Chinese EV maker Nio saw its vehicle registrations in Norway drop by nearly half in October, following a yearly record of 60 units in September.

According to data from Norwegian platform Elbilstatistikk, the premium brand sold 31 EVs last month as demand continues to disappoint.

October figures marked a 83.5% plunge from a year ago, when Nio achieved an all-time record of 184 vehicles.

The month’s total included 5 units of the ET5 and 12 of the ET5 Touring.

As of Monday, the company has no remaining inventory of its entry-level sedan, indicating strong sales of the model across Europe.

In recent months, Nio has offered incentives across several European countries to boost sales of its older-model inventory.

In Norway, its inventory currently includes six units of the ET5T station wagon variant, priced from NOK 470,500 ($46,670) and five units of the EL6 mid-size SUV, starting at NOK 499,249 ($49,520).

One EL8 unit is also listed, priced at NOK 834,249 ($82,750).

The EL6 accounted for 13 vehicles, while 2 units of the second-generation EL8 have also been registered.

The company is offering a 1.99% interest rate on all four models until December 31.

Sales Year-to-Date

Data from the Elbilstatistikk platform shows that the company’s sub-brand Firefly, for which deliveries began in Norway in mid-August, reached 6 units last month.

The Nio Group sold a total of 37 vehicles in the country with the largest EV adoption rate in the world, in which electric vehicles represented 97.4% of the market in October.

In the first ten months of the year, the group’s main brand Nio sold 328 units in the market, less than half of the 767 vehicles sold in the same period a year before.

Firefly’s market launch has yet to improve the overall situation, with only 17 vehicles sold so far.

This brings the group’s total sales from January 1 to October 31 to 345 units.

To meet its target of 1,500 units for 2025 — a goal set in January by country manager An Ho — Nio needs to deliver about 1,155 vehicles across its premium and Firefly brands in the final quarter.

By the end of the first ten months, only 23% of the guidance had been reached.

Mixed Business Model

As it prepares to expand into several European markets in the coming months, the company is adopting a mixed business model.

It will keep its direct-to-consumer approach in four of the five existing markets—Norway, Germany, the Netherlands, and Sweden—where it has operated since 2021–2022.

In Denmark, where it never established a sales network, as well as in the new markets, the company will use a dealership-based approach.

Nio expanded to Norway four years ago with the opening of a flagship Nio House in central Oslo.

On November 4, Nio‘s top executives — William Li, founder and CEO, and Lihong Qin, co-founder and president — are scheduled to be present at the Oslo showroom, in a rare joint visit to Europe.