Nio delivered a record 20,544 vehicles in May

From January to May, Niu delivered 66,217 vehicles, an increase of 50.99 percent year on year, and SUVs contributed 58.58 percent.

Nio (NYSE: NIO) saw record deliveries in May, though it hasn’t launched any entirely new models so far this year, barring minor facelifts.

The electric vehicle manufacturer delivered a record 20,544 vehicles in May, exceeding the 20,462 vehicles delivered in July 2023, according to the data it released. Released today.

This represents an increase of 233.78 percent from 6,155 vehicles in the same month last year and an increase of 31.52 percent from 15,620 vehicles in April.

Nio SUVs delivered 12,164 vehicles in May, up 37.96 percent from 8,817 in April. Sedan models were delivered 8,380 vehicles, up 23.18 percent from 6,803 vehicles in April.

It currently has eight models for sale – ES8, ES7, ES6, EC7, EC6, ET7, ET5, ET5 Touring – of which the first five are SUVs and the last three are sedans. Deliveries of the ET9 sedan, which was unveiled in December last year, are scheduled to begin in the first quarter of 2025.

From January to May, Nio deliveries reached 66,217 vehicles, up 50.99 percent year on year, CnEVPost calculations show.

Its SUV model delivered 38,790 vehicles from January to May, up 166.8 percent year on year, contributing 58.58 percent of total deliveries.

Sedan models delivered 27,427 vehicles from January to May, down 6.44 percent year on year, contributing 41.42 percent of total deliveries.

By the end of May, Nio’s cumulative deliveries since its inception totaled 515,811 vehicles.

China’s auto market started 2024 with a fierce price war and the poor performance at the beginning of the year continued until April.

On March 14, Nio made major adjustments to its BaaS (battery as a service) battery rental service to make the plan more attractive amid a fierce price war.

While the company did not lower the selling prices of its vehicles, it did allow customers who buy its cars on a BaaS model to pay less per month.

Meanwhile, Nio has begun allowing BaaS customers to get a portion of what they previously paid back when purchasing a car battery pack in the future, which it did not allow previously.

In modified BaaS software, for every four bill payments a user makes, the next bill is free, up to a maximum of 12 bill payments.

The entitlement expired on May 31, though Nio announced earlier today that it had been renewed this month.

The strong performance in May may have exceeded the expectations of many, with some Wall Street analysts previously indicating that Nio’s sales growth rate may be lower without any entirely new model in the first three quarters of 2024.

On May 15, Nio launched the sub-brand Onvo (Ledao in China) and began pre-sale of its first model, the L60, at a pre-sale price of CNY 219,900 (US$30,400), CNY 30,000 less than Tesla (NASDAQ): TSLA ) Model Y.

Onvo said at a launch event last month that the L60 will officially go on sale and deliveries will begin in September.

($1 = 7.2418 Chinese yuan)

Xiaomi CEO visits Nio and learns about Onvo L60