Written by Cláudio Afonso | LinkedIn | X
Nio reported on Saturday that it delivered 9,143 electric vehicles under its main brand in February, a 12.4% increase from the 8,132 units registered a year ago.
Its first sub-brand, Onvo, delivered 4,049 units of its debut model taking Nio Group deliveries to a total of 13,192 vehicles, up 62% from a year ago.
This year, the company is relying on its two more affordable sub-brands, Onvo and Firefly, to help double sales from last year to approximately 440,000 units. Within the Nio brand, refreshed models with improved technology and interiors will soon be launched while the flagship executive sedan ET9 will start deliveries this month.
The company reiterated on Friday that it will begin customer deliveries and test drives of its ET9 executive sedan this month (March)
However, figures from January and February showed a year over year 38% and 62% increase, respectively. To double last year’s sales, Nio needs to deliver nearly 413,000 vehicles over the next ten months — an average of 41,300 units. In December, the company reached a new monthly record with over 31,000 EVs delivered.
Last week, Nio’s main brand extended its five-year, zero-interest financing plan until the end of the month, a few hours after its brand Onvo announced a similar offer in its official app.
In February, Goldman Sachs analyst Tina Hou raised the price target on Nio’s U.S.-listed shares to $3.90 from $3.50 while maintaining a “Sell” rating. The revised target implies a downside of 10.8% based on the previous closing price.
