Chinese EV startup Nio Inc (NYSE:NIO) launched its new lower-priced EV brand Onvo in May this year. The brand started selling its first vehicle- the Onvo L60- in late September and since then, Nio sales have been on the rise.
What Happened: The Onvo L60 is a mid-size electric SUV that starts at 206,900 yuan ($28,347) with the battery pack included, much lower than Tesla's affordable models Model 3 or Model Y in China.
In September, Nio delivered 832 Onvo L60s despite having only a few selling days. In October, the first full month of sales, Onvo deliveries rose to 4,319. In November, L60 deliveries rose to 5,082, implying demand for the vehicle.
In August, the month before Onvo deliveries commenced, Nio delivered 20,176 vehicles, marking a growth of just 4.4% year-on-year.
In September, the first month of Onvo L60 deliveries, Nio's total deliveries jumped 35.4% as compared to the corresponding period last year. In October and November, deliveries marked an increase of 30.5% and 29%, respectively.
Why It Matters: Nio identifies itself as a premium EV brand. Its ET9, for instance, starts at 788,000 yuan, including the battery.
The low-cost EV from the company's Onvo brand has helped it move to the low-cost EV segment which has significant demand.
Earlier this month, Nio also launched a new brand called Firefly, touted as a rival to Mercedes' Smart and BMW's Mini. The brand's first vehicle shares its name and pre-sales started at a price of 148,800 yuan. It is expected to be launched in April 2025.
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Photo courtesy: Nio
