Shanghai-based Nio Group saw its main brand deliver 19,269 vehicles in April, increasing both sequentially (from 10,219) and year over year (from 15,620).
As reported earlier this week, the premium brand has seen its domestic sales surging over the last weeks, setting new year to date records, mainly driven by higher incentives which ended on April 30 and the beginning of ET9 deliveries. The brand sold nearly 500 units between April 14 and 27.
Incentives included five years of free battery swapping, interest-free financing, and other benefits on 2024 models that will soon be replaced by the 2025 version.
Nio’s first sub-brand, Onvo, delivered 4,400 units of its debut model while the newly launched Firefly brand delivered 231 vehicles in the final days of the month.
In total, the Nio Group delivered 23,900 electric vehicles in April. In March, it had recorded 15,039 vehicles, a nearly 27% year-on-year increase.
The company led by William Li aims to double vehicle deliveries this year to 440,000 units across its three brands. As of April 30, the Group had delivered 65,994 EVs year to date, representing a 44.5% increase from the first four months of 2024.
Nio shares surged nearly 8% on Monday after Citi analyst Jeff Chung added the stock to the “30-Day Positive Catalyst Watch” list. Citi increased its 2026 full year sales estimates by nearly 150,000 units while saying that it expects the company “to launch new models much earlier than the consensus expected.”
Citi also reaffirmed the 8.10 price target, which, based on Friday’s closing price of $4.03, implies an upside potential of 101%.
The company is planning to host a tech-focused event in “late June,” co-founder and president Lihong Qin said last week at the Shanghai Auto Show.
In the final quarter of the year, Nio is planning to launch the 2025 version of its three-row flagship SUV, the ES8.
