NIO Onvo L60 electric SUV (Source: Onvo) On Thursday, NIO officially launched its new Tesla Model Y rival, the Onvo L60. Starting at just $21,200 (149,900 yuan), NIO’s new electric SUV hits the market with cheaper prices than expected. NIO officially launched the L60 electric SUV in China on September 19, 2024, marking the first of its new mass-market Onvo brand. The Onvo L60 is NIO’s answer to Tesla’s top-selling Model Y as it enters new segments. NIO’s new electric SUV starts at just 149,900 yuan, or roughly $21,200. Starting under $22,000, the new mid-size “family smart electric SUV” is even cheaper than the pre-sale price, which opened at $30,500 (219,900 yuan) in May. The low starting price tag is for the battery subscription model. With the battery included, the NIO Onvo L60 starts at $29,300 (206,900 yuan), still cheaper than pre-sale prices. That’s for the 60 kWh battery model with up to 341 miles (555 km) CLTC range. The larger (85 kWh) battery model is available starting at $33,400 (235,900 yuan) and has a CLTC range of up to 454 miles (730 km). NIO Onvo L60 electric SUV (Source: Onvo) NIO Onvo L60 officially launches with cheaper prices During the launch, NIO said a 621-mile (1,000 km) range model with an expected 150 kWh battery pack will be launched. For those who choose the battery subscription model, rentals are $85 (599 yuan) for the 60 kWh and $125 (899 yuan) for the 85 kWh battery per month. NIO Onvo L60 vs Tesla Model Y trims Range