Chinese electric vehicle (EV) maker Nio Inc. (NIO) delivered 31,138 vehicles in December 2024, marking a 72.9% increase compared to December 2023. This achievement represents the company’s highest monthly delivery figure to date.
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In terms of brand-specific contributions, the December deliveries included 20,610 vehicles from NIO’s premium smart electric vehicle lineup and 10,528 vehicles from its family-oriented ONVO brand. This diversification highlights NIO’s strategy to cater to different market segments.
Q4 and Annual Delivery Statistics Show Strong Growth
During the fourth quarter of 2024, NIO’s deliveries totaled 72,689 vehicles, reflecting a 45.2% year-over-year growth. This quarterly performance sets a new record for the company, indicating sustained demand for its electric vehicles.
As for annual deliveries, NIO delivered 221,970 vehicles for the entire year of 2024, achieving a 38.7% increase from 2023. This brings the company’s cumulative deliveries to 671,564 vehicles as of December 31, 2024.
Record Deliveries Are Reported across the EV Industry
As the Chinese EV market heats up, peers like Li Auto (LI), XPeng (XPEV), and Zeekr also reported impressive numbers, with Li Auto hitting a record of 58,513 vehicles, XPeng delivering 36,695, and Zeekr showing significant growth. Meanwhile, BYD sold 514,800 new energy vehicles (NEVs) in December, marking a 50.95% year-over-year increase, further intensifying competition.
These updates highlight the strong momentum within China’s EV industry, underscoring NIO’s position in the rapidly expanding market.
With this in mind, investors looking to gain exposure to EV stocks can use the TipRanks EV Stocks Comparison tool to find the one that best suits their needs.
Is Nio a Buy, Sell, or Hold?
Overall, Nio scores a Moderate Buy consensus rating on TipRanks based on five Buys, four Holds, and two Sells. The average Nio stock price target of $5.99 implies 37.39% upside potential.
