Nio Group is on track to post its highest monthly sales of its 11 year history, according to Deutsche Bank which forecasts 32,000 vehicle deliveries in August across its three brands, Nio, Onvo and Firefly.
In a research note on Wednesday, analyst Wang Bin said the expected tally would represent a 52% increase from July and a 59% rise from a year earlier.
The current record is 31,138 units in December 2024, when the company had not yet started deliveries of its third brand, Firefly.
Deutsche Bank estimates that August deliveries will include 11,000 units for Nio’s main premium brand, 17,000 for the Onvo sub-brand and 4,000 for Firefly.
That compares with 21,017 vehicles delivered in July, when the Nio marque sold 12,675 units, Onvo 5,976 and Firefly 2,366.
Onvo’s flagship L90 SUV launched on July 31 and began deliveries the following day.
Based on the latest weekly registration data released on Tuesday,the L90 is — alone — on track to surpass 10,000 units this month, accounting for about one-third of group sales.
Despite the ramp-up at Onvo, Nio’s core premium brand has struggled to regain momentum. July sales fell 38.2% year on year and 13.1% from June to 12,675 units, even after revamping four of its best-selling models in May.
Nio’s founder and chief executive William Li said in June that both the Nio and Onvo marques are targeting around 25,000 monthly sales in the final quarter, which would bring group deliveries to roughly 150,000 vehicles excluding Firefly.
Dealer feedback cited by Deutsche Bank suggested strong underlying demand, with new order flow in August estimated to surge 120% month on month to 57,000 units.
Orders for the Nio, Onvo and Firefly brands were about 15,000, 40,000 and 2,000 respectively, the bank said — as initially reported by CnEVPost.
Nio last week began pre-sales for its third-generation ES8 large SUV, which will be officially launched at Nio Day in late September.
A day later, and citing stronger-than-expected demand for the updated three-row model, Deutsche Bank raised its price target for Nio’s Hong Kong-listed shares from HK$71 to HK$75.
