Written by Cláudio Afonso | LinkedIn | X
Onvo, the sub-brand of the EV maker Nio, announced on Friday a range of limited-time incentives for its vehicles as it seeks to outsell both local and international competitors, such as the upcoming refreshed Tesla Model Y.
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.
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 ($2,040), the company said on Friday.
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).
Onvo, which targets family-oriented buyers, registered 2,500 vehicles in China between January 20 and February 2 — according to registration data shared this 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.
Onvo is preparing to launch two new SUV models this year and missed January’s production target of 16,000 units.
