Nio Inc delivered 20,797 vehicles in February, a 57.6% increase from a year earlier despite a decline from January due to the Lunar New Year holiday, the company said.
Deliveries fell 23.49% month on month as the Spring Festival break, which ran from mid- to late February this year, disrupted production and logistics across China’s automotive sector. Last year’s holiday occurred mainly in January, resulting in a different seasonal pattern.
The Nio main brand accounted for 15,159 vehicles in February, up 65.80% year on year but down 27.45% from the previous month. Sub-brand Onvo delivered 2,981 vehicles, declining both year on year and month on month, while Firefly delivered 2,657 units, slightly lower than January.
The company said its flagship ES8 sport utility vehicle continued to perform strongly, reaching a cumulative 70,000 deliveries by late February. Strong sales of higher-margin models have raised expectations that Nio could report its first quarterly profit in its upcoming earnings release scheduled for March 10.
Nio also reported progress in its battery-swapping network, surpassing 100 million cumulative swaps in early February. Daily swap volumes during the holiday travel period rose 29.4% from a year earlier.
To support demand amid seasonal weakness, the company extended financing incentives, including seven-year low-interest loans for several models. It also introduced purchase tax subsidies for selected vehicles across its brands.
Separately, Nio’s chip subsidiary GeniTech Co Ltd completed a financing round exceeding 2.2 billion yuan ($320 million), with a reported valuation approaching 10 billion yuan.