NIO’s new Onvo EV brand is finally set to hit its first European markets in early 2025. Chinese electric vehicle maker Nio has launched its first vehicle under a new budget-friendly brand called Onvo, positioning itself to challenge the global leader in EV sales Tesla’s Model Y.
The new low-priced EV brand is expected to play a key role as NIO seeks a bigger share of the global auto market.
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.
Nio Onvo L60 Design and Interior
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.
The interior design of the Onvo L60 is similar to the Tesla Model 3 and Model Y, with a dashboard-less design and no physical buttons. The central console is equipped with a 17.3-inch 3K display.
Nio Onvo L60 EV Specifications
| Feature | Onavo 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.
Launching the Onvo brand positions Nio competitively within China and opens avenues for expansion beyond its domestic market.
