Chinese electric vehicle maker Nio reported a sharp drop in deliveries for January, reflecting seasonal weakness due to the Lunar New Year holiday.
Nio delivered 13,863 vehicles last month, marking a 37.87% increase from 10,055 units in January 2024 but a 55.48% decline from December’s record 31,138 units.
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The main Nio brand accounted for 7,951 deliveries in January, down 20.92% year-on-year and a steep 61.42% drop from the previous month. Meanwhile, its sub-brand Onvo delivered 5,912 units, a 43.84% decline from December’s 10,528 units.
The company’s total deliveries have now reached 685,427 vehicles, including 658,754 units under the Nio brand and 26,673 units under Onvo.
In an effort to boost sales amid the seasonal slowdown, Nio launched a new financing program. “Customers who pay a deposit on a Nio-branded model between February 1-28 can take advantage of a five-year zero-percent interest financing program,” the company announced.
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Nio’s financing incentives follow a similar move by Tesla, which has been offering competitive financing terms in China. In January, Nio introduced a three-year zero-interest financing plan for both Nio and Onvo-branded models, which has now been extended and upgraded for February.
