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NIO had another strong year, with sales rising by 30.7% throughout the full year. The Chinese EV startup ended with 160,038 sales, up from 122,486 in 2022. These are impressive results in absolute, general terms, but they are extra impressive when you consider how hyper-competitive the Chinese EV market is, where NIO still sells almost all of its EVs.
The downside for the company is that its growth in the 4th quarter was lower than that and its growth in December was even lower than its growth in the quarter as a whole. Sales in the 4th quarter (50,045 units) were up 25% compared to the 4th quarter of 2022 (40,052 units), and sales in December (18,012 units) were up 13.9% compared to December 2022 (15,815 units). Still, growth is growth and even 14% is nothing to scoff at.
Regarding December sales, NIO breaks down the split by vehicle body type for us: “The deliveries consisted of 12,048 premium smart electric SUVs, and 5,964 premium smart electric sedans.”
Yet again, one would expect even more sales from NIO in the new year. However, I think the real boost will come in 2025. The company held NIO Day 2023 at the end of December and revealed a brilliant new electric crossover — the ET9 — that must have quickly shot to the top of many people’s buy list. Check out this full article for more on the ET9, but below are also a few pictures and some highlights from NIO.
“At NIO Day 2023, NIO launched the ET9, a smart electric executive flagship. The ET9 embodies NIO’s latest advancements in technological research and development, presenting a combination of flagship-style exterior, innovative executive space, leading driving and riding experience, intelligent technologies, efficient power solutions, and comprehensive safety standards. The ET9 is an epitome of NIO’s innovative technologies, setting a new technological benchmark for smart electric vehicles executive flagship. Deliveries of the ET9 is expected to start in the first quarter of 2025.”
It’s a little concerning in my eyes that the ET9 won’t arrive until 2025. I imagine many people will wait for the ET9 rather than buying a new car in 2024, and that could depress NIO’s overall sales a bit in the meantime. Of course, NIO has other very attractive models to choose from. Frankly, I think NIO has the most attractive vehicle lineup out there. The EC6 is as good of a buy as any. The ET5 is probably the most attractive NIO of all for me, and it and the EL7 have achieved great 5-star safety ratings in Europe, as did the ET7 a little further back and the ES8 before that. You can’t go wrong with a NIO. It’s just that if you decide you want the ET9 above all else and you just have to wait a year or so for one, why not do that instead of buying a different model and having to trade it in approximately a year or some months later?
But NIO doesn’t seem concerned. Aside from highlighting the ET9 at NIO Day 2023, the company did so in its sales update and is also featuring it prominently right at the top of its website. So, NIO seems confident enough in its current lineup to not worry about the ET9 cannibalizing other model sales and presenting problems for the company in 2024.
Interactive versions of the charts above:
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