Aug 16, 2024 07:00 PM
BUSINESS
Nio’s Mass-Market EV Brand Onvo to Start Selling First Car Next Month
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The midsize L60 SUV is the first model that Nio will market under its newly launched Onvo brand. Photo: Onvo
The first vehicles manufactured by Chinese electric-vehicle (EV) maker Nio Inc.’s new marque Onvo rolled off the production line Thursday, the company said, and the model is slated to hit the market next month.
The midsize L60 SUV is being manufactured at Nio’s Xinqiao plant in Hefei, Anhui province, where four other Nio models are also produced.
The Onvo brand, which was unveiled in May, will offer more affordable vehicles than those marketed under the Nio brand. The L60 is positioned as a competitor to Tesla Inc.’s Model Y and Toyota Corp.’s RAV4.
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- Nio Inc.'s new brand, Onvo, introduced the midsize L60 SUV, to compete with Tesla's Model Y and Toyota's RAV4, priced from 219,900 yuan.
- Nio reported losses of 20.7 billion yuan last year and delivered 20,498 vehicles in July, ranking third among China's new EV-makers.
- In 2023, China's new-energy vehicle sales rose 37.9% to 9.5 million, with pure EVs at 6.69 million units, a 24.6% increase.
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Who’s Who
- Nio Inc.
- Nio Inc. launched its new marque Onvo, with the first mid-size L60 SUV rolling off the production line. Onvo offers more affordable EVs compared to Nio. The L60 is a competitor to Tesla's Model Y and Toyota's RAV4, priced at 219,900 yuan. Nio faced losses of 20.7 billion yuan last year and missed sales targets. The company focuses solely on pure-electric models and is expanding its network of battery-swapping stations and charging facilities.
- Li Auto Inc.
- Li Auto Inc. is one of China’s leading emerging electric vehicle makers, ranking higher than Nio Inc. in vehicle deliveries for July. Known for its strong market presence, the company focuses on producing new-energy vehicles, including hybrids and pure-electric models.
- Huawei Technologies Co. Ltd.
- Huawei Technologies Co. Ltd. ranked higher than Nio Inc. among China's emerging EV-makers in July, as indicated by the nearly unchanged vehicle delivery numbers for Nio that month. This suggests that Huawei is becoming a significant competitor in the Chinese EV market.
- Guangzhou Automobile Group Co. Ltd.
- Guangzhou Automobile Group Co. Ltd. (GAC Group) is a state-owned enterprise in China that recently joined Nio Inc.'s alliance in May to expand the network of battery-swapping stations and charging facilities. This partnership aims to support Nio's growth and enhance its EV infrastructure.
- FAW Group
- FAW Group is a state-owned automotive manufacturing company in China. It recently joined Nio Inc.'s alliance to expand the network of battery-swapping stations and charging facilities. This partnership aims to bolster Nio's revenue through improved infrastructure for electric vehicles.
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What Happened When
- 2023：
- China’s new-energy vehicle sales rose 37.9% to around 9.5 million cars.
- July 2023：
- Nio delivered 20,462 vehicles.
- Last year, in 2023：
- Nio posted losses of 20.7 billion yuan and failed to meet its sales target.
- May 2024：
- The Onvo brand was unveiled.
- May 2024：
- State-owned Guangzhou Automobile Group Co. Ltd. and FAW Group joined Nio's battery-swapping stations and charging facilities alliance.
- July 2024：
- Nio delivered 20,498 vehicles.
- August 15, 2024：
- The first vehicles manufactured by Nio Inc.’s new marque Onvo rolled off the production line.
AI generated, for reference only
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