Nio Group’s average selling price fell to a new low in the third quarter as deliveries of both lower-priced sub-brands reached new records.
The group’s average selling price declined 18% year-over-year to $30,978 in the third quarter, down from $38,467 in the same period of 2024, according to its earnings report announced Tuesday.
The metric has fallen for three consecutive quarters in 2025, dropping from $32,539 in the first quarter to $31,260 in the second quarter.
Nio has positioned itself as a premium electric vehicle maker since its 2014 founding.
The decline accelerated after the company launched two sub-brands targeting more affordable segments.
In May 2024, the company introduced Onvo for the family segment, followed seven months later by Firefly for urban drivers.
While Nio-brand vehicles occupy the 300,000-800,000 yuan ($42,400-$112,600) range, Onvo targets the 200,000-300,000 yuan segment and Firefly the 100,000 yuan bracket.
Before Onvo began deliveries in late September 2024, Nio‘s average selling price stood at 270,000 yuan ($38,011).
By the fourth quarter of 2024, the figure had dropped to 240,416 yuan ($32,936) as Onvo deliveries ramped up.
Price reductions within the Nio brand have also pressured the metric.
The third-generation ES8 SUV — currently the group’s best-selling model — launched at significantly lower prices than its predecessor despite the improvements.
Nio ET9, the Most Expensive Model
The ET9 is the company’s most expensive model, with a starting price of 768,000 yuan ($107,800) including the battery pack.
Although Nio began deliveries of the model last March, sales have remained weaker than expected.
Last month, Nio delivered 127 ET9 units.
The last time sales had exceeded 100 units was in June, when Nio registered 307 vehicles of its executive sedan.
Onvo Mix Shifts Pricing
Onvo‘s average selling price surged following the August launch of its second model, the three-row L90 SUV.
The brand’s average climbed from approximately 195,800 yuan in July to 252,200 yuan ($35,500) in August, according to data presented by Onvo chief Shen Fei at the Guangzhou Auto Show on Friday.
The metric reached 260,500 yuan ($36,650) in September before easing to 258,200 yuan ($36,300) in October as the lower-priced L60 model recaptured share.
Guidance Cut
Nio said Tuesday it expects to deliver between 120,000 and 125,000 vehicles in the fourth quarter across the three brands, down from a September target of 150,000 units.
The company initially projected 75,000 Nio-brand deliveries and 75,000 Onvo units for the quarter in June, before adding Firefly volumes to its September guidance.
