Deutsche Bank released on Wednesday its monthly delivery estimates for Tesla and major Chinese new energy vehicle (NEV) makers.
Analyst Wang Bin estimates Nio Group’s vehicle sales will fall 16% in July from June but rise 2% from a year earlier, when only the core Nio brand had begun deliveries, with Onvo and Firefly not yet on sale.
The Shanghai-based group delivered 24,925 vehicles in June, including 14,593 Nio vehicles, 6,400 Onvo and 3,932 Firefly units.
For July, Deutsche Bank expects deliveries to decline to 21,000 units, including 12,000 under the Nio brand, 6,000 for Onvo, and 3,000 for Firefly.
The July total would represent the lowest month since March, when the group delivered 15,039 vehicles: 10,219 Nio vehicles and 4,820 Onvo L60s, the brand’s debut model.
By brand, the projected 12,000 units for Nio and 6,000 for Onvo would also mark the lowest monthly sales since March. The new Deutsche Bank research note was first reported by the media outlet Cnevpost.
Firefly’s monthly result would mark its weakest performance since the brand began deliveries in late April.
A production issue was disclosed last week, though the company did not specify when it began or the reason behind the production line adjustment, which was completed late last week.
For the Nio and Onvo brands, the company’s founder and CEO William Li said in early June that the target is to reach 25,000 monthly sales for each in the final quarter of the year.
The result would bring combined quarterly deliveries for Nio and Onvo to 150,000 units, excluding Firefly figures, for which the company has not provided a sales target.
As reported on Tuesday, Nio’s core brand saw a 30% week-on-week increase in vehicle sales during the fourth week of July, with 3,250 insurance registrations across China, according to data circulated on Chinese social media.
Registrations for the Onvo brand dropped 10%, while Firefly registrations dropped 71% from the previous week, due to production issues that were resolved late last week, according to marketing head Pu Yiang.
As reported earlier on Wednesday, the Avantis Emerging Markets Equity ETF (AVEM) made its largest purchase of Nio shares to date in the second quarter of 2025, extending its uninterrupted buying streak in the Chinese electric vehicle maker to 21 consecutive quarters.
As of the time of writing, Nio shares are trading 2.1% lower at $4.61 during Wednesday’s pre-market trading session.
