Nio’s family-oriented and more affordable sub-brand, Onvo, saw its sales increase by 5% week-over-week to 735 units between April 7 and 13, bringing April figures to approximately 1,435 as of mid-month.
In the first week of the month, sales fell 50% from 1,400 to 700 vehicles, marking the lowest result since February. When combined to the Nio brand, the Group sales rebounded from 2,500 units to 4,200 in the second week of April.
As reported by EV last week, Xia Qinghua, previously Onvo‘s Head of User Operations and Services was moved to the Group’s main brand as Regional General Manager of Nio’s Shanghai operations.
The adjustment follows the departure of Alan Ai, Onvo’s chief — who was replaced earlier this month by Nio’s former VP Nio Power Shen Fei.
Last week, introduced a fresh round of incentives to boost sales of its debut model following slower-than-expected demand in the first quarter of the year as recently admitted by Nio Group founder and CEO William Li.
Until the end of June, existing owners and co-users of Nio or Onvo vehicles can receive rewards for referring new buyers of the L60. These incentives are stackable with Onvo’s existing five-year, interest-free financing plan, which allows customers to secure the L60 with a 45,000-yuan ($6,180) down payment and monthly installments of 2,350 yuan ($320), with no service fees.
To jumpstart demand, Onvo also launched its first major incentive campaign under Shen’s leadership. 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.
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.
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.
