Written by Cláudio Afonso | LinkedIn | X
Onvo, the mass-market sub-brand of the premium EV maker Nio, said on Saturday it delivered 4,049 units of its debut model in February. In total, the Nio group delivered 13,192 vehicles last month, up 62% from a year ago.
In the same month that the brand saw Tesla starting deliveries of the refreshed Model Y — a direct competitor to the Onvo L60 SUV — monthly figures fell 31.5% from the 5,912 units delivered in January. Onvo started deliveries of the five-seat SUV on September 28, 2024.
On Friday, the brand said that customers who place a deposit for the model before the end of March can take advantage of a limited-time special financing plan, offering a minimum 30% down payment and 0% interest for five years.
The company aims to reach the 20,000 unit target in March as announced late last year. Onvo successfully reached its target of 10,000 vehicles for December but failed to increase monthly figures to 16,000 in January.
The Limited-time 5-year 0% interest financing plan is worth 18,755 yuan ($2,600), while the other offers of 3 years of free NOA (Navigate on Autopilot) usage is worth ¥11,520 ($1,600), 24 battery swap vouchers are worth 1,620 yuan ($220).
Onvo is also offering a ¥3,000 ($410) discount each for vehicle color customization and wheel customization.
The company stated that customers using its Battery-as-a-Service (BaaS) feature will have the option — from today onwards — to upgrade from a 60kWh to an 85kWh battery on a daily, monthly, or annual basis.
While neither Tesla nor Onvo discloses their order backlog, Nio’s sub-brand is expected to face strong competition from Tesla’s refreshed Model Y. Domestic rivals include SUVs from Xiaomi, Zeekr, and Exeed.
Onvo is preparing to expand its lineup with two new SUVs this year, the first of which will be named the L90, brand chief Alan Ai said in a livestream last week.
The L90 will be Onvo’s flagship model, and will feature a three-row layout targeting larger families. The SUV is set to debut in the second quarter, with sales slated to begin in the third quarter.
