NIO (NYSE: NIO) plans to expand into 25 overseas markets by the end of next year. With its new lower-cost Onvo brand already driving demand, NIO expects to play a much bigger role in the global EV market. Will we see NIO’s electric vehicles launch in the US? Europe?
After its sixth straight month, with over 20,000 vehicles sold in October, NIO appears to be gaining traction.
NIO-branded vehicles accounted for 16,657 of the nearly 21,000 models sold last month, while its new mainstream Onvo brand contributed 4,319 in its first full sales month.
After launching the Onvo L60 at the end of September, NIO’s new midsize electric SUV is already showing promise. Starting at just over $21,000 (149,900 yuan), the L60 is widely compared to Tesla’s top-selling Model Y.
The Onvo electric SUV is cheaper than the Model Y in China, which starts at around $35,000 (249,900 yuan). However, the $21K L60 price is if you rent the battery, which includes an $85 (599 yuan) or $125 (899 yuan) monthly fee, depending on the battery’s size.
Even with the battery included, NIO Onvo L60 prices still undercut the Tesla Model Y, starting at $29,300 (206,900 yuan).
At 4,828 mm long, 1,930 mm wide, and 1,616 mm tall, NIO’s electric SUV is a direct rival to Tesla’s top seller (4,750 mm long x 1,921 mm wide x 1,624 mm tall).
| 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) |
NIO wants more to gain overseas market share
In May 2021, NIO announced it was taking the brand global. By October, the Chinese EV maker opened its first overseas showroom in Norway.
Although the company unveiled plans to enter over 25 overseas markets during NIO Day in December 2021, the expansion has largely stalled.
Over the past few years, NIO has focused on its existing overseas markets, including Norway, Germany, the Netherlands, Sweden, and Denmark, but that will soon change.
According to NIO’s president and co-founder, Qin Lihong, the company is standing by its 2021 target.
In a recent interview with Chinese media CGTN (via CnEVPost), Qin said, “I hope that we can expand to up to 25 different countries or regions by the end of next year.”
NIO’s president added, “We want to enter more than 90 percent of the market presence” in the next five to ten years.
Although no specific markets were mentioned, local media reports suggest they will include major auto hubs like the US, Western Europe, Australia, and New Zealand. However, with tighter regulations on EV imports from China expected, the US could be a hard market for NIO to compete.
With NIO’s new Onvo L60 gaining momentum, the low-cost brand could play a significant role as the EV maker expands overseas.
According to NIO Onvo’s president, Alan Ai (via CnEVPost), over 7,000 L60 models have been delivered as of November 14. By March 2025, Onvo is expected to deliver over 20,000 models in a single month.
Onvo is also launching its second EV next year, a six or seven-seat electric SUV. NIO’s CEO William Li said the new Onvo model will be “much more competitive” than the L60.
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