All future Onvo models will be compatible with Nio’s growing battery swap network
by Brad Anderson
5 hours ago
- Onvo’s first model, the L60, is a rival to the best-selling Tesla Model Y.
- The second model of the Onvo brand will meet the needs of large families.
- Nio admits it sacrificed speed to cut costs and lower the L60’s starting price.
Nio has big plans for its new entry-level Onvo brand and will release a new model through the company every year.
Earlier this week, Nio launched its value-oriented sub-brand. Its first product is the L60, an SUV that will compete with the Tesla Model Y but will cost about 12% less. Nio itself represents roughly 3% of China’s total electric vehicle market and has struggled to achieve profitability. It believes the Onvo brand can contribute to its overall profitability if monthly sales exceed 20,000 units.
Read: Nio Nukes Tesla Model Y Price Point With New Onvo L60 Crossover
While the L60 has all the right ingredients to be a strong seller, the Nio doesn’t stop there. Speaking at the launch of the Onvo brand, Nio CEO William Li said the brand’s next model would target large families but failed to provide additional details.
According to Onvo’s president, Alan Ai, the company isn’t focusing on eye-popping acceleration numbers like many other electric cars, and has saved money by not needing high-performance motors.
“People don’t need family cars for racing… so it is very important for them to save unnecessary costs on high-performance electric motors, which will also improve cost savings related to insurance and maintenance,” he told Reuters.
The Onvo L60 is equipped with Nio’s 900V fast charging architecture and works with the company’s battery swap network. Onvo says it requires just 12.1 kWh of electricity per 100 kilometres, beating the Model Y’s 12.5 kWh. The extra long range should be able to travel over 621 miles (1,000 km) on the CLTC cycle. Long-range and standard-range models will also be available, offering a range of 454 miles (730 km) and 345 miles (555 km) respectively.
