NIO Launches ONVO Sub-brand to Compete with Tesla’s Best-Selling EVs

NIO, the prominent Chinese electric vehicle manufacturer, unveiled its new sub-brand ONVO. Positioned as a direct competitor to Tesla, ONVO focuses on producing family-oriented vehicles with their debut model being the smart electric mid-size family SUV, L60.

The brand name ONVO derives from "On Voyage," translated from its Chinese equivalent "Le Dao," meaning "Path to Happiness." The logo captures this essence through a depiction of an upward path. The launch of ONVO signifies NIO's initiative for a multi-brand development strategy aimed at expanding its footprint in the increasingly competitive EV sector.

The ONVO L60, which employs a 900V high-voltage architecture, has an energy consumption of 12.1 kWh per 100 km. According to ONVO, with an Ultra Long Range Battery, it can achieve a CLTC range of over 1,000 km. Additionally, compatibility with NIO's extensive network of over 1,000 battery swap stations across China ensures convenience with battery swaps possible within three minutes.

Pre-sales of the ONVO L60 have already begun in China. Prices for the SUV start at 219,900 RMB (30,500 USD), which is 30,000 RMB (4,150 USD) less than the Tesla Model Y. Customers can currently deduct 6,000 RMB (830 USD) from the vehicle price by paying a 2,000 RMB (280 USD) deposit.

Deliveries of the new vehicle will begin in the third quarter of this year.

Source: Nio