Written by Cláudio Afonso | LinkedIn | X
As reported by EV on Monday, several Onvo L60 vehicles have recently been listed on Chinese second-hand marketplaces, with prices for nearly new EVs starting at 116,800 yuan ($15,990).
The brand-new vehicle is priced at 206,900 yuan when purchased with the standard-range battery or 149,900 yuan under Onvo’s Battery-as-a-Service (BaaS) program, which allows customers to rent the battery.
One of the Chinese automotive platforms, ‘Dongchedi,’ features a listing for a late 2024 model of the standard-range version, which offers a 555-km range. According to the listing, the vehicle has 770 kilometers on the odometer.
The listing states:
“¥11.68万 (116,800 yuan) / New car guide price: ¥20.69万 (206,900 yuan) / Saves ¥9.01万 (90,100 yuan) compared to a new car.”
On its website, as seen in the last line of the image below, the platform displays:
“119,800 yuan (New car guide price: 206,900 yuan),” indicating a discount of 87,100 yuan ($11,920), or 42%.
When approached by EV to comment on the report, a spokesperson from the Nio group clarified on Tuesday that the apparent price disparity is due to “some used-car sellers have inaccurately labeled vehicles purchased via the BaaS model (¥149,900) with the original ‘full vehicle price’ (¥206,900).”
“Recent discussions about the L60’s pricing on secondhand platforms require clarification. Some used-car sellers have inaccurately labeled vehicles purchased via the BaaS model (¥149,900) with the original “full vehicle price” (¥206,900),” the statement said.
The company’s spokesperson added that the inaccurately labeled prices “risks misleading consumers unfamiliar with BaaS, creating a perceived ‘significant price gap’ that does not reflect genuine discounts.”
Onvo said that new L60 buyers receive substantial subsidies through official channels, including national trade-in incentives of up to 20,000 yuan, pre-order discounts, and display-model reductions.
Commenting on the several newly-new L60s which have been appearing in second hand marketplaces, the brand said that “current used-car listings (¥126,800–130,000) align closely with—or even exceed—these subsidized new-car prices, dispelling claims of “undercutting” in the secondary market.”
“Also, L60 purchases through official channels benefit from substantial subsidies, including national trade-in incentives (¥15,000–20,000), limited-time pre-order discounts, and display-model reductions,” the company said.
The company cited examples where the effective post-subsidy price of a new L60 in Hainan could drop to around 120,000 yuan, making some used listings comparable to—if not higher than—subsidized new car prices.
“For example, in Hainan, post-subsidy pricing starts at ¥127,900 (after deducting ¥18,000 in government support and ¥4,000 from pre-order benefits), and drops to around ¥120,000 for display models,” the company’s spokesperson stated.
While emphasizing that third-party sellers on these platforms are not affiliated with Onvo, the company recommended customers to purchase vehicles through its official app to access full subsidies, warranties, and customer protections.
“While third-party sellers on these platforms are not affiliated with ONVO, we encourage customers to purchase the cars on our official App to ensure full access to subsidies, warranties, and customer protections,” the statement concluded.
Several automotive bloggers reported on Monday on the social media platform Weibo that the brand was also directly selling L60 vehicles on second-hand marketplace platforms. The posts seen by EV did not specify if the vehicles were showroom units, test drive cars, or brand new.
However, this information could not be independently verified at the time of writing. Following the statement, EV has reached out to the company for clarification. Any response from the Nio Group or Onvo brand will be incorporated into the report once received.
Nio launched Onvo in May 2024, positioning the brand as an affordable alternative for young families prioritizing technology and safety. The L60, a five-seat SUV, began deliveries in late September.
Weekly Registrations
As reported earlier today, Onvo registered 370 vehicles between February 3 and 9 — data shared by Li Auto showed.
Registration numbers stayed low across most manufacturers due to ongoing disruptions from the Chinese New Year holiday, which took place from January 28 to February 4.
Regarding the Onvo brand and its direct competitors, Tesla registered 3,800 units of the previous-generation Model Y as total insured units fell to 6,220 vehicles. The company recently discontinued sales of this version as it prepares to begin global deliveries of the updated Model Y next month.
New Discounts and Incentives
Onvo announced last week a range of limited-time incentives where customers who place a deposit by February 28 will be eligible for a 0% down payment and a three-year interest-free financing plan valued at 14,840 yuan ($2,030).
Additionally, the brand is also offering additional benefits, including three years of free Navigate on Autopilot (NOA) worth 11,520 yuan ($1,580), a battery rental plan allowing customers to pay for four months and receive one month free (valued at 4,193 yuan or $575), and 24 Onvo charging vouchers worth 1,620 yuan ($222).
Other incentives include discounts on body color and wheel selection, each worth 3,000 yuan ($411), and a 3,000-point vehicle pickup reward equivalent to 300 yuan ($41).
