Written by Cláudio Afonso | LinkedIn | X
After XPeng launched the cheapest model in its history last month, Nio— which also celebrates its tenth anniversary this year—is preparing to follow suit.
With the upcoming launch of the L60, an SUV designed to compete with the world’s best-selling car, the Tesla Model Y, Nio is set to enter a new price segment under its first sub-brand, Onvo. With a pre-sale price of 219,900 yuan ($31,040), all eyes are now on the launch event, where the final price will be revealed.
As exclusively reported by EV in early August, the event is scheduled for September 19, a date confirmed by Li on Thursday.
“Regarding the pricing strategy, well, we launched the project in mid-May. We have announced a pre-sale price, which is [290,900 yuan]. That is around RMB30,000 cheaper than Model Y. And before the official launch of the project on September 19th, we still have some time and room for the final price adjustments and decisions,” the chief executive stated.
Never Miss an Update on Onvo
While saying at the earnings conference call that the company is “quite confident with overall competitiveness of the project,” Nio founder and CEO William Li warned that the company needs to secure “a reasonable margin” for the model.
“But overall speaking, we will try to strike a balance between the vehicle margin and the price point of the product to find the sweet spots. In general, we will not be very aggressive as we need to realize a reasonable margin for the project,” Li said.
The company is targetting 10,000 deliveries for the L60 in December and a continued increase to 20,000 units “sometime next year”.
“Regarding the supply chain security, our target is that by the end of this year, which is in December, we hope that we can realize a supply capacity of 10,000 units. And sometime next year, we will be able to realize a supply capacity of 20,000 units per month,” the chief executive added.
Onvo’s President, Alan Ai, said in late May that the brand is developing six-seat and seven-seat models aimed at larger families.
Written by Cláudio Afonso | LinkedIn | X
