Nio’s sub-brand Onvo recorded its highest weekly insurance registrations since late February, signaling a potential rebound in demand ahead of the official launch of its second model.
Insurance registration data shared on Weibo showed that the brand launched last year registered 1,720 vehicles in the third week of July, a 50.9% jump from 1,140 the previous week.
The result ends two consecutive weeks of declines and marks the strongest weekly performance in nearly five months.
While the data does not include a breakdown by model, it remains unclear whether the nearly 600 L90 test vehicles prepared ahead of the nationwide test drives were included in the latest figures.
The brand began test drives on Wednesday across more than 400 stores spread over 140 Chinese cities.
The surge follows a steady build-up in June, when Onvo posted four consecutive weekly gains, culminating in 1,670 registrations during the final week of the second quarter.
Morgan Stanley analyst Tim Hsiao reported earlier this month that the L90 secured between 30,000 and 35,000 pre-orders within four days of its pre-launch in Hefei.
Deliveries of the L90 are scheduled to begin on the first day of August, and Onvo’s weekly registrations are expected to set new records as shipments ramp up.
To increase demand, Nio introduced in early July a package of incentives for L60 buyers, including three years of free battery swaps, interest-free financing, and five years of assisted driving software.
Buyers are also eligible for a 15,000 yuan ($2,090) government-backed trade-in subsidy and seasonal promotions targeting recent graduates and their families.
Onvo delivered 6,400 vehicles in June, its best monthly performance this year and second only to December 2024 since the brand’s launch last September.
Despite early setbacks — including missed internal targets of 16,000 units in January and 20,000 in March — Nio CEO William Li said the company now aims to sell 25,000 Onvo-branded vehicles per month in the fourth quarter.
The goal implies quarterly deliveries of 75,000 units, a 339% increase from 17,081 vehicles sold in the second quarter.
Across the broader Nio group — which includes the Nio, Onvo, and Firefly brands — insurance registrations rose 19.5% to 4,900 units last week, from 4,100 the week before.
As reported on Tuesday, Nio-branded vehicles accounted for 2,500 registrations, up 3.7% week-on-week.
Nio shares have surged 50.2% over the last twenty days and reached on Tuesday a new 4-month high at $5.09.
The stock peaked in January 2021 at $66.99 and plunged to a new 5-year low $3.02 last April. Since then, it soared nearly 70%.
