Nio‘s sub-brand Onvo saw its average selling price climb sharply in recent months following the launch of its second model, the three-row L90 SUV.
According to data presented by the brand at the Guangzhou Auto Show on Friday, the average selling price rose from approximately 195,800 yuan in July to 252,200 yuan ($35,500) in August.
In September, it reached a new record high of 260,500 yuan — equivalent to $36,650.
Deliveries of the L90 model began across China on the first day of August.
In October, as deliveries of the L60 model represented a slightly higher share than in August, the average selling price declined by about $350 to 258,200 yuan — equivalent to $36,300.
The increase coincides with deliveries of the L90, which starts at 265,800 yuan ($36,860) — substantially higher than the brand’s first model, the five seat SUV L60.
The L60, which began deliveries earlier this year, starts at 206,900 yuan for outright purchase or 149,900 yuan under a battery rental program, named Battery as a Service.
The L90’s higher price point — roughly 28% above the L60’s base price for vehicle purchase — drove the brand’s average transaction value upward even as total volumes accelerated.
Go to Market Strategy
Onvo compressed the L90’s go-to-market timeline compared with its inaugural model, which required four months between pre-launch and official launch events.
The L90 was previewed in early July before its formal July 31 launch.
The company pre-positioned initial inventory to enable deliveries within 12 hours of the launch event, though wait times had extended beyond two months by August 8.
Onvo Sales
In October, Onvo delivered 17,342 vehicles, its highest monthly total to date, while maintaining an average selling price near 260,000 yuan.
A significant portion of sales now come from the higher-priced L90, which Nio officially launched in late July at a starting price 14,100 yuan below its pre-sale pricing of 279,900 yuan.
Nio Group reported total October deliveries of 40,397 vehicles across all brands, including 17,342 from Onvo, 17,143 from the main Nio brand, and 5,912 from the newly launched Firefly brand.
The first batch of Onvo vehicles for overseas markets has recently arrived in Uzbekistan, making it the first international market where the brand will be available.
The brand unveiled earlier this Friday at he Guangzhou Auto Show a limited edition ‘Black Night’ capped at 999 units.
