NIO continues to demonstrate solid growth in the electric vehicle (EV) market, reporting its sixth consecutive month of sales exceeding 20,000 units in October 2024. 

According to NIO, the company delivered 20,976 vehicles last month, marking a 30.5% increase compared to October 2023. The company’s performance was bolstered by its newly launched ONVO brand, which contributed 4,319 units in its first full month of sales. The traditional NIO brand maintained strong performance with 16,657 deliveries.

The ONVO L60, NIO’s new mid-size electric SUV, has emerged as a direct competitor to Tesla’s Model Y by offering compelling value through an aggressive pricing strategy. The ONVO L60 starts at RMB149,900 ($21,200) with a battery rental option, while the full purchase price, including the battery, is under RMB 206,900 ($30,000). 

In addition, the EV possesses an exceptional range of up to 555 km (341 miles) on the China Light-Duty Vehicle Test Cycle (CLTC) and has superior energy consumption at 12.1 kWh per 100 km. 

In terms of market presence, the ONVO brand has rapidly established itself within the Chinese market, with 166 centers and spaces across 60 cities and 245 authorized service centers in 160 cities. The company has plans for continuous network expansion, which will further strengthen its foothold in the region.

NIO’s CEO William Li has expressed confidence in the company’s product pipeline, particularly regarding ONVO’s next model. “If you think the L60 is good, then this new model is a much more competitive product,” Li stated.

Moreover, the company plans to launch a new electric vehicle annually under the ONVO brand, with a mid-to-large-size electric SUV set to debut in 2025 and deliveries of the next model expected to begin in Q3 2025.

Furthermore, year-to-date performance figures indicate strong growth for NIO. In the first ten months of 2024, the company reported total deliveries of 170,257 vehicles, representing a year-over-year increase of 35.05%. NIO’s brand deliveries reached 165,106, up 30.97% year-over-year, while ONVO’s cumulative deliveries stood at 5,151 units. 

Read More: NIO Joins Forces With Monolith To Propel EV Battery Innovation With AI Technology

With the company’s consistent performance and strategic expansion into more affordable market segments suggest that NIO is well-positioned to maintain its growth trajectory in China’s competitive EV market.

Want to learn more about EV? Thinking of buying an EV? Head over to EV.com and discover more.

EV.com is the world’s 1st Electric Vehicle (EV) marketplace that aims to promote zero-emission mobility by providing a platform for consumers to learn about, compare, and purchase EVs.