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Xiaomi achieved a record 29,000 EV sales in March, marking its sixth consecutive month of over 20,000 deliveries. However, a tragic accident involving a Xiaomi SU7 in autopilot mode resulted in three fatalities, prompting ongoing investigations. Competitors Xpeng and Leapmotor also reported strong deliveries, while BYD maintained its market leadership.
China's passenger NEV wholesale sales reached 1.14 million units in March, marking a 37% increase from February and contributing to a total of 2.86 million units in the first quarter, up 43% year-on-year. Major manufacturers like BYD, Geely, and Tesla led the sales, with BYD alone selling 377,420 NEVs. The market rebounded post-Chinese New Year, supported by consumption-boosting policies and active auto shows.
Nio has announced leadership changes at its mass-market brand Onvo to tackle slow sales and enhance operational efficiency. Alan Ai Tiecheng has stepped down as president, with Fei Shen, previously head of Nio's energy business, appointed as his successor. The restructuring aims to improve sales performance and streamline operations, with a goal of achieving profitability by Q4 2025.
Alan Ai has stepped down as president of Onvo, with Shen Fei, head of Nio Power, taking over the role. Ai's resignation follows disappointing sales of the Onvo L60, which he acknowledged did not meet expectations, and he expressed his commitment to accountability for the brand's performance. Nio is undergoing organizational restructuring to enhance cost control and management efficiency.
Huawei will unveil its 1.5 MW supercharger on April 22, designed for heavy-duty trucks, capable of charging at 20 kWh per minute and fully charging a vehicle in 15 minutes. This announcement comes as Zeekr plans to launch its 1.2 MW supercharger, while BYD has introduced a 1,000 kW fast charger. Additionally, Huawei showcased an unmanned EV charging robotic arm that can autonomously connect to vehicles.
Nio's sub-brand Firefly is set to launch its first model on April 19, with pre-sales starting at RMB 148,800 ($20,510). The vehicle will be available in five color options: lavender, plum, sand, marble, and graphite, and features a 42.1-kWh battery pack with a range of 420 kilometers. Firefly aims to establish a battery swap network in high-density cities, integrating with Nio's existing system.
Nio has initiated an internal restructuring to achieve profitability by Q4 2025, implementing a management system focused on core business units (CBUs) to enhance efficiency and cut costs. Projects will be evaluated based on return on investment, with unprofitable initiatives being terminated. This shift comes amid challenges in China's EV market, as the company moves away from brand-building and R&D investment to prioritize financial sustainability.
FMR LLC significantly increased its stake in NIO by 5,388.5% in Q3, now holding over 5.3 million shares valued at $36 million. Analysts have lowered NIO's price target, with a consensus rating of "Hold" and an average target of $5.00, while institutional ownership stands at 48.55%. NIO reported a quarterly loss of $0.47 per share, missing estimates, despite a 15.2% revenue increase year-over-year.
Quadrature Capital Ltd increased its stake in NIO by 32.3% in Q3, owning 2,209,020 shares valued at $14.76 million. Analysts have mixed views on NIO, with a consensus "Hold" rating and a price target of $5.00, while Citigroup lowered its target to $8.10, suggesting an 85.14% upside. NIO's recent earnings report showed a loss of $0.47 per share, missing estimates, despite a 15.2% year-over-year revenue increase to $2.70 billion.
Nio's CEO William Li announced a significant product roadmap, with a highly anticipated model set for release in Q4, alongside the Onvo L80. He emphasized the company's goal of achieving profitability in the same quarter, stating that failure would test Nio's business model. Li also highlighted the importance of expanding into international markets and the strategic partnerships needed for success.
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Xiaomi achieves record EV sales amid industry competition and challenges
08:14 03.04.2025
China's NEV sales surge 37 percent in March driven by strong demand
15:12 02.04.2025
Nio restructures Onvo leadership to boost sales and operational efficiency
04:34 02.04.2025
alan ai resigns as onvo president amid underwhelming vehicle sales performance
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04:03 02.04.2025
Huawei to launch 1.5 MW supercharger for heavy-duty trucks on April 22
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Nio Firefly to Launch First Model with Five Color Options on April 19
04:33 31.03.2025
Nio restructures management to achieve profitability by 2025
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fmr llc significantly increases stake in nio amid mixed analyst ratings
07:00 25.03.2025
NIO shares see institutional investment growth amid mixed analyst ratings
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Nio aims for profitability with new models launching in fourth quarter
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