Nio, the Chinese electric vehicle manufacturer, reported a decline in vehicle deliveries for the month of September, sparking concerns about its ability to achieve its sales target for 2023.
According to data released today, Nio delivered 15,641 vehicles in September, marking a 19.08 percent decrease compared to the 19,329 vehicles delivered in August. However, the numbers showed a robust year-on-year growth of 43.79 percent compared to September 2022, when 10,878 vehicles were delivered.
The breakdown of September’s deliveries included 11,504 SUVs and 4,137 sedans, though specific model figures were not provided by the company. Nio also did not offer an explanation for the decline in deliveries during the month.
Nio’s product lineup consists of the ES8, ES7, ES6, EC7, EC6, ET7, ET5, and ET5 Touring, with the first five models being SUVs and the remaining three being sedans. Notably, the combined deliveries of these vehicles hit a record high of 20,462 units in July.
The third quarter of 2023, however, demonstrated remarkable performance for Nio, with a record-breaking 55,432 vehicles delivered. This represented a substantial 75.38 percent year-on-year increase and an impressive 135.68 percent growth compared to the second quarter of 2023.
Despite this strong showing in the third quarter, Nio’s deliveries for the entire January-September period totaled 109,993 units, reflecting a year-on-year growth of 33.43 percent.
As of the end of September, Nio’s cumulative deliveries since its inception stood at 399,549 units, nearly reaching the 400,000-unit milestone.
Nio’s ambitious sales target for 2023, announced earlier this year, may prove challenging to attain. The company aimed to double its sales in 2023 compared to the previous year. In 2022, Nio delivered a total of 122,486 vehicles, a 34 percent increase from 91,429 deliveries in 2021. To achieve the goal of doubling sales this year, Nio would need to deliver around 240,000 vehicles in 2023.
Meeting this target would require Nio to deliver approximately 130,000 vehicles in the fourth quarter, averaging around 43,000 vehicles per month. Whether the company can overcome the current dip in deliveries and maintain this pace remains to be seen.
Nio’s management initially set this ambitious target during an analyst call on March 1, following the announcement of its fourth-quarter earnings last year. However, the recent fluctuation in monthly deliveries poses a significant challenge to the company’s 2023 aspirations.
