Written by Cláudio Afonso | LinkedIn | X
Sales of Nio’s sub-brand Onvo halved to 700 units in the week of March 31 to April 6, marking the lowest result since February and the first full week under new brand head Shen Fei.
Shen, previously senior vice president of Nio Power, took over leadership of the family-oriented EV brand on April 1, replacing Alan Ai, who stepped down after missing sales targets earlier this year.
Onvo’s sole model, the L60 — a five-seat SUV aimed at Tesla’s Model Y — recorded 1,400 units in the final week of March, according to registration data shared by local media and industry bloggers.
China observed a three-day holiday from April 4 to 6 for the Ching Ming Festival, which impacted both production and deliveries in the auto industry.
Onvo deliveries reached nearly 6,000 in January, 4,049 in February and 4,820 in March — well below the target of 16,000 units in January and 20,000 in March communicated late last year.
Nio CEO William Li recently admitted that Onvo had “not met expectations” in the first months of this year, pointing to several reasons for the weaker-than-expected demand.
Shen, writing on the Onvo app following his appointment, said: “As a veteran involved in building Nio Power’s service network, I take on a new challenge today and am confident that I’ll be joining you all on this new journey.”
To jumpstart demand, Onvo launched its first major incentive campaign under Shen’s leadership over the weekend. Customers who place a deposit for the L60 by the end of April will receive a 6,000-yuan ($825) “worry-free” charging package, which can be used for public charging, home installation, or battery upgrades. The offer is designed to cover the equivalent of two years of free charging based on four battery swaps per month.
Buyers will also get five years of complimentary access to Onvo Intelligent Driving, the company’s assisted driving suite, valued at 19,200 yuan ($2,640). Existing L60 owners will be granted an additional two years of the service at no cost.
These benefits stack with Onvo’s existing five-year, interest-free financing program, which enables buyers to secure an L60 with a 45,000-yuan ($6,190) down payment and monthly installments of 2,350 yuan ($320), without processing fees.
Shen said this week he “generally agrees” that Onvo should not overemphasize battery swapping — long seen as a hallmark of Nio vehicles — and should instead highlight other unique selling points of the L60.
Onvo is set to unveil its second model, the L90, later this month at the Shanghai Auto Show. The three-row SUV will serve as the brand’s flagship and is expected to compete directly with Li Auto’s flagship SUV.
. Beijing-based Li Auto suspended its routine Tuesday disclosures after the China Association of Automobile Manufacturers (CAAM) urged last month the company to halt the practice. Still, registration figures for other brands, including Nio and Onvo, continue to be published on Chinese social media.
Nio Group, which includes both brands, recorded 2,500 registrations in the first week of April — down from the 4,400 vehicles registered in the last week of March.
As of the time of writing, Nio’s U.S.-listed shares are trading 1.50% lower on Tuesday’s pre-market session at $3.31. The stock reached a new 5-year low on Monday at $3.18.
