Written by Cláudio Afonso | LinkedIn | X
Onvo, the first sub-brand of China’s electric vehicle maker Nio, has announced that its L60 model allows significant energy savings compared to its direct competitor and the world’s best-selling model, the Tesla Model Y.
The deliveries of the 60 kWh variant started in China on September 28 across 60 cities nationwide with deliveries in September reaching 832 units in a few days.
According to the company, after five years of use, owners of the Onvo L60 can save up to 26 percent — or 1,222 yuan (nearly $174) — on electricity costs compared to Tesla’s SUV.
The company released figures indicating that the total electricity cost for the ONVO L60 is 3,444 yuan ($489) over five years, compared to 4,666 yuan ($663) for the Tesla Model Y.
The standard range 60 kWh model is priced at 206,900 yuan ($29,401), while the long-range 85 kWh version comes in at 235,900 yuan ($33,5222) with deliveries of the variant starting in December.
If the customer opts to subscribe to the car’s battery and access over one thousand battery swap stations across the country — which is the target for the year end —, the start price lowers to 149,900 yuan — equivalent to $21,300.
In these cases, customers are charged a monthly battery fee of either 599 yuan ($85) or 899 yuan ($128), depending on whether they choose the standard-range or long-range version.
In his latest research note, Deutsche Bank analyst Wang Bin affirmed that Nio’s sub-brand has “received more than 30,000 non-cancelable orders.”
According to Nio management, December deliveries of the L60 will reach 10,000 units before jumping to 16,000 in January next year. Two months later, in March 2025, the production ramp-up will allow Onvo to deliver 20,000 units.
Written by Cláudio Afonso | LinkedIn | X
