Nio completed a record 183,664 battery swaps on Monday, surpassing its Oct.1 peak.
- Onvo hit 200,000 cumulative deliveries two years after its first model began deliveries.
- Onvo’s September deliveries fell 43% from a year ago to 8,763, marking a fourth consecutive monthly decline.
- Its China network reached 4,165 swap stations, with cumulative swaps exceeding 127 million and charging sessions passing 100 million.
Shares of Nio, Inc. (NIO) are poised to end a five-week losing streak as Onvo crosses 200,000 cumulative deliveries and battery swaps hit a fresh holiday record, giving retail bulls fresh milestones to weigh against persistent sales pressure.
Nio’s U.S.-listed shares rose 2% in the previous session to $3.54, and are up 5% through Wednesday.
Onvo Hits Delivery Milestone Despite Sales Slowdown
Onvo marked its 200,000th delivery on Thursday, handing over a flagship L90 SUV to the family of Chinese television host Geng Chenchen. The family-focused brand reached the milestone roughly two years after L60 deliveries began in September 2024. Its lineup now includes three electric SUVs: the L60, L80 and L90, CnEVPost noted.
Onvo ended September with 198,760 cumulative deliveries, implying it delivered another 1,240 vehicles this month. China’s Oct.1-Oct.7 National Day holiday typically slows automotive production and handovers.
The cumulative milestone comes against weaker recent sales. Onvo delivered 8,763 vehicles in September, down 43% from a year earlier and 0.5% from August, marking its fourth consecutive monthly decline. Third-quarter deliveries fell 26% from a year ago to 27,728. Deliveries across the first nine months were nearly flat at 70,191, up just 1%.
Nio Battery Swaps Hit New High During Holiday Rush
While Onvo works to rebuild sales momentum, Nio’s swapping network saw record holiday demand. The company completed 183,664 battery swaps on Monday, up from 183,469 on Oct. 1. The new peak was 4.4% above February’s Lunar New Year record and 7.7% above the May 1 total, EV reported.
Across the network, that equates to roughly one completed swap every 0.47 seconds. “For long-distance driving, swapping is the first choice,” Nio said on Weibo.
The holiday peaks underscore the role of highway infrastructure for drivers making longer journeys. Nio said its highway swapping network connects more than 550 cities and allows drivers to reach every provincial-level region of mainland China using swap stations.
Geely Funding Could Support Nio’s Network Push
Nio’s network map showed 4,165 swap stations in China on Wednesday, including 1,072 on highways. It also listed 5,376 charging stations with 31,005 charging piles. Cumulative swaps exceeded 127 million, while charging sessions passed 100 million. Drivers of other brands accounted for 86.7% of the energy delivered by Nio’s own chargers, according to the map.
The company still faces a substantial construction push to meet its target of adding 1,000 swap stations this year. With 489 added so far, another 511 would need to open before year-end, requiring 5.9 openings a day.
Partner funding could support that expansion. Geely Holding Group agreed last month to acquire a 30% stake in Nio Power in a deal valuing the charging and swapping business at approximately 16 billion yuan, or $2.4 billion. Nio’s longer-term target is 10,000 swap stations by 2030.
Onvo Taps Nio’s Network To Win Family Buyers
Battery swapping is also part of Onvo’s pitch to family buyers. Its vehicles share Nio’s charging, swapping and service infrastructure, giving the brand access to the expanding network.
Onvo refreshed the L90 in April, launched the five-seat L80 in May and updated the entry-level L60 in June. Selected variants feature Nio’s in-house Shenji NX9031 driver-assistance chip, LiDAR and the Nio World Model system. The brand added new design packages for the L80 and L90 in September and said pn Thursday that it now operates 374 service centers across 213 Chinese cities.
Retail Bulls Buy Into The Rebound
On Stocktwits, NIO sentiment jumped to ‘bullish’ from ‘neutral’ levels a day ago amid ‘low’ message volumes. One user said, “loaded 13k shares at the bottom, thank you shorts! Im ready to buy more!”
Another trader said, “Been nibbling more on the slow momentum. 38,300 shares now.” A third user celebrated the recent rebound: “Thank you lord for the 3rd Green Day in a row. Let’s go!”
Nio’s U.S.-listed shares have slumped 31% year-to-date.
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