Written by Cláudio Afonso | LinkedIn | X
Onvo, the sub-brand of electric vehicle maker Nio, aimed to deliver 5,000 units of its first model, the L60, in October, its first full production month. However, the company missed the target by nearly 700 units and delivered 4,319 vehicles.
Although the company did not communicated the reasons for the challenges, it is now known that it was due to limitations in battery supply from BYD, which could only deliver 5,000 to 6,000 units per month.
Both single-motor and dual-motor variants of the model are equipped with lithium iron phosphate batteries from FinDreams Battery, the battery division of BYD.
Nio primarily sources the batteries for its models from Contemporary Amperex Technology Co (CATL), with capacities of 75 kWh and 100 kWh. The company recently introduced a 150 kWh semi-solid-state battery developed in collaboration with the startup WeLion New Energy Technology.
Starting in December, CATL will begin supplying batteries at an initial volume of 6,000 to 8,000 units per month. This capacity is expected to increase to 14,000 units per month, according to Citi analyst Jeff Chung, who cited information from Nio’s management.
For the full month of November, Onvo delivered 5,082 vehicles, up 17.6% from October when it delivered 4,319 units.
On Sunday, the company reaffirmed on its official Weibo account that it aims to “exceed 10,000 units in a single month” in December doubling deliveries from last month.
The brand registered 1,800 vehicles in China between November 25 and the first day of December, according to data shared by multiple automotive bloggers on the Chinese platform Weibo earlier this Tuesday.
The brand’s registrations in the last week of November rose by 38.5% compared to the previous week, as the company continues to scale up production of its debut model, the family-oriented SUV L60.
Onvo has lost some reservations as reservation holders became concerned about potentially missing out on purchase incentives if they took delivery of the L60 after December 31 — as confirmed by the company’s management at the earnings conference call.
Written by Cláudio Afonso | LinkedIn | X
