NIO’s new Onvo EV model is lastly scheduled to reach in its first European market in early 2025. The brand new lower-priced EV model is predicted to play a big function as NIO seems for a much bigger share of the worldwide auto market.
After launching the primary Onvo mannequin, the L60 electrical SUV, in September, NIO’s new sub-brand is already exhibiting promise.
In its first full gross sales month, over 4,300 Onvo L60 fashions have been offered, or a couple of fifth of NIO’s almost 21,000 autos offered in whole in November.
With beginning costs of simply over $21,000 (149,900), the Onvo electrical SUV undercuts rivals, together with Tesla’s Mannequin Y, which begins at round $35,000 (249,900 yuan) in China. Nevertheless, NIO’s base value is when you choose to lease the battery, which is an additional $85 (599 yuan) or $125 (899 yuan) per thirty days, relying on the battery dimension.
Even with the battery included, the Onvo L60 remains to be cheaper than Tesla’s prime vendor, with costs beginning at $29,300 (206,900).
After a sizzling gross sales begin at residence, NIO is now launching its low-cost EV abroad. In accordance with Eric Yu, the VP of merchandise for NIO’s Onvo EV model, the L60 will launch in its first European market in early 2025.
NIO’s new Onvo L60 EV preps for first European market
Yu advised Automotive Information Europe Onvo would first debut within the UK as a result of, not like the EU, the area doesn’t have import tariffs on Chinese language EV imports.
With the EU elevating duties, NIO, together with its Onvo model, faces a 31% import tariff within the EU. That’s up from simply 10% final yr.
Though NIO has been promoting vehicles in Europe since 2021, its growth has been slower than anticipated. Over the previous few years, NIO has primarily targeted on present markets like Norway, Germany, and the Netherlands.
That might quickly change with its new Onvo model. In a latest interview with Chinese language media CGTN (through CnEVPost), Nio’s president, Qin Lihong, mentioned, “I hope that we are able to develop to as much as 25 completely different international locations or areas by the tip of subsequent yr.”
| NIO Onvo L60 vs Tesla Mannequin Y trims | Vary (CLTC) |
Beginning Value |
| NIO Onvo L60 (Battery rental) | 555 km (341 mi) 730 km (454 mi) |
149,900 yuan ($21,200) |
| NIO Onvo L60 (60 kWh) | 555 km (341 mi) | 206,900 yuan ($29,300) |
| NIO Onvo L60 (85 kWh) | 730 km (454 mi) | 235,900 yuan ($33,400) |
| NIO Onvo L60 (150 kWh) | +1,000 km (+621 mi) | TBD |
| Tesla Mannequin Y RWD | 554 km (344 mi) | 249,900 yuan ($34,600) |
| Tesla Mannequin Y AWD Lengthy Vary | 688 km (427 mi) | 290,900 yuan ($40,300) |
| Tesla Mannequin Y AWD Efficiency | 615 km (382 mi) | 354,900 yuan ($49,100) |
At 4,828 mm lengthy, 1,930 mm large, and 1,616 mm tall, the L60 is sort of the identical dimension because the Tesla Mannequin Y (4,750 mm lengthy x 1,921 mm large x 1,624 mm tall).
The Onvo L60 will mark NIO’s entrance into the UK market. It would launch early subsequent yr. In accordance with Yu, Onvo will start exporting fashions after manufacturing reaches 30,000 per thirty days, which is predicted round March 2025.
NIO may even launch its second EV model, Firefly, in a number of days. The brand new EV model is predicted to be geared toward world markets. It would formally launch on December 21 throughout NIO Day. Examine again for extra.
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