Nio Introduces Affordable EV Brand "Onvo"

Chinese EV automaker NIO (NYSE: NIO) is set to launch a budget-friendly electric vehicle brand, "Onvo", on May 15, 2024.

This initiative arises as competition heats up in China's electric vehicle market, prompting companies like Tesla and Xpeng to reduce their prices.

Onvo's first offering, the L60, will retail at around $34,600. It's positioned competitively within the same market segment as Tesla's Model Y and is designed as a "family-centric smart BEV." This pricing strategy marks a shift from Nio's usual lineup of higher-priced SUVs and sedans.

Nio reported a significant increase in sales this April, delivering 15,620 vehicles, up from 11,866 in the previous month. Nio's CEO, William Li, stated that the L60 would be an affordable SUV option.