Nio is targeting monthly deliveries of 25,000 vehicles under its Onvo sub-brand in the fourth quarter of 2025, the company’s founder and CEO William Li said during its earnings call on Tuesday.
The target would represent a sharp increase from recent monthly volumes and comes as Nio prepares to launch two new models in the third and fourth quarter of the year.
“In Q4, we will also release the L80 product,” the chief executive said. “Then by end of this year, there will be three products under the Onvo brand, and these three products will all be targeting family segments with good qualities and experiences.”
“Our target is to realize a monthly delivery of 25,000 units of Onvo-branded products in Q4,” he added.
The brand’s first model, the Onvo L60, began deliveries in September last year and saw traction in May following a series of internal restructurings and increased incentives.
Deliveries of the L60 in May rose more than 40% from the 4,400 units recorded in April.
“In late April, we witnessed the growing order momentum of this product,” Li said. “In May, the monthly delivery of L60 is more than 40% higher than in April.”
Li said the L60 had ranked among the top three best-selling battery electric vehicles priced between 100,000 yuan and 300,000 yuan in the first four months of the year.
The brand delivered 5,912 units in January, 4,049 in February, 4,820 in March, and 4,400 in April. An earlier internal goal of 20,000 units for March was not met.
The company expects that performance to improve further in the coming months.
The two additional models, the Onvo L90 and L80, are scheduled to be launched and delivered in the third and fourth quarters, respectively.
The L90, a three-row flagship SUV, was unveiled at the Shanghai Auto Show.
“L90 comes with a huge frunk,” Li said, referring to the front trunk.
“With six occupants onboard, the car is still enough to accommodate 10 suitcases. This has solved one of the biggest pain points of a three-row SUV without enough space for storage and the luggage,” he added.
The L90 is expected to achieve a 600-kilometre driving range on an 85 kWh battery, which the company described as a “game-changer” for large battery electric SUVs in China.
Nio has also been investing in new retail formats and infrastructure to support Onvo’s expansion.
The brand now operates more than 445 stores in China, while over 1,900 power swap stations are compatible with Onvo vehicles.
In lower-tier cities, Nio is piloting the use of battery swap stations as alternative retail locations in place of traditional showrooms.
“In some counties and also prefecture-level cities, we don’t need to open up the actual stores or showrooms,” Li said. “Instead, we can use the power swap station as a point of sale to present our product, provide experience, test drive sessions for our users.”
The company said about 60% of Onvo users cite access to battery swapping as their top reason for choosing the brand.
While Onvo deliveries have so far been driven exclusively by the L60, the CEO said the addition of the L90 and L80 will enable the brand to scale operations and improve manufacturing cost efficiency.
“The major gross margin driver for the Onvo brand will still be happening in Q3,” Li added, referring to the L90 launch.
Li reiterated Nio’s full-year strategy to achieve profitability in the fourth quarter, driven by sales growth, improved gross margins, and tighter cost controls.
The 25,000 monthly Onvo delivery goal would account for half of the company’s projected 50,000 monthly total deliveries in the final quarter.
“This year’s restructuring has brought visible changes,” Li said last weekend at an event in China. “Despite a 40% reduction in frontline staff, Onvo’s deliveries in May will increase by at least 40%, and that’s without cutting prices.”
Onvo’s debut model, the L60, placed fourth in the midsize fully electric SUV segment in J.D. Power’s latest China New Energy Vehicle (NEV) Study released this week.
The five-seat SUV, launched in September and priced from 206,900 yuan ($28,700) including the battery, is positioned as a rival to Tesla’s refreshed Model Y.
