NIO revenues up in Q4 2023, Alps sub-brand to launch in Q2 with a Tesla Model Y competitor
Chinese EV automaker NIO shared its Q4 2023 report today, followed by an analyst call that included some interesting updates about its plans for the year, expansion to new global markets, and the launch of not one but two EV sub-brands, including Alps.
NIO ($NIO) will be celebrating ten years of business this fall and, during that time, has trended upward as one of the leading EV automakers in China. In addition to developing luxury EVs like the ET7 and incoming ET9 (with the ability to shimmy), NIO has expanded to other adjacent technologies like chargers, battery swap stations, and even smartphones.
From a market perspective, NIO continues to expand out of its native China to markets in Europe and possibly the US in a year or two. After garnering billions in fresh funding in 2023, NIO sat poised to continue such expansions, including two new sub-brands, codenamed “Alps” and “Firefly.”
Earlier today, NIO shared its Q4 report, detailing the ups (and downs) of a challenging year, followed by a call with analysts that shared updates to its plans beyond China and the progress of launching the Alps brand, which has its sights set on Tesla from day one. Here’s the latest.
NIO’s Alps brand to debut soon, first EV coming in Q3 2024
First, let’s start with the Q4 numbers. NIO reported RMB 17.1 billion ($2.38 billion) in revenue for Q4 2023, up 6.5% YOY but down 10.3% compared to Q3 2023. Gross profits for Q4 were RMB 1.28 billion ($177.8 million), up 105.7% year-over-year but down 16% compared to a quarter prior.
Losses were RMB 6.63 billion ($923 million), down 1.6% from Q4 2022 but up 36.8% compared to Q3 2023. Cash and cash equivalents, restricted cash, short-term investment, and long-term time deposits totaled RMB 57.3 billion ($8 billion) as of December 31, 2023.
The automaker delivered 160,038 EVs in 2023, up 30.7% compared to 2022.
Looking ahead, NIO looks to bounce back in monthly sales, which should be bolstered by the launch of its new sub-brand Alps. Shout out to CnEVPost for sharing live updates of the call with analysts following the Q4 financial report. Here are the key takeaways:
- NIO will begin selling Alps EVs in 2024 and another lower-priced brand (Firefly) in 2025. The automaker is also considering selling these new models in other global markets.
- NIO intends to sell both its own brand and Alps brand EVs later this year.
- NIO EVs will remain focused on the premium segment and the ET5 will remain its most affordable model.
- NIO brand will not join the ongoing price war in China, and Alps will prioritize deliveries over gross margins.
- Alps has been specifically built to target the highly competitive Chinese market and will utilize NIO’s existing R&D and infrastructure rather than start with a clean slate.
- The Alps brand EVs will vary to suit different size families and will be priced competitively.
- Alps’ first model will be a direct competitor to the Tesla Model Y, and its Bill of Materials (BOM) costs approximately 10% less than Tesla’s.
- The Model Y competitor will be followed with an Alps SUV for larger families, expected to debut in 2025.
- A third Alps model is in development, but NIO is not sharing any more details at this time.
- Alps will officially launch in Q2 2024, with the Model Y challenger to follow in Q3 ahead of mass deliveries in China in Q4.
- NIO believes as of now, Alps can deliver previously outlined cost levels but will begin with relatively smaller delivery volumes compared to NIO EVs. It is targeting about 10,000 units built per month.
- Alps will have its own sales network of at least 200 locations but will share aftermarket service and battery swaps with the NIO brand.
Lastly, NIO said its immediate focus is on the Chinese market but will continue to explore expansions to other international markets. For example, NIO intends to enter markets in the United Arab Emirates (UAE) this year.
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The Honda Prologue is a surprise hit. It was the second-best-selling electric SUV behind the Tesla Model Y in the second half of 2024. Now, used models are in high demand.
Honda Prologue leads used EV sales growth in July
After it delivered the first customer models last March, the Honda Prologue quickly became one of the most popular EVs in the US.
Throughout the second half of the year, Honda sold an average of over 5,000 Prologues every month. In November, it was the third best-selling EV, trailing only the Tesla Model Y and Model 3.
Honda’s electric SUV continues to be a top seller this year. Last month, it outsold the Ford Mustang Mach-E and Hyundai IONIQ 5. Since delivering the first Prologue model last March, Honda has now sold 52,500 units in the US.
According to Cox Automotive’s latest EV Market Monitor report, used Honda Prologue EVs are selling faster than expected.
Used EV sales rose sharply in July to 36,670, up 23.2% from June and 40% compared to last year. Honda had the biggest increase in used EV sales, more than doubling (+103%) month-over-month. Hyundai (+61.3%) and Rivian (60.5%) ranked second and third.
Tesla led used EV sales last month, selling 15,903 vehicles, up 18% year-over-year. GM’s Chevy (3,499 units, +28.6%), Ford (1,967 units, +25.7%), Mercedes-Benz (1,724 units, -12.3%), and Nissan (1,659 units, +19.9%) rounded out the top five.
Although its market share slipped to 43.4% from 45.2%, Tesla remained the leader by a wide margin. Other luxury brands, including BMW and Audi, reported higher used EV sales in July, with increases of 43.87% and 38%, respectively.
According to the report, used EV listing prices reached $35,263 last month, a 1.9% decrease from June. With a price gap of just $1,266, a record low, used electric vehicle prices are closing in on ICE vehicles.
New EV sales also picked up in July. With over 130,000 EVs sold, up 26% from June, the electric vehicle market share reached 9.1%, the second-highest to date.
Ahead of the $7,500 federal tax credit deadline, set to expire at the end of September, 11 brands posted their best EV sales of the year. The top five included Tesla, Chevy, Hyundai, Ford, and Honda. Volkswagen surged to sixth after electric vehicle sales surged 454% last month.
The Honda Prologue starts at $47,400, but with the credit, you can snag one for under $40,000 right now. Honda is also offering monthly leases as low as $159 in California and other ZEV states. In other regions, it’s still listed for as low as $229 per month.
| 2025 Honda Prologue trim | Starting Price* | Starting Price After Tax Credit* |
EPA Range (miles) |
| EX (FWD) | $47,400 | $39,900 | 308 |
| EX (AWD) | $50,400 | $42,900 | 294 |
| Touring (FWD) | $51.700 | $44,200 | 308 |
| Touring (AWD) | $54,700 | $47,200 | 294 |
| Elite (AWD) | $57,900 | $50,400 | 283 |
Even Honda’s luxury brand, Acura, is selling more electric vehicles than expected. Through the first half of the year, the Acura ZDX outsold the Cadillac Lyriq, and it’s based on the same GM Ultium platform.
Sales are expected to continue picking up ahead of the deadline. As Cox Automotive highlighted, “July’s performance sets a strong precedent, and as policy support winds down, the market’s ability to respond to real-time demand and brand-level dynamics will be critical in shaping the next phase of growth.”
Ready to take advantage of the savings while they are still here? We’re here to help. You can use our link to find deals on the Honda Prologue in your area (trusted affiliate link).
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The waste management experts at Republic Services are committed to cleaning up the Chicagoland area — and now, that includes the air Chicagoans breathe, thanks to the deployment of new Mack LR Electric garbage trucks in the heart of America’s Second City.
Republic Services executives and partners from local utility ComEd gathered yesterday, 14AUG, to celebrate the deployment of Chicago’s first electric refuse fleet, featuring two new Mack LR Electric garbage trucks paid for, in part, by ComEd’s commercial EV rebate program.
“The Mack LR Electric is purpose-built for refuse applications, delivering zero local emissions while maintaining the durability and performance Mack trucks are known for,” reads the official Mack press release. “The electric powertrain provides quieter operation for early morning routes and helps fleet operators meet sustainability goals while supporting cleaner air quality in urban communities. With its low cab-forward design and tight turning radius, the LR Electric maintains the maneuverability essential for residential and commercial waste collection routes.”
The big Class 8 Mack Trucks are powered by a pair of electric motors putting 400 combined kW (about 536 hp) through a 2-speed Mack Powershift transmission that offers a whopping 4,051 lb-ft of peak torque output. That’s over 40% more power than the first generation Mack LR Electric released in 2019, and this iteration can charge the 376 kWh Samsung-sourced batteries fully in under two hours at 150 kW.
Real money, real results
While Washington continues to threaten America’s economic security and position as a global technology leader by toying with the idea of killing the $7,500 Federal EV tax credit, the ENERGY STAR program, and other energy efficiency incentives, the private energy sector is stepping up with massive investments in battery storage, charging infrastructure, and commercial EV rebates – and Chicago is leading that charge (pun very much intended), with EV adoption outpacing the rest of the nation by 4:1 in Q1.
“ComEd is proud to support Republic Services in advancing zero emissions transportation for Chicago’s neighborhoods,” explains Melissa Washington, our senior vice president of customer operations and strategic initiatives. “As more customers take advantage of our EV rebate programs, we are helping empower customers to realize the air quality and energy savings benefits of EVs, and moving our communities closer to their goals for a more sustainable future.”
The new HD electric vehicles will be powered up nightly by equally new 150 kW DC fast charging stations from BP pulse, which are installed at Republic’s vehicle yard in the Little Village neighborhood. Part of the ComEd rebate money awarded to the company helped fund the make-ready infrastructure portion (effectively from the transformer to the stub) of that project, as well as at least one Ford F-150 Lightning pickup.
And, if these trucks look familiar, it might be because Republic Services also handles refuse collection for the City of Madison, Wisconsin, and added two Class 8 electric trucks to their garbage fleet last year in the form of a pair of similar Mack Electric LR HDEVs.
Electrek’s Take
Look, you know me. There is absolutely ZERO chance that I’ll be able to remain objective about anything that’s putting down more than four thousand lb-ft of torque. Make that thing quieter, cleaner, and generally better for me and my community, and there’s even less of a chance of me saying anything critical about it.
Here’s hoping more cities go electric rather sooner than later.
SOURCES | IMAGES: Mack Trucks, Republic Services, via LinkedIn.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla’s upcoming FSD update, Ford’s Universal EV platform, the new Acura NSX, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
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