NIO Sales Increase 29% – CleanTechnica

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NIO has seen another solid month of sales growth. Its 20,575 sales (i.e., deliveries) in November represented a 28.9% sales increase over November 2023.

Across the first 11 months of the year, sales were up even more. They rose 34.4% to 190,832 deliveries. Without a doubt, NIO will break through the 200,000 vehicle barrier this year, no small feat for a young EV startup.

NIO’s cumulative sales have now reached 640,426. Extrapolating NIO’s November sales total out to 12 months, the company is at an annual run rate of 246,900 vehicle sales, and it would reach 907,901 sales by the end of 2025. I assume it’s more likely NIO will reach the impressive 1 million vehicle milestone before the end of 2025. For some context, Tesla passed the 1 million vehicle milestone about 4½ years, in March 2020. NIO continues to follow a similar growth path. Could it reach Tesla’s current level by 2030?

Notably, NIO is now getting a decent portion of its sales from its new ONVO brand. The NIO brand logged 15,493 sales in November, while the ONVO brand logged 5,082 sales. The company describes the NIO brand as its “premium smart electric vehicle brand,” and describes the ONVO brand as its “family-oriented smart electric vehicle brand.” One might say the brand was created just to reach new buyers and keep growing its annual sales. However, it’s also a useful separator to distinguish two different classes of vehicles and target different types of buyers more pointedly over a long timeframe. Of course, this has long been a thing in the auto world — Toyota + Lexus, Honda + Acura, Chevrolet + Cadillac, Volkswagen + Audi, etc., etc.

Overall, it’s worth remembering that NIO is still essentially just a child. The company adds the following note this month: “November 25, 2024, marks NIO’s 10th anniversary. Over the past decade, NIO has consistently pushed boundaries in product design, technology innovation and reimagined business models. With its full-stack, in-house developed technological capabilities, extensive nationwide power network, and unique user community, NIO has laid a solid foundation for future growth. Looking ahead, NIO remains committed to shaping a sustainable and brighter future. The Company will continue to create value for users through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth.” Indeed — the company took EV battery swapping far beyond where it had ever been before, continues to grow that network and partnerships with it, took the “computer as a car” theme to a top-tier level, and has been a pioneer among Chinese “smart electric vehicle” brands expanding into Europe and other markets. Where will the company be when it becomes a full grown adult 8 years from now? Will it be selling cars in the US by then? Will it be selling a million or more vehicles a year? Will it have displaced a legacy automaker like BMW or Audi or Cadillac as a top global brand for premium vehicle sales?

NIO’s prime target should be taking sales from gas-powered and diesel-powered cars, trucks, and SUVs. However, I’m sure the company’s executives look at the enormous pies BYD and Tesla have and wouldn’t mind taking some of their buyers to help fuel its own growth.