NIO’s electric vehicle sales growth decelerates in November 2023
Chinese multinational automobile manufacturer NIO Incorporated saw a significant rise in global electric car deliveries in November 2023, hitting 15,959 units, showcasing a commendable 12 per cent increase compared to the previous year. However, despite the significant increase, the company’s sales growth rate slightly dipped compared to the consistent sales trend of around 16,000 units over the previous three months.
The aforementioned slight decline in sales follows the record-breaking months of July and August, where the company’s sales jumped to around 20,000 units. In spite of NIO's gradual model refresh across its entire lineup, the anticipated faster growth post-upgrade appears to have slightly weakened, as seen in the initial surge following the release of upgraded models. For instance, the ES6 EV's remarkable 11,000 units were sold in July.
The challenge now rests in the EV maker’s strategy to elevate sales volume, a crucial factor in achieving profitability. While the majority of the brand’s sales keep on surfacing from China, the company continues to expand its footprint in other parts of the world, mainly in Europe.
When we break down last month’s sales figure of 5,959 units, 10,545 were crossovers/SUVs (up 32 per cent year-over-year), while 5,414 were sedans (down 12 per cent year-over-year). However, the company didn’t provide a detailed breakdown among individual models.
Year-to-date (YTD), NIO has delivered more than 142,000 EVs, marking a substantial 33 per cent increase from the corresponding period of 2022. Out of this figure, 80,138 units were of crossovers/SUVs (down 1 per cent), while 61,888 were sedans (up 139 per cent).
While NIO anticipated doubling its 2022 sales in 2023, the current projections suggest the brand will fall short of its set target. However, it is expected to easily surpass the previous year's performance. Cumulatively, the company has sold 431,582 electric cars worldwide, with the current lineup consisting of eight models, including five crossovers/SUVs and three sedans.
NIO’s technological prowess lies in its NIO Technology (NT2.0) platform, which encompasses a range of crossovers/SUVs such as the ES6, EC6, EC7, ES7, and the new ES8, along with electric sedans like the ET5, ET5 Touring, and ET7. To further boost its business, the company is actively broadening its network of battery swap stations, enhancing its services and accessibility. Presently, the company's array of these stations stands at an impressive 2,217 locations globally, showcasing a commitment to facilitating convenient and efficient electric vehicle usage for its customer base.