Shares of the Chinese EV maker Nio fell 3% on Tuesday’s pre-market session at $4.77 after the company saw weekly registrations of its three brands decline sequentially.
Nio‘s main brand registered 2,160 vehicles in its domestic market between August 4 and 10, contributing to a total of 6,089 vehicles registered by Shanghai-based Group.
Industry data shared on social media this Tuesday showed that the main brand’s figures fell by 37.4%, from the 3,450 vehicles registered a week before.
Onvo and Firefly brands recorded 3,243 and 684 vehicles last week, both dropping by between 12 and 13%.
Sales from July 28 to August 3 were the highest weekly figures since the start of the third quarter, contrary to last week, which saw the brand’s lowest sales during the same period.
From July 1 to August 10, Nio registered over 16,000 vehicles in the Chinese market.
Regarding competition in the premium sector, sales from the EV maker were lower than Geely Group‘s Zeekr brand — which registered 3,300 vehicles last week.
Despite Nio having matched the Gothenburg-based company’s sales in the previous two weeks, Zeekr pulled ahead of the Chinese EV maker again last week.
An overall decline affected most automakers with the exception of Tesla, which recorded its best weekly result of the quarter.
The Stellantis backed Leapmotor recorded 9,300 vehicles, while XPeng registered 7,900 units. Huawei-backed Aito sold 7,000 vehicles, Xiaomi listed 6,800 EVs and Li Auto 5,300 vehicles.
BYD, the market leader in China, registered 54,800 hybrid and fully electric vehicles in the country.
US brand Tesla, which ranked third among the best-selling brands and first regarding pure EV makers, set a quarterly record with 13,400 units.
Nio Group‘s registrations declined by 23.1% from the crossover week between July and August.
A report on Monday said that the Group had secured over 10,000 new orders last week, between the Nio marque and the Onvo and Firefly sub-brands.
For the second consecutive week, figures from the Onvo brand were above the main marque’s, representing a higher share in the Group’s total.
The Onvo brand saw its weekly registrations drop 13.5% to 3,200 electric vehicles, with the recently launched L90 accounting for 2,090 of the total.
The family-oriented brand launched the 60kWh battery option in China, targeting customers who prefer to rent the smaller but cheaper battery pack.
Firefly sold 684 vehicles, down from the 780 units registered a week before — which was the highest weekly sales number since the beginning of the third quarter.
The brand is preparing to begin European deliveries on Thursday (August 14), starting with Norway and the Netherlands.
The Group’s registrations in the continent — where only the Nio brand was present up until now, with Firefly’s arrival — have tumbled 33% year over year in July.
Despite that, European sales more than doubled from June’s 46 vehicles, diverging from the broader industry pattern of stronger registrations at the end of each quarter.
