Nio‘s family-oriented sub-brand Onvo announced on Sunday a new promotional campaign offering full purchase tax subsidies and seven-year financing at a 0.49% annualized rate.
The new incentives were hours just before the company reported its worst monthly delivery figure since the brand delivered its first EVs in September 2024.
Until the end of March, buyers who opt for Nio‘s Battery as a Service program will receive full purchase tax coverage, with subsidies of up to 8,156 yuan for the L60 SUV and up to 10,262 yuan for the L90.
Customers who finance their purchase through a traditional loan will also receive partial subsidies based on the battery rental purchase amount.
For L90 buyers who placed orders on or after Jan. 1 and have not yet received the purchase tax subsidy, Onvo said it will compensate them with 80,000 loyalty points.
Down payments start from 29,900 yuan ($4,350) for the L60 and 35,900 yuan ($5,220) for the L90, with daily repayments as low as 69 yuan and 89 yuan respectively.
The brand said the financing comes with zero financial service fees and no early repayment penalties.
Delivery Slump
The incentives come as Onvo posted back-to-back record lows, delivering 3,481 vehicles in January and 2,981 in February — its two worst months since deliveries commenced in late September 2024.
The combined January-February total of 6,462 vehicles represents a 35.1% decline from the 9,961 units delivered in the same period last year, when Onvo had only one model in its lineup.
The brand now sells two, the L60 and the larger L90, yet demand has fallen sharply from its peak.
CNY’s Impact
China’s auto sector braced for a sluggish February as the Chinese New Year holiday weighed on production and sales.
The China Passenger Car Association flagged the period as “the year’s absolute trough,” pointing to this year’s nine-day holiday — the longest on record — which left the month with just 16 working days, three fewer than the same period last year.
But the holiday alone does not fully explain the trajectory.
Onvo‘s two-month figure of 6,462 units represents less than 17% of the 38,290 vehicles the brand delivered in the fourth quarter of 2025.
It also falls well short of the year-ago January-February total, a period that also included a Chinese New Year slowdown — though a shorter one.
Onvo L90
The L90, Onvo‘s three-row SUV launched last August, saw monthly deliveries exceed 10,000 for three consecutive months through October 2025 before declining every month since — to 11,794 in November, 9,154 in December, 3,481 in January, and 2,981 in February.
Onvo does not disclose individual model sales.
However, in January, the CPCA reported that the L60 delivered 1,981 units — the first time since the L90’s launch that the debut model outsold its newer sibling.
Upcoming L80
Onvo is preparing to launch a third model, the L80, a five-seat iteration of the L90 positioned between the two existing models.
Nio co-founder and President Qin Lihong said the brand will launch the model “around mid-May,” coinciding with Onvo’s second anniversary on May 15.
The model’s debut had previously been postponed as Nio prioritized production capacity for its larger SUVs late last year.
Automakers have concentrated most of their new model launches in the post-holiday period, a strategic choice the CPCA noted is fueling “short-term volatility in both orders and deliveries.”
Nio Group is scheduled to unveil two new models in April — the ES9 flagship SUV and the Onvo L80.
