Chinese EV startup Nio Inc. (NYSE:NIO) launched its new affordable EV brand Onvo in May. The brand started selling its first vehicle – the Onvo L60 – in late September and since then, Nio sales have been on the rise.
What Happened: The Onvo L60 is a mid-size electric SUV that starts at 206,900 yuan ($28,347) with the battery pack included, much lower than Tesla's affordable models Model 3 or Model Y in China.
Onvo Sales Trajectory: In September, Nio delivered 832 Onvo L60s despite having only a few selling days. In October, the first full month of sales, Onvo deliveries rose to 4,319. In November, deliveries rose to 5,082, implying rising demand for the vehicle.
In August, the month before Onvo deliveries commenced, Nio delivered 20,176 vehicles, marking a growth of just 4.4% year-on-year.
In September, the first month of Onvo L60 deliveries, Nio's total deliveries jumped 35.4% as compared to the corresponding period last year. In October and November, deliveries marked an increase of 30.5% and 29%, respectively.
Why It Matters: In the last month of 2024, Nio delivered over 10,000 Onvo brand vehicles and about 21,000 Nio brand vehicles, marking a whopping 72.9% rise from its sales in December 2023.
Nio marked over 20,000 cumulative deliveries in just a hundred days of launch.
Nio identifies itself as a premium EV brand. Its ET9, for instance, starts at 788,000 yuan, including the battery.
The low-cost EV from the company's Onvo brand has helped Nio move to the low-cost EV segment, boosting demand in the competitive EV space in China.
| Month | Onvo Brand Sales | Nio Overall Sales | Nio's YoY Sales Growth |
| August | – | 20,176 | 4.4% |
| September | 832 | 21,181 | 35.4% |
| October | 4,319 | 20,976 | 30.5% |
| November | 5,082 | 20,575 | 29% |
| December | 10,528 | 31,138 | 72.9% |
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Photo courtesy: Nio