China’s NIO (NYSE: NIO) has a brand new secret weapon it’s about to unleash. After launching the primary mannequin of its new reasonably priced EV model Onvo, NIO says the upcoming electrical SUV can be “far more aggressive.”
NIO made a press release after launching the Onvo L60 final month, beginning at simply over $21,000 (149,900 yuan).
The electrical SUV undercuts top-selling rivals, together with Tesla’s Mannequin Y, which begins at about $35,000 (249,900 yuan) in China.
Though the $21,000 price ticket is for the battery subscription mannequin, even with the battery included, NIO’s new electrical SUV begins at roughly $29,000 (206,900 yuan).
After the primary Onvo mannequin was delivered on September 28, NIO introduced it had delivered 832 fashions in simply three days. The brand new EV helped push NIO’s month-to-month gross sales over 20,000 for the fifth consecutive month.
Regardless of the success, NIO believes the second Onvo electrical SUV can be an excellent larger progress driver.
“For those who suppose the L60 is nice, then this new mannequin is a way more aggressive product,” NIO’s CEO William Li instructed CnEVPost through the L60’s launch.
NIO Onvo’s second electrical SUV is coming quickly
Li mentioned Onvo will launch one new mannequin yearly. This 12 months, it was the L60. Subsequent 12 months, NIO is anticipated to launch a brand new mid-to-large-size electrical SUV.
NIO’s CEO mentioned the brand new electrical SUV can be revolutionary and provide much more surprises. Deliveries are scheduled for Q3 2025.
In line with a brand new native report (by way of CnEVPost), the brand new Onvo EV may hit the market earlier than anticipated. The report from Leiphone claimed the second Onvo mannequin can be a six- or seven-seat electrical SUV that’s anticipated to debut by the top of Q1 2025.
Though a delay is feasible, the report mentioned deliveries may occur as quickly as Could 2025. Citing sources acquainted with the matter, the Onvo L60 is only a “stepping stone” with extra promising EVs on the way in which.
The supply claimed Onvo’s second electrical SUV will embody a six-seat model beginning underneath $42,100 (300,000 yuan).
Together with the battery rental mannequin, with two new electrical fashions due out subsequent 12 months, NIO will provide costs between $20,000 (140,000 yuan) and $31,000 (220,000 yuan).
NIO Onvo L60 vs Tesla Mannequin Y trims |
Vary (CLTC) |
Beginning Worth |
| NIO Onvo L60 (Battery rental) | 555 km (341 mi) 730 km (454 mi) |
149,900 yuan ($21,200) |
| NIO Onvo L60 (60 kWh) | 555 km (341 mi) | 206,900 yuan ($29,300) |
| NIO Onvo L60 (85 kWh) | 730 km (454 mi) | 235,900 yuan ($33,400) |
| NIO Onvo L60 (150 kWh) | +1,000 km (+621 mi) | TBD |
| Tesla Mannequin Y RWD | 554 km (344 mi) | 249,900 yuan ($34,600) |
| Tesla Mannequin Y AWD Lengthy Vary | 688 km (427 mi) | 290,900 yuan ($40,300) |
| Tesla Mannequin Y AWD Efficiency | 615 km (382 mi) | 354,900 yuan ($49,100) |
The supply mentioned the brand new mid-to-large Onvo electrical SUV can be key to ramping gross sales subsequent 12 months. Though not anticipated to be as huge of successful, Onvo’s third mannequin is anticipated to be a sedan. It’s reportedly due out within the second half of 2025.
On the corporate’s earnings name final month, Li mentioned NIO aimed for Onvo L60 deliveries to achieve 20,000 in a single month someday subsequent 12 months.
At 4,828 mm lengthy x 1,930 mm vast x 1,616 mm tall, the L60 is a direct rival to the Tesla Mannequin Y (4,750 mm lengthy x 1,921 mm vast x 1,624 mm tall). Nonetheless, with an extended wheelbase (2,950 mm vs. 2,890 mm), the L60 options extra inside house.
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