Nio cuts Q1 delivery guidance to 30,000 units, hints at Mar deliveries of around 11,813

Nio has lowered its guidance for first-quarter deliveries, following what its local peer Li Auto did last week.

Based on the most recent business update, Nio expects to deliver around 30,000 vehicles in the first quarter of 2024, revised from the previous outlook of 31,000 to 33,000, according to a statement it made today.

The brief statement did not provide any explanation for the lower guidance. The latest guidance implies a downward revision of 3.23% to 9.0%.

Nio guided first-quarter vehicle deliveries to be in the range of 31,000 to 33,000 when it announced its fourth-quarter 2023 financial results on Mar 5.

The lowered guidance means that the company now expects Mar deliveries to be about 11,813 vehicles, considering it delivered 10,055 units in Jan and 8132 in Feb.

Nio had previously guided first-quarter revenue to be between RMB 10.499 billion (USD1.479 billion) and RMB 11.087 billion ($1.562 billion). Its statement today made no mention of any adjustments to its revenue guidance.

Notably, Chinese NEV sales rebounded significantly so far this month compared to the previous month. The Feb 10-17 Chinese New Year 2024 holiday had a significant disruption to Feb sales.

During Mar 1-24, China's passenger NEV retail sales stood at 490,000 units, up 39% from a year ago and up 84% from a month ago, according to data released today by the China Passenger Car Association (CPCA).

Retail sales of all passenger vehicles in China during the period were 1,028,000 units, up 11% from the same period last year and up 25% from the same period last month.