Written by Cláudio Afonso | LinkedIn | X
Nio Group on Friday reported fourth-quarter earnings and issued guidance for the first quarter, projecting slower growth in vehicle deliveries and revenue than previously targeted.
The Chinese electric vehicle maker said it expects to deliver between 41,000 and 43,000 vehicles in the first three months of 2025. The company delivered 13,863 units in January and 13,192 in February under its Nio and Onvo brands, bringing total deliveries to 27,055 as of February 28.
Based on the full-quarter forecast, Nio expects to deliver between 13,945 and 15,945 vehicles in March—well below previously communicated targets of 20,000 deliveries in March for the Onvo sub-brand alone.
Onvo chief Alan Ai said late last year he would resign in case the targets were not met. However, in a new interview with local media, the executive said he is not giving up while pointing attention to the brand’s upcoming SUV, the L90, after Onvo received a considerable number of order cancellations in December.
The guidance implies year-over-year delivery growth of 36.4% to 43.1%, falling short of the company’s earlier goal of doubling deliveries in 2024. In a statement, CEO William Li said 2025 will mark “the beginning of a new product cycle for our three brands,” with the first model from the Group’s third brand set to launch in April.
The Group will launch new EV models every quarter from the second quarter through the year-end. Besides Firefly’s model, the Nio brand will release facelifts on four of its premium models, while the cheaper sub-brand Onvo will launch two new SUVs.
For full-year 2024, Nio delivered 221,970 vehicles, a 38.7% increase from a year earlier. Li had previously said he was “very confident” the company could surpass 440,000 deliveries in 2024.
Nio expects Q1 revenue to range between 12.37 billion yuan ($1.69 billion) and 12.86 billion yuan ($1.76 billion), representing an increase of 24.8% to 29.8% from the same quarter a year earlier.
Nio shares fell as much as 6% to $4.40 in early trading following the earnings release.
