SHANGHAI — Nio, a Chinese electric vehicle manufacturer, has officially launched the first vehicle under its new budget-friendly brand, Onvo. The Onvo L60 SUV is designed to compete with Tesla’s Model Y, the best-selling electric vehicle worldwide.
The Onvo L60 SUV starts at a price of 219,900 yuan ($30,476), which is 12% lower than Tesla’s Model Y starting price of 249,900 yuan in China. Nio plans to begin delivering the Onvo L60 in September.
During the unveiling event in Shanghai, Nio’s CEO William Li introduced the Onvo L60 SUV, stating the company’s goal to challenge Toyota Motor’s RAV4 by offering family cars that prioritize customer experience and affordability.
“RAV4 and Model Y have set the standard for family cars in the past. With advancements in technology and growing interest in smart EVs, it’s time for us to redefine the benchmarks for family vehicles,” Li mentioned during the event.
The Onvo L60 provides more interior space compared to Tesla’s Model Y, according to Li.
The introduction of the Onvo brand at a lower price point could facilitate Nio’s expansion beyond China. However, plans to enter the European market have been complicated by an ongoing investigation by the EU into EV imports from China.
FAQ
What is the starting price of the Onvo L60 SUV?
The Onvo L60 SUV has a starting price of 219,900 yuan ($30,476).
When will Nio begin delivering the Onvo L60?
Nio plans to start delivering the Onvo L60 in September.
Conclusion
Nio’s launch of the Onvo brand with the introduction of the Onvo L60 SUV signifies the company’s commitment to expanding its market presence and offering more affordable electric vehicles to consumers. With its competitive pricing and advanced technology features, the Onvo brand aims to challenge industry leaders and set new standards in the electric vehicle market.
