Nio registered sixteen vehicles in Germany in October, official national data from KBA showed on Wednesday.
October figures match June’s sales numbers and represent the weakest month since 2023.
The Shanghai-based EV maker sold four units fewer than in September, despite being one unit above the same period a year ago.
Between January 1 and October 31, Nio sold 227 vehicles in Europe’s largest auto market.
In the first ten months of 2024, the EV maker has registered 338 units, indicating a 48.9% plunge.
In the full year of 2024, the company registered 398 vehicles in the country — already a steep 68.5% drop from the 1,263 units sold in 2023.
While electric vehicles continue to gain market share in Germany, Nio‘s sales have generally declined this year — except in July, when registrations rose by 47% year over year.
Last month, 52,425 of the total 250,133 new vehicles registered in Germany were battery electric (BEV) — indicating that one in every German consumer preferred a fully electric vehicle. Electric sales rose by 47.7% year over year.
Inventory
The premium brand is aiming to reduce inventory of several 2023 model-year vehicles, both in the domestic market and across other European countries.
In recent months, most of its European sales have been driven by the ET5 and ET5 Touring models, supported by a range of incentives.
Nio currently offers 0% APR on financing of the cheaper sedans and, as of mid-October, the second-generation EL8 SUV — for which an upgraded version was recently launched in China.
The promotion runs until December 31 and is only applicable to inventory units.
As of Wednesday, the company lists 23 units of its ET5 Touring station wagon and 19 of the ET5 sedan. Additionally, nine units of the EL6 SUV are available.
Business Model Switch
Nio is adopting a mixed business model in Europe, combining direct-to-customer sales in its existing markets with a dealership approach in new ones.
While maintaining its showroom-only approach in current markets, the EV maker is establishing local dealerships in upcoming markets, including Belgium, Greece, and Portugal.
Founders William Li, Qin Lihong and the CFO Stanley Qu are touring Europe this week.
Together with President of the sub-brand Firefly Daniel Ge, the management visited the company’s hub in Utrecht, where they met with customers and European distributors, before flying to the Norwegian capital, where they held a Q&A session at the Oslo Nio House.
