Onvo, a sub-brand of Nio, has started deliveries of its debut model, the L60, across China following its official launch on September 19. The company held delivery ceremonies in multiple cities today, though it did not disclose the exact number of vehicles delivered.
The Onvo L60, an SUV, entered the market with a starting price of RMB 206,900 ($29,510), significantly undercutting the Tesla Model Y, which starts at RMB 249,900 in China. Customers can also opt for the BaaS (battery as a service) plan, with a base price of RMB 149,900 and monthly battery rental fees of RMB 599 or RMB 899, depending on the battery pack.
The L60 is available in both standard-range and long-range configurations. The standard version comes with a 60-kWh battery that offers a CLTC range of 555 kilometers, while the long-range version features an 85-kWh battery and a CLTC range of 730 kilometers. Currently, only the standard 60-kWh version is being delivered, with long-range deliveries expected to begin in December.
Like Nio’s main brand vehicles, the Onvo L60 allows for flexible battery upgrades. Buyers of the standard model can opt to upgrade to the long-range battery pack on a daily or monthly basis, with further details expected to be announced soon.
Onvo is ramping up production of the L60, with a target of reaching 5,000 units in October and 10,000 units by December, according to Nio’s founder and CEO, William Li. By early 2025, production capacity is expected to hit 16,000 units per month in January and 20,000 units by March.
Nio, which operates two assembly plants in Hefei, Anhui province, is capable of producing 10,000 Nio models and 20,000 Onvo models per month. In September, Nio is projected to deliver approximately 21,000 vehicles, representing a 34 percent year-on-year increase and a 4 percent rise from August, according to a Deutsche Bank research note by analyst Wang Bin.
The Onvo L60 is expected to contribute significantly to Nio’s September sales figures, and the sub-brand has already received over 30,000 non-cancelable orders, Wang’s team noted.
