On Wednesday, Chinese electric vehicle manufacturer Nio launched its inaugural vehicle under the new budget-friendly brand, Onvo, positioning itself to challenge Tesla’s Model Y, the global leader in EV sales. Nio revealed the Onvo L60 SUV, priced competitively from 219,900 yuan ($30,476), representing a 12% reduction compared to Tesla’s Model Y starting price of 249,900 yuan in China. With deliveries of the Onvo L60 slated to commence in September, Nio aims to capture a significant market share in the rapidly evolving EV landscape.
Chief executive William Li introduced the Onvo L60 SUV in Shanghai, saying the company also aimed to take on Toyota Motor’s RAV4 by providing family cars that balance customer experience and ownership costs.
“RAV4 and Model Y were the benchmark for family cars in their time. With technologies evolving and people’s understanding in smart EVs deepening, today it’s time for us to redefine the new standards for family cars” The vehicle is more spacious than Tesla’s Model Y, he added.. Li said at the event.
DESIGN AND LOOKS
Crafted by Raul Pires, the visionary behind the original Bentley Continental GT, the Onvo L60 shares striking similarities with the Tesla Model Y upon initial inspection. However, subtle differentiators distinguish it, such as a longer body, higher-positioned front side lights, and narrower tailgate lines with sleeker lights. Notably, the L60 boasts star-designed alloys that exude a heightened allure compared to its counterparts.
SPECIFICATIONS
| Feature | Onvo L60 | Tesla Model Y |
|---|---|---|
| Fast-Charging System | Nio’s self-developed 900-volt system | – |
| Average Energy Consumption (per 100 km) | 12.1 kWh | Slightly higher than Onvo L60 |
Ai mentioned that Onvo cars will benefit from over 1,000 battery swapping stations and 25,000 public chargers provided by Nio. Additionally, Li stated earlier that the bill of materials for the Onvo car would be 10% lower compared to Tesla’s Model Y, as reported by Chinese media. This cost advantage, combined with Nio’s EV battery rental program, positions Onvo to compete more effectively at a lower price point. The launch of the Onvo brand not only positions Nio competitively within China but also opens avenues for expansion beyond its domestic market.
