Chinese automaker Nio has revealed the name of its upcoming mass-market brand: Onvo. Formerly known by the codename Alps, this new entity is scheduled to debut in May. Positioned below the premium Nio brand, Onvo’s first electric vehicle will target both more affordable options and the Tesla Model Y, offering a comparable package at a lower price point.
The new name was announced by William Li, Nio’s CEO, who revealed that it was “carefully” chosen after a decision-making process that spanned the second half of 2023. Li described Onvo as a “mass-market brand,” clarifying that it’s not positioned in the “low-to-mid range” segments.
The first production model of Onvo – currently known as the L60 – is expected to launch in the Chinese market in 2024, with subsequent plans for expansion into Europe.
More: We Can’t Say If Nio’s Alps DOM Is Better Than A Tesla Model Y, But It Sure Looks Like One
Prototypes of the electric crossover were spotted with minimum camouflage during development testing, revealing a similar silhouette to the Tesla Model Y. Onvo is expected to utilize Nio’s NT 3.0 architecture, which supports various configurations including 60 kWh and 90 kWh battery packs, single or multiple electric motors, and battery-swapping technology.
Despite its more affordable price point, Onvo claims its EV will boast faster charging rates and larger screens compared to its Tesla counterpart.
According to reports from Chinese media, the Onvo L60 is anticipated to start at approximately ¥250,000 ($34,731) in the domestic market. For comparison, the entry-level Tesla Model Y starts at ¥258,900 ($35,968) following the most recent price cuts in the Chinese market.
Besides Onvo, Nio plans to introduce another sub-brand, currently codenamed Firefly. This brand is slated for launch in 2025, with a focus on offering small to mid-sized EVs tailored to the needs of European buyers. The company’s CEO likened the relationship between Firefly and Nio to that of Mini and BMW, suggesting that Firefly’s models will possess a premium character.
