NIO’s new Onvo EV brand is finally scheduled to arrive in its first European market in early 2025. The new lower-priced EV brand is expected to play a significant role as NIO looks for a bigger share of the global auto market.
After launching the first Onvo model, the L60 electric SUV, in September, NIO’s new sub-brand is already showing promise.
In its first full sales month, over 4,300 Onvo L60 models were sold, or about a fifth of NIO’s nearly 21,000 vehicles sold in total in November.
With starting prices of just over $21,000 (149,900), the Onvo electric SUV undercuts rivals, including Tesla’s Model Y, which starts at around $35,000 (249,900 yuan) in China. However, NIO’s base price is if you opt to rent the battery, which is an extra $85 (599 yuan) or $125 (899 yuan) per month, depending on the battery size.
Even with the battery included, the Onvo L60 is still cheaper than Tesla’s top seller, with prices starting at $29,300 (206,900).
After a hot sales start at home, NIO is now launching its low-cost EV overseas. According to Eric Yu, the VP of products for NIO’s Onvo EV brand, the L60 will launch in its first European market in early 2025.
NIO’s new Onvo L60 EV preps for first European market
Yu told Automotive News Europe Onvo would first debut in the UK because, unlike the EU, the region doesn’t have import tariffs on Chinese EV imports.
With the EU raising duties, NIO, including its Onvo brand, faces a 31% import tariff in the EU. That’s up from just 10% last year.
Although NIO has been selling cars in Europe since 2021, its expansion has been slower than expected. Over the past few years, NIO has mainly focused on existing markets like Norway, Germany, and the Netherlands.
That could soon change with its new Onvo brand. In a recent interview with Chinese media CGTN (via CnEVPost), Nio’s president, Qin Lihong, said, “I hope that we can expand to up to 25 different countries or regions by the end of next year.”
| 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) |
At 4,828 mm long, 1,930 mm wide, and 1,616 mm tall, the L60 is nearly the same size as the Tesla Model Y (4,750 mm long x 1,921 mm wide x 1,624 mm tall).
The Onvo L60 will mark NIO’s entrance into the UK market. It will launch early next year. According to Yu, Onvo will begin exporting models after production reaches 30,000 per month, which is expected around March 2025.
NIO will also launch its second EV brand, Firefly, in a few days. The new EV brand is expected to be aimed at global markets. It will officially launch on December 21 during NIO Day. Check back for more.
FTC: We use income earning auto affiliate links. More.
Comments