Nio’s sub-brand Onvo is setting ambitious goals for expansion in the Chinese electric vehicle (EV) market, with plans to open 500 stores by March 2025 and a target of 800-1,000 by the end of 2025, according to local media outlet Xchuxing.
Onvo, which launched its first model, the L60, on September 19 as a competitor to the Tesla Model Y, has already opened 120 stores as of September 19. The brand’s initial target was to have 200 stores across 68 cities by the end of 2024. Onvo’s goal is to deliver 20,000 units monthly by March 2025, with monthly orders also reaching the same number. The brand is aiming for further growth, targeting 30,000 units per month by late 2025 or early 2026.
“We plan to broaden our sales channels to cover more lower-tier cities,” Onvo President Alan Ai said during an interview at the ongoing Guangzhou auto show. The Onvo L60 is reportedly outselling the Tesla Model Y in Anhui, showcasing its early success in the Chinese market.
Sales of the Onvo L60 peaked at the end of September, but have since seen a steady week-on-week increase of about 10% starting in the second week after China’s National Day holiday in early October.
As of November 14, more than 7,000 units of the Onvo L60 had been delivered, with Ai reiterating the goal of surpassing 10,000 units in December and reaching over 20,000 units per month by March 2025. The L60 starts at RMB 206,900 ($28,570), making it RMB 43,000 cheaper than the Tesla Model Y in China.
In addition to expanding sales, Onvo plans to launch new models, including sedans, and will focus on exploring markets with the most growth potential, avoiding niche segments. Despite being a new brand, Onvo’s user overlap with Nio is currently less than 2%.
