While the entire EV industry is struggling with weakened sales, Chinese players are launching new models to lure more people.
The latest in this pursuit is a new EV from Nio, under the brand of Onvo, which aims to take on Tesla’s Model Y and the Toyota RAV4. Priced at $30,465, Nio’s new Onvo is trying to penetrate deeply into the family car market. Nio executives also say that the company is planning to launch a new model each year under the Onvo brand.
Competing Against the World’s Best EV
Despite the US and China hitting each other with various trade sanctions, the local businesses in either country aren’t settling down to compete. In this pursuit, Chinese EV maker Nio launched the first electric car under the brand of Onvo, aimed to take on Tesla’s Model Y.
The new Onvo is priced at 219,900 yuan ($30,465, £23,990), which is 10% cheaper than the world’s most popular EV – Tesla Model Y, that has a price tag of 249,900 yuan.
Welcome the #ONVO L60$NIO #NIO pic.twitter.com/PUsPEODqGj
— ChinaDriven (@ChinaDriven) May 15, 2024
Tagged as L60, the first car from Onvo is an SUV aimed at rivaling Tesla’s Model Y and the Toyota RAV4, says Nio’s chief executive, William Li. Further, “With technologies evolving and people’s understanding in smart EVs deepening, today it’s time for us to redefine the new standards for family cars.”
Nio started taking orders for the L60 and aims to begin deliveries by September. Some Nio executives have even confirmed the plans of launching a new Onvo model every year to expand the brand into the family car market.
While it’s an exciting offering to the EV enthusiasts, Nio’s Onvo comes amidst the US government’s plans of quadrupling the import tax on electric cars from China. While this may help the US EV makers, like Tesla, the entire EV industry is in a dizzy state now. Tesla fired 10% of its workforce in April, while BYD’s profits had fallen due to weaker demand and severe competition from growing rivals.
