Nio targets mass-market Chinese buyers with affordable Onvo brand, takes on Tesla Model Y
- by scmp.com
- May 15, 2024
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. The carmaker enjoys an edge in production cost over its US rival.
Nio said deliveries of the new car will begin in September.
“Onvo vehicles will give family users the best experience at acceptable prices,” William Li, co-founder and CEO of Nio, said at a launch ceremony in Shanghai on Wednesday. “A balance between product experience and cost of building the vehicles will be struck.”
Nio staff pose for a group photo with the company’s 500,000th vehicle at the Hefei plant in east China’s Anhui province on May 9, 2024. Photo: Xinhua
The entry-level version of the L60, which has a driving range of 555km, is priced at 219,900 yuan (US$30,454), 12 per cent lower than the basic edition of the Shanghai-made Model Y, which is priced at 249,900 yuan.
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Tesla sold 456,394 units of the Model Y in mainland China last year, an increase of 44.8 per cent from 2022. It outsold all other SUVs, including its petrol-powered rivals, in the world’s biggest car market.
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