Nio CEO William Li has confirmed the name Onvo for the Chinese EV maker's new volume market sub-brand, ahead of its launch in May.
Onvo's first model will be a rival to the Tesla Model Y and is expected to be delivered to Chinese customers by the end of 2024.
The Onvo name - Ledao in Chinese - was trademarked by Nio in 2022. Until now, Nio has referred to its new brand as Alps - an internal working title used during its founding and the development of its debut car, the L60.
Earlier this month, Li said the first Onvo would be cheaper than the Model Y and support Nio's patented battery swapping technology.
Onvo L60
Onvo is one of two new brands being prepared for launch by Nio. The other, known by the internal working title Firefly, is primarily designed for Europe.
Firefly is expected to be launched in 2025 as a premium small car brand. Li has indicated that it will be positioned below Onvo, with a range of small to mid-sized EVs targeted at those offered by Mini.
Source: Autocar
