Written by Cláudio Afonso | LinkedIn | X
EV maker Nio unveiled its first sub-brand, Onvo, in May last year. Targeted at young families who prioritize technology and safety, the brand debuted with the L60, a five-seat SUV, with deliveries beginning in China in September 2024.
Onvo faced a turbulent start when one of its battery suppliers, FinDreams, a division of BYD, failed to deliver the expected number of batteries, causing delays in October and November. However, in December — and after adding a new supplier — Onvo delivered 10,528 units, meeting its target of over 10 thousand units for the final month of 2024.
After January sales declined sequentially to 5,912 units, concerns grew over the demand for Onvo’s SUV. Since unveiling the model — following Nio’s usual practice —the brand has not disclosed the number of orders secured.
On Monday, several automotive bloggers shared on Chinese social media that L60 vehicles were listed on China’s second-hand market with discounts of up to 40% off their original price.
Listings on Chinese used-car platforms show nearly-new Onvo L60 models, many with odometer readings 100 and 500 kilometers, being resold for as low as 122,800 yuan ($16,800), compared to its official starting price of 206,900 yuan ($28,800) for buyers opting for the battery.
On the Dongchedi platform [screenshot below], a white L60 from late 2024 with just 900 kilometers on the odometer is listed for sale. The listing includes a photo of the L60 in a dealership and an asking price of 125,800 yuan ($17,200), a 39% discount from its original 206,900 yuan price.
Missed Target
The brand met its December target and crossed 10,000 units, but January figures showed deliveries were significantly below the 16,000-unit target initially set. Onvo delivered 5,912 last month and aims to deliver 20,000 L60 SUVs in March.
Onvo is preparing to launch two new SUV models this year, one five seater SUV and a larger SUV aimed to rival the fully electric SUVs which the Beijing-based carmaker will launch later this year.
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).
Weekly Registrations
Onvo, which targets family-oriented buyers, registered 2,500 vehicles in China between January 20 and February 2 — according to registration data shared last Friday by the carmaker Li Auto.
The auto industry faced a slowdown in production due to the eight-day Spring Festival holiday from January 28 to February 4.
However, over the same period, Tesla registered 10,000 units of the ‘old’ Model Y. The brand has recently stopped selling the previous version of the world’s best-selling vehicle as it prepares to start deliveries of the new one in March.
