Nio said Monday its main brand delivered 18,393 vehicles in November, an 18.7% increase from a year earlier, as production of the ES8 sport utility vehicle continues to accelerate.
The group’s total fell from 40,397 units in October to 36,275 in November, a decline of 10.2%.
The company’s founder and CEO William Li warned last week that November would “still be tough” with December remaining “uncertain” as the industry grapples with reduced consumer incentives.
The EV maker delivered 17,143 vehicles under the Nio brand in October and 13,728 units in September, representing a 7.3% monthly increase in November.
The results come as Nio scaled back its full-year guidance last week, cutting the target to 120,000 to 125,000 vehicles across its three brands — Nio, Onvo and Firefly — from a previous forecast of 150,000 units.
The cut was attributed to an industry-wide demand slowdown triggered by Chinese government subsidy reductions.
Nio announced over the weekend it had delivered the 20,000th unit of the ES8, a three-row SUV that has emerged as the brand’s best-selling model.
When Nio launched the latest ES8 generation on September 20, founder and Chief Executive Officer William Li said the company aimed to deliver 40,000 units by year-end.
New ES8 orders currently face an estimated delivery time of 22 to 23 weeks, with vehicles expected to arrive in early May 2026, according to the company’s website.
Q4’s Target
Based on the revised fourth-quarter guidance announced last week, Nio expected to deliver between 79,603 and 84,603 vehicles combined in November and December across its three brands.
With November figures at 36,275 units, the company now needs to deliver between 43,328 and 48,328 vehicles in December to reach its guidance.
Earlier this year, Li had projected the Nio Group would reach a 50,000-unit monthly delivery rate in the final quarter, a target that now appears unlikely given the reduced full-year guidance and softer market conditions.
As of press time, Nio‘s US-listed shares are trading 5.6% lower at $5.18, reaching a new three month low.
