Nio, a Chinese electric vehicle manufacturer, presented the first vehicle under its new lower-priced brand Onvo on Wednesday, aiming to compete with Tesla’s Model Y, the world’s best-selling EV.
Onvo L60 SUV
Nio revealed the Onvo L60 SUV, with a starting price of 219,900 yuan ($30,476).
12% less than Tesla’s Model Y, which starts at 249,900 yuan in China. Nio intends to begin delivery of the Onvo L60 in September.
Tesla’s Model Y
In Shanghai, chief executive William Li unveiled the Onvo L60 SUV, stating that the business sought to compete with Toyota Motor’s RAV4.
By offering family automobiles that combine 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,” Li said at the event.
With a cheaper price tag, the Onvo brand might also help Nio expand outside of China.
However expanding into Europe is overshadowed by the EU’s ongoing anti-subsidy investigation into Chinese EV imports.
Onvo L60
The Onvo L60 features Nio’s self-developed 900-volt fast-charging technology and has an average energy usage of 12.1 kilowatt-hours (kwh) per 100 km.
Which is somewhat less than Tesla’s Model Y, according to Ai Tiecheng, president of the Onvo brand.
The Onvo cars will have access to more than 1,000 battery swapping stations and 25,000 public chargers belonging to Nio, Ai added.
To read our blog on “Kia will unveil its compact EV3 SUV this month,” click here
