Chinese EV maker NIO (NIO) delivered 11,866 vehicles in March, up 14% over last year. The upturn in sales helped NIO top its (revised) Q1 EV sales forecast of around 30,000 units.
NIO Q1 EV deliveries top 30,000, but is it enough?
Just days after trimming its Q1 delivery forecasts to 30,000, from 31,000 to 33,000, NIO’s EV sales topped its (lowered) guidance.
After sales rebounded in March, with 11,866 vehicles handed over, NIO delivered a total of 30,053 EVs in Q1. The EV maker sold 6,737 electric SUVs and 5,129 electric sedans last month.
The uplift in sales comes after NIO began delivering its 2024 ES8, ES6, EC6, and ET5T models with improved configurations and performance. NIO’s upgraded Center Computing Cluster boosts computing power for a better user experience.
NIO expects to strengthen its competitive edge with upgraded 2024 models rolling out. In the second quarter, NIO plans to begin delivering the 2024 ES7, ET7, and ET5.
NIO’s March sales were up 46% from 8,132 in February and 10,055 in January, reaching its highest monthly total in 2024. The automaker’s February sales were impacted by the Chinese New Year holiday.
With this in mind, NIO’s first quarter 2024 deliveries slipped 10% from Q4 2023 (33,679) and 3% from Q1 2023 (31,041).
NIO’s stock is up over 3% following the delivery release. However, NIO shares are still down over 50% from this time last year and over 90% from their all-time high of +$60 in Feb 2021.
The sales growth was enough to top XPeng (XPEV), which delivered 9,026 EVs in March for a total of 21,821 in the first quarter.
China’s leading EV maker, BYD, reported 300,114 EV deliveries in the first three months of the year as it looks to stay on top of the global market.
Tesla is expected to release Q1 delivery numbers this week, with estimates suggesting around 420,000 to 480,000. If estimates are accurate, Tesla will take back the title of global EV leader by volume.
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