officially launch the ET9 later this month, and its technology, including its 900 V high-voltage architecture, in-house smart driving chip, and newly upgraded smart chassis system, is what gives it confidence in next year's forecasts, 36kr's report said.

The ET9 is Nio's flagship sedan unveiled at the December 2023 Nio Day. The model has a pre-sale price of RMB 800,000 ($109,890) and deliveries is et to begin in the first quarter of 2025.

The company will drive sales growth for all three brands by utilizing advanced technologies to varying degrees in lower-priced models, the report said.

However, technology is not directly correlated to sales, and Nio will need to balance its multi-brand development to avoid its products competing with each other, the report noted.

($1 = RMB 7.2801)

Onvo L60 wait time further shortened to 8-10 weeks