Deliveries of the first model of Nio's third brand, codenamed Firefly, will begin in the first half of 2025, Nio management said.

Nio (NYSE: NIO) today reported first-quarter 2024 financial results and hosted an analyst call afterwards.

Below are the key takeaways from that call, with the most recent at the top.

Nio had already exceeded its production capacity with orders in May, and deliveries that month were the capacity cap.

Nio is looking to boost capacity by adding some double-shift production.

Nio's three brands target different markets, but have in common that they all support battery swap.

Nio will begin offering its products and services in the UAE later this year, with related preparations underway.

A key task for Nio in the next phase is to optimize gross margins while ensuring stable volumes.

More than 80 percent of customers who buy Nio vehicles today chose the BaaS (battery as a service) solution.

Nio has more than 1,000 third-generation battery swap stations, and the company will begin installing fourth-generation stations, which can be shared with Onvo, next week.

The third-generation stations will need to be retrofitted for use by Onvo models, at an approximate cost of RMB 200,000 to RMB 300,000 per site.

By the end of the year, there will be more than 1,000 battery swap stations available for Onvo.

For the Onvo brand, the long-term goal is to maintain a gross margin of more than 15 percent.

The Onvo brand can break even by selling 20,000 to 30,000 units per month.

Firefly is well under development and is a car designed to a very high standard.

Deliveries of the Firefly's first model will begin in the first half of next year.

Nio's models will be switched to the NT 3.0 platform starting next year from the ET9.

Onvo will have 100 stores ready when deliveries begin in September.

Because it does not require facilities similar to Nio House, Onvo stores will be opened more efficiently, with an investment of roughly RMB 1 million - 2 million per store, which is not too much pressure on the company.

Onvo will release the second mid-to-large-size SUV next year, and the brand won't have too many offerings, aiming for each product to do well in each segment.

Nio holds around 90 percent of the equity after Nio Power secured its first external financing.

Nio Power will continue to be open for financing subsequently, and sustainability and profitability are clear.

Battery swap stations can break even if they provide 60 units of service per day, which is currently around 30 units per day.

Nio expects gross margins to return to double-digit levels in the second quarter and improve further in the third and fourth quarters.

Nio's revenue slips in Q1 as deliveries decline