NIO Inc. Sets New Records in Q4 2024: Strong Deliveries, Improved Margins, and Exciting Product Updates
In a remarkable quarter, NIO Inc. has delivered on its promises of innovation and growth. The company's Fourth Quarter and Full Year 2024 Earnings Conference Call revealed some impressive numbers that solidify its position in the premium electric vehicle (EV) market.
According to CEO William Li, NIO delivered a total of 72,689 smart EVs in Q4, setting a new quarterly record. This brings the company's total deliveries for 2024 to 221,970, marking a 38.7% increase year-over-year. The NIO brand continued to lead the premium segment, delivering 201,209 vehicles and securing a 40% market share in China's BEV (Battery Electric Vehicle) segment priced above RMB 300,000.
In December, NIO's monthly deliveries surpassed previous records for the first time, demonstrating its growing momentum. The company expects to maintain this growth trajectory in Q1, with total deliveries projected to reach 41,000 to 43,000 units, reflecting a year-over-year growth of 36% to 43%. This optimism is driven by the success of its products and operational improvements.
NIO's focus on supply chain optimization and cost control has delivered strong results. The company's vehicle margin improved to 14.9% in Q4, while ONVO achieved a positive vehicle margin in the early stage of production ramp-up. This led to an overall vehicle margin of 13.1% in Q4.
On the product front, NIO has entered a new cycle with its three smart EV brands. The premium brand launched the NIO ET9 flagship smart executive sedan at the NIO Day on December 21, setting a new benchmark for industry-leading technology and distinctive experience. The limited offering of 999 units sold out within hours, and the signature version continues to see strong demand.
In addition to ET9, NIO's [indiscernible] products – ET5, ET5T, ES6, and EC6 – will launch their 2025 models in Q2. These upgrades will feature cutting-edge experience and smart driving chip, solidifying NIO's leadership in the premium BEV market.
For ONVO, the mainstream mass market brand, the first product L60 gained strong recognition among family users for its safety, space, class-leading energy efficiency, and convenient recharging experience. The second product, L90, is positioned as a flagship large family SUV and will be introduced in Q2 with deliveries expected in Q3.
The high-end small car brand, Firefly, has received broad attention since its debut in December 2024, particularly from young buyers and families looking for a [indiscernible] car. NIO's commitment to innovation and customer satisfaction is evident in its product lineup and operational improvements.
