Nio’s new Onvo Brand Launched its L60 e-SUV, direct competitior to Tesla’s Model Y
Popular Chinese EV maker Nio introduced its first vehicle under the new budget-friendly brand, Onvo on Wednesday. The new arm of the brand aims to compete with Tesla’s Model Y which is among the best-selling electric car in the world. Named the Nio Onvo L60, the e-SUV starts at 219,900 yuan ($30,476) which is about 12% less than the Tesla Model Y’s starting price of 249,900 yuan in China. Nio stated the delivery timeline for its Onvo L60 set to begin in September, 2024.
Key Highlights from the Launch Event
William Li, Nio’s Chief Executive presented the Onvo L60 SUV in Shanghai. He also noted the company’s intention to rival Toyota Motor’s RAV4 by offering family cars that balance both ownership costs and customer experience.
Design and Features
The new Onvo L60 is designed by Raul Pires, the mind behind the Bentley Continental GT. The new Onvo L60 has notable similarities to the Tesla Model Y but with distinct differences. These include a longer body, higher-positioned front side lights, narrower tailgate lines with sleeker lights and unique star-designed alloy wheels that enhance its aesthetic appeal.
Infrastructure and Cost Efficiency
Onvo vehicles will benefit from Nio’s extensive infrastructure, including over 1,000 battery swapping stations and 25,000 public chargers. Li also mentioned that the bill of materials for the Onvo L60 will be 10% lower than that of the Tesla Model Y. This cost efficiency, combined with the brand’s new EV battery rental program will enable Onvo to compete more effectively at a lower price point.
Nio’s Future and Strategy with its new Onvo brand
The introduction of the Onvo sub-brand will not only enhance Nio’s competitive positioning within China but also directs its way for its upcoming international expansion. Onvo’s new high-quality and budget-friendly alternative to the Tesla Model Y will attract a broad range of consumers and strengthen its position in the growing EV market.
Also read: 5 Tips to Improve Your Electric Vehicle’s Battery During Summers