The Chinese manufacturer NIO increases its sales by 35%, being one of the best months in its history
Last month was notably positive for electric vehicle (EV) sales in China, especially for startups like NIO and Xpeng. Like Xpeng, which achieved a record month, NIO also experienced a significant increase in sales during September.
NIO delivered 21,181 vehicles last monthwhich means a increase of 35.4% compared to September 2023. If we project these numbers for the next 12 months, we would be talking about 254,172 potential annual deliveries. Curiously, that September figure is quite close to the 21,352 units delivered by Xpeng in the same period, although we will leave the comparisons between the two for another more detailed analysis.
Regarding the third quarter of 2024, NIO recorded 61,855 saleswhich represents a increase of 11.6% compared to the third quarter of 2023. This is also a new quarterly record for the company. If we extrapolate quarterly sales to a full year, the figure would be around 247,420 units. Like Xpeng, these numbers place NIO at a significant level and increasingly closer to being a true mass-market player. If the growth trend continues, NIO has the potential to become a major force in the automotive industry. Furthermore, like its competitor, the key to its consolidation worldwide will largely depend on its ability to expand internationally and establish itself among the most relevant brands in the global market. We will be attentive to this space and its evolution.
NIO has also recently launched a new brand: ONVO, aimed at smart electric vehicles for the family. Currently, this brand has only one model for sale, the L60. Unlike the successful Xpeng MONA M03, the L60 has had a more modest start, with just 832 units sold after its launch, compared to 20,349 for the rest of the NIO line. Despite this slow start, NIO is optimistic about the future of this mid-size SUV. It is worth mentioning that deliveries only began in the last days of September, so it is too early to make a definitive evaluation.
According to the company itself, “The L60 embodies ONVO’s philosophy of bringing happiness and value for money to family users. With a spacious design, enhanced safety features and advanced technologies, the L60 maximizes user value while optimizing ownership costs throughout the life cycle.”. Deliveries began in late September 2024, and NIO expects this model to gain traction over time. We will be watching its evolution and the reception of the ONVO brand in the coming months.
In short, competition in the Chinese electric vehicle market continues to intensify, with NIO and Xpeng demonstrating remarkable ability to grow and challenge the status of traditional players. If both companies manage to consolidate their positions internationally, they could change the dynamics of the global automotive market.