Written by Cláudio Afonso | LinkedIn | X
Electric vehicle maker Nio sold 1,800 vehicles between March 31 and April 6, a 40% drop from the 3,000 units sold the previous week, according to industry data released on Tuesday.
Including the 700 units sold under its sub-brand Onvo, Nio Group’s total registrations stood at 2,500 units — down from 4,400 in the last week of March amid an end-of-quarter sales push. [Interactive chart below]
China observed a three-day holiday from April 4 to 6 for the Ching Ming Festival, which impacted both production and deliveries in the auto industry.
Last week, Nio introduced a limited-time car purchase policy for April under its Nio brand, offering five years of free battery swapping, 0% interest financing, and additional benefits to buyers of its 2024 models, as it prepares to unveil refreshed versions later this month at the Shanghai Auto Show.
Nio Group delivered 15,039 vehicles in March, a nearly 27% year-on-year increase. However, sales of the Nio brand fell 13% from a year ago to 10,219 units.
The first two refreshed models — the entry-level ES6 SUV and the EC6 coupe SUV — are scheduled to launch in the first half of May. They will be followed by the updated ET5 sedan and its wagon variant, the ET5T, in the first half of June.
The latest round of incentives is applicable for orders until the end of the month for customers in China who place a deposit on select 2024 models—including the ET5, ET5 Touring (ET5T), ES6, EC6, ET7, EC7, and ES8.
Customers will receive 240 free battery swap vouchers, applicable over five years, as well as interest-free loans for the same period. In addition to the core financial incentives, the promotion includes up to 10,000 yuan ($1,380) in subsidies for customers choosing battery swap-enabled models.
Buyers who replace older vehicles with new Nio cars are eligible for further benefits, including a trade-in subsidy of up to 15,000 yuan (2,060$) and other local consumption incentives, depending on regional policies.
Reuters reported on Monday that the world’s largest battery maker CATL is in discussions to acquire a controling stake in the ‘Power’ unit of the Shanghai-based EV maker. Nio Power, as it is known, involves the brand’s battery swapping and battery charging business.
The supercar maker McLaren said last week it will incorporate electric vehicle technology from Nio as part of the merger with Abu Dhabi’s CYVN Holdings, Nio’s largest shareholder.
Abu Dhabi’s sovereign fund is Nio’s largest shareholder with a 21.7% stake, acquired through a pair of transactions totaling $2.94 billion in 2023.
As of the time of writing, Nio’s U.S.-listed shares are trading 1.50% lower on Tuesday’s pre-market session at $3.31. The stock reached a new 5-year low on Monday at $3.18.
