Onvo, Nio’s family-focused sub-brand, saw weekly insurance registrations edge up to 1,230 units, snapping a four-week slide in sales.
Vehicle deliveries of Nio’s sub-brand Onvo reached nearly 6,000 units in January, followed by 4,049 in February and 4,820 in March.
On April 1, following missed sales targets of 16,000 units in January and 20,000 in March, the brand’s chief, Alan Ai, stepped down and was replaced by longtime Nio executive Shen Fei.
Onvo delivered 6,281 vehicles in May, marking a 42.8% increase from April.
Sales of the debut model L60 began in China last September, with the brand averaging 6,000 monthly sales over the first six months in the market.
Last week, sales increased 3% when compared to the 1,200 vehicles registered in the first week of June.
Weekly sales peaked in early May at 1,660 units, then declined over the next four weeks to 1,580, 1,560, 1,400, and 1,200 units.
Last week, Nio Group — which includes the Nio, Onvo, and Firefly brands — saw insurance registrations in China rise to 4,730 units, an increase of 9.2% week over week.
EV maker Nio said earlier this Tuesday it will enter the Portuguese market later this year with its core and Firefly brands, after signing a new deal with a local distributor.
However, the Onvo brand is not planned to be sold in these markets.
Nio is targeting monthly deliveries of 25,000 vehicles under its Onvo sub-brand in the fourth quarter of the year, the company’s founder and CEO William Li last week during the earnings call.
Li believes the upcoming two new models, the L80 and L90, will help the brand to enter a new segment, expanding the total addressable market.
“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.
The two additional models, the Onvo L90 and L80, are scheduled to be launched and delivered in the third and fourth quarters, respectively.
The brand now operates more than 445 stores in China, while over 1,900 power swap stations are compatible with Onvo vehicles.
