Nio delivered 31,138 vehicles in December 2024, representing a 72.9% increase compared with 18,012 units in December 2023. This monthly total marks the highest single-month delivery volume in the company’s history. The December performance was driven by strong uptake of the ET5 and EC7 models, which together accounted for roughly 60% of the month’s shipments, as well as expanded battery-swap station coverage in key metropolitan areas such as Shanghai and Guangzhou.

For the full calendar year, Nio delivered 221,970 vehicles, up 38.7% from 160,148 units in 2023. This brings cumulative deliveries since inception to 671,564. The fourth quarter alone saw deliveries of approximately 68,000 vehicles, a 45% year-over-year increase, driven by ramped production at the Hefei plant—now wholly owned by Nio—and the accelerated launch of the new ET7 Long Range variant in November.

In 2024, Nio transitioned from a variable-cost manufacturing model with Jianghuai Automobile Group to fully owning its main assembly facility. This acquisition allowed the company to reduce per-unit fixed costs by an estimated 10% and increase annual capacity to 300,000 units. Nio also opened 450 new battery-swap stations during the year, bringing the network total to over 1,000 locations, and plans to invest CNY 5.5 billion in automation upgrades throughout 2025.

Wall Street analysts have a consensus one-year target price equating to a 22% upside from current levels, based on projected revenue growth of 45% in 2025 to CNY 97 billion and a stable gross margin near 18%. Nio expects to double annual deliveries to roughly 330,000 units by the end of 2025 and targets 4,000 battery-swap stations by year-end. Longer-term forecasts call for CNY 135 billion in revenue by 2027, driven by entry into select European markets and the launch of a new sub-CNY 300,000 model aimed at cost-sensitive buyers.