Nio sets second delivery record in a row

Specifically, the company delivered 61,855 vehicles between 1 July and 30 September – the emphasis here is on ‘the company’ because, for the first time, it is no longer just Nio brand vehicles (61,023 units) but also 832 units from Nio’s brand Onvo. That is an 11.6 per cent increase compared to the third quarter of 2023 (55,432 units) and 7.8 per cent compared to the second quarter of 2024 (57,373 vehicles).

Although Nio delivered more vehicles than in Q3 2023, revenue from vehicle sales fell by 4.1 per cent to 12.7 million yuan (approx. 2.2 million euros). As vehicle sales are the main business, total revenue also fell slightly – to 18.7 million yuan (2.45 million euros).

Nio remains in the red due to ongoing investments. For the third quarter, the company reported an operating loss of 5.24 million yuan (around 690,000 euros) and a net loss of 5.06 million yuan (660,000 euros). That is 8.1 and 11.0 per cent more than in the same quarter last year.

“Nio brand has firmly secured the top position in China’s BEV market for vehicles priced over RMB 300,000, holding more than a 40% market share in the first three quarters of this year,” said William Bin Li, founder, chairman and chief executive officer of Nio, “Deliveries of the Onvo L60 have also commenced, with production capacity set to rapidly expand in the next few months. The Company’s total delivery volume for the fourth quarter is expected to reach a new record.” The L60 has only been delivered since 19 September, so the 832 units in Q3 were all delivered to customers within eleven days. In October, there were already 4,319 L60s and 16,657 Nio brand vehicles.

“Ongoing cost optimizations helped increase the vehicle gross margin to 13.1% in the third quarter of 2024. With continued expansion in sales volume and steady improvement in gross margin, our free cash flow turned positive this quarter,” added Stanley Yu Qu, Nio’s chief financial officer, “Starting next year, our three brands are poised to embark on a robust product cycle, projected to elevate the Company’s sales volume to new heights. We expect this momentum will drive continued improvements in the Company’s operational and financial performance.” Nio expects 72,000 to 75,000 deliveries in the fourth quarter – and thus up to 224,000 vehicles in 2024 as a whole.

In fact, Deutsche Bank also expects strong sales growth for the company. In their outlook, the analysts expect around 450,000 vehicles in 2025 – in September, the forecast was still at 330,000 units. At 223,000 units, the Premium brand Nio accounts for (just under) the largest share of the new estimate, while the Onvo brand, aimed at families, is expected to deliver 219,000 vehicles in its first full year. Deutsche Bank expects the third brand, Firefly, to deliver 8,000 vehicles in the coming year for more affordable electric cars. Firefly will be presented in more detail at Nio Day on 21 December, with deliveries scheduled to begin in the first half of 2025.

nio.com, cnevpost.com (Deutsche Bank)