NIO aims to double sales in 2025 and keep a lid on costs

Chinese electric vehicle maker NIO (NYSE:NIO) CEO William Li said the company wants to improve efficiency and cost controls, even as it also looks to spark sales growth that is two years behind schedule. NIO (NIO) has already trimmed its workforce and deferred long-term projects that were not expected to boost overall financial performance within three years.

At an event in Shanghai, Li also noted that NIO (NIO) will start production at its third factory in the second half of next year. The EV upstart also has a target of 20,000 monthly deliveries for its Onvo brand by March 2025. NIO’s (NIO) new overall sales goal is to double sales in 2025 from the level seen in 2024.

Li told reporters that NIO (NIO) is evaluating the United States’ latest restrictions on semiconductor-related exports to China.

Shares of NIO (NIO) edged up 0.2% in premarket trading on Thursday to $4.68 vs. the 52-week range of $3.61 to $9.57. Short interest on NIO (NIO) stands at 9.6% of the total float. Wall Street and Seeking Alpha analysts both have a consensus Buy rating on the stock.

This story was edited to clarify NIO’s sales targets