China’s NIO (NYSE: NIO) delivered over 20,000 vehicles in September, its fifth straight month crossing the mark. In just three days, NIO sold 832 Onvo L60 electric SUVs, the first of its new low-cost EV brand.
NIO ignited the industry after officially launching the Onvo L60 last month. Starting at just $21,200, the electric SUV kicks off NIO’s new affordable sub-brand.
The low starting price tag undercuts rivals, including Tesla’s Model Y, which starts at $34,600 (249,900 yuan) in China.
After handing over the first Onvo L60 on September 28, NIO announced it delivered 832 models in just three days.
NIO’s new electric SUV helped it achieve its second-highest monthly delivery total, with 21,181 vehicles delivered in September. The NIO brand delivered 20,349 models, while the Onvo L60 accounted for the remaining 832.
The growth was enough to put NIO over the 20,000-sales threshold for the fifth consecutive month.
It also helped push NIO to a new quarterly delivery record: 61,855 vehicles were handed over in Q3, up 11.6% from last year.
NIO delivered 832 Onvo L60 electric SUVs in 3 days
NIO hit its guidance of between 61,000 and 63,000 vehicle deliveries in the third quarter. With L60 deliveries set to accelerate in October, will NIO top its monthly sales record of 21,209 in June?
The low $21,200 (149,900 yuan) price is for the battery rental model, which also includes a monthly subscription fee. The fee is $85 (599 yuan) for the 60 kWh battery or $125 (899 yuan) per month for the 85 kWh battery.
NIO Onvo L60 vs Tesla Model Y trims | Range (CLTC) | Starting Price |
| 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 Model Y RWD | 554 km (344 mi) | 249,900 yuan ($34,600) |
| Tesla Model Y AWD Long Range | 688 km (427 mi) | 290,900 yuan ($40,300) |
| Tesla Model Y AWD Performance | 615 km (382 mi) | 354,900 yuan ($49,100) |
For the battery pack included, L60 prices start at $26,300 (206,900 yuan), still lower than the Model Y.
At 4,828 mm long x 1,930 mm wide x 1,616 mm tall, the L60 is slightly bigger than Tesla’s Model Y (4,750 mm long x 1,921 mm wide x 1,624 mm tall). However, its longer wheelbase (2,950 mm vs. 2,890 mm) gives way more interior space.
Inside, the L60 is almost a replica of the Model Y. The 17.3″ infotainment screen is the center of an otherwise minimalistic setup.
NIO’s new Onvo L60 is expected to be a genuine rival to the Model Y and other top-selling electric SUVs in China. The low-cost EV is already earning praise from analysts as NIO looks to enter its next growth phase.
NIO shares surged Monday following a new $470 million (RMB 3.3 billion) cash investment to fuel its expansion. NIO stock is up 68% over the last month, but share prices are still down 20% over the past 12 months.
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