Onvo brand president Fei Shen used the eve of China’s largest fuel price increase of the year to urge gasoline car owners to switch to EVs, citing the cost advantage of electricity over petrol and the convenience of the Nio Group‘s battery swap network.
The country’s National Development and Reform Commission is expected to raise retail gasoline prices by approximately 2,130 yuan ($309) per tonne and diesel by 2,055 yuan ($298) per tonne on March 23.
“Petrol prices are set to rise again tonight,” Shen wrote on Sunday evening, referring to the adjustment window that opens at midnight on March 23.
“Looking at the long line forming at the gas station entrance, I have a question for friends who have not yet switched to electric vehicles — how long will it take for this team to be ready?”
The Nio Group veteran went on to highlight the running cost gap between combustion and electric vehicles.
“Electricity costs only 1/10 of the fuel costs per kilometer. There’s no concern about battery life, as swapping batteries is as convenient as filling up a gas tank — ready to go in just 3 minutes.”
“It’s time to upgrade your vehicle,” Shen wrote, inviting gasoline car owners to book an Onvo test drive through an embedded QR code.
Price Hike
China’s National Development and Reform Commission is expected to raise retail gasoline prices by approximately 2,130 yuan per tonne and diesel by 2,055 yuan per tonne on Monday (March 23), according to forecasts from energy consultancies Longzhong Information and Zhuochuang Information published on Sunday.
The adjustment would translate to an increase of roughly 1.71 yuan ($0.25) per litre for 92-octane gasoline and 1.82 yuan ($0.26) for 95-octane
The hike, the sixth NDRC adjustment this year and fifth consecutive increase, comes less than two weeks after the regulator raised prices by 695 yuan ($101) per tonne on March 9 — itself the biggest single increase in four years.
Combined, the two March adjustments will have raised pump prices by more than 2.2 yuan ($0.32) per litre in under three weeks.
For a typical 50-litre fill-up, drivers will pay roughly 75 yuan ($11) more after Sunday’s adjustment. For a 70-litre tank, the additional cost rises to approximately 106 yuan ($15.4).
Rising international crude oil prices driven by the ongoing conflict in the Middle East — with Brent crude recently trading above $112 per barrel — are the primary catalyst.
China imports more than 70% of its crude oil, and the NDRC’s pricing mechanism adjusts domestic retail prices every 10 working days based on international benchmarks.
From Swap Stations to Showrooms
Before taking charge of the Onvo brand in April 2025, Shen spent nearly a decade building Nio Power — the division responsible for the company’s battery swap and charging network.
Shen joined Nio in 2015 as its 274th employee and rose to Senior Vice President, overseeing the deployment of what is now more than 3,700 battery swap stations across China and over 100 million cumulative battery swaps.
He was appointed president of Onvo on April 2, 2025 — replacing Alan Ai — who stepped down after the brand’s debut L60 SUV missed aggressive sales targets.
In his WeChat post, Shen invited readers to scan a QR code for an exclusive test drive invitation at any Onvo store nationwide.
“When you visit any store nationwide for a test drive, it will show that you are a special guest invited by me. Feel free to share this QR code with your friends and family,” he wrote. “Say goodbye to fuel price anxiety and let’s charge up together.”
Nio Group‘s battery swap network — which Shen developed from zero — currently supports the Nio and Onvo brands with the upcoming fifth generation set also to support the Firefly brand.
March Incentives
Onvo launched new incentives earlier this month, just hours before the company reported its weakest monthly delivery figure since its September 2024 launch.
According to Deutsche Bank, Nio Group‘s orders hit 3,500 in the March 1–3 period, the highest daily rate of 2026, as reported by EV earlier this month.
Until the end of March, buyers who opt for Nio‘s Battery as a Service program will receive full purchase tax coverage, with subsidies of up to 8,156 yuan ($1,184) for the L60 SUV and up to 10,262 yuan ($1,490) for the L90.
Customers who finance through a traditional loan will also receive partial subsidies based on the battery rental purchase amount.
Down payments start from 29,900 yuan ($4,350) for the L60 and 35,900 yuan ($5,220) for the L90, with daily repayments as low as 69 yuan and 89 yuan respectively.
Seven-year financing is available at a 0.49% annualized rate, with zero financial service fees and no early repayment penalties.
For L90 buyers who placed orders on or after January 1 and have not yet received the purchase tax subsidy, Onvo said it will compensate them with 80,000 loyalty points.
