- Nio has already opened over 100 stores for the Onvo brand in China.
- All Onvo L60 models are compatible with the automaker’s expansive battery swap network.
- Next year, a flagship variant with 621 miles (1,000 km) of range will be released.
Ever since the Tesla Model Y rose to prominence as the best-selling EV on the planet, plenty of new and compelling alternatives have been touted as rivals for it and yet, none of them have taken the crown. Nio, however, believes its L60 from the mass-market Onvo brand could change that narrative, launching it at an aggressively competitive price.
Not content with merely nudging Tesla, Nio has further reduced its price from the already enticing 219,900 yuan (approximately $31,200) announced in May, which even then, was below Tesla’s Model Y priced around 249,900 yuan (about $35,400).
Read: Nio To Release A New Onvo Electric Model Every Year
Customers who want to hand over as little cash as possible can pick up a brand new Onvo L60 for just 149,900 yuan (~$21,200) and then pay a 599 yuan (~$85) monthly subscription for the 60 kWh battery and 899 yuan (~$125) for the 85 kWh pack. Quite frankly, that sounds like a steal, particularly given how well-received the L60 has been by local journalists who’ve driven it.
Prices rise when you add a battery pack to the L60 but it still undercuts the Tesla Model Y. The entry-level L60 with a 60 kWh pack can be picked up for 206,900 yuan (~$29,200) and one with the larger 85 kWh pack starts at 235,900 yuan (~$33,300).
Both single- and dual-motor versions of the L60 are available, although only prices for the single motor variant have been confirmed. Rear-wheel drive models deliver 322 hp (240 kW) and 225 lb-ft (305 Nm) while all-wheel drive versions add a 134 hp (100 kW) motor to the front axle. Buying an equivalent Tesla Model Y will set back Chinese buyers 249,900 yuan (~$35,400), and unlike the L60, the Tesla cannot use Nio’s ever-growing network of battery swap stations.
Onvo says L60 models with the 60 kWh pack and rear-wheel drive are good for 345 miles (555 km) of range on the CTLC cycle or 326 miles (525 km) in dual-motor guise. The range of 85 kWh models grows to 453 miles (730 km). Nio is also working on a third battery option that will give the L60 a claimed 621 miles (1,000 km) of range.
Over 100 stores have already opened across China to facilitate the rollout of the Onvo brand, with projections to reach 200 stores by year’s end. The Nio chief executive disclosed to CNBC that he anticipates monthly deliveries of the L60 to hit 10,000 starting in December, with expectations to double that figure to 20,000 monthly deliveries starting next year.
40% of Onvo’s store managers previous worked for Tesla
Confirmation of the L60’s pricing came shortly after it was revealed that Onvo has staffed 180 store managers across China, with 40% previously employed by Tesla and another 27% having defected from rival EV maker Li Auto. This strategic play, orchestrated by Xia Qinghua, the chief of Onvo’s user and service operations, represents more than just a staffing update but a calculated move in China’s fiercely competitive EV market.
