Nio‘s family oriented brand, Onvo, saw its weekly sales in China rise 29.7% to 1,660 units in the second week of May, according to insurance registration data published on Tuesday.
Onvo’s weekly sales climbed to a new high in the past two and a half months, reaching 1,800 units in late February, driven by rising incentives for its debut model, the L60 — a direct competitor to the refreshed Tesla Model Y.
The brand was unveiled in China at the Family Day exactly a year ago by Nio Group founder and CEO William Li, alongside Onvo chief Alan Ai, who left the company in early April following weaker-than-expected sales in the first months of the year.
In April, Onvo delivered 4,400 L60 SUVs in China marking a 9% drop from the 4,820 units recorded by the brand.
Onvo deliveries reached nearly 6,000 in January, 4,049 in February and 4,820 in March — well below the target of 16,000 units in January and 20,000 in March communicated late last year.
Nio Group’s total registrations reached 6,060 vehicles last week, up from the 5,100 recorded between April 28 and May 4. Figures include 3,930 Nio brand EVs, 1,660 Onvo and 470 Firefly units.
Last week, Onvo nearly eliminated the cost of upgrading from the standard 65kWh battery to the 85kWh long-range version. Under Nio’s Battery-as-a-Service (BaaS) program, the upgrade fee was reduced from 3,000 yuan ($416) to just 1 yuan (about 14 cents).
After unveiling its second model — the L90 — at the Shanghai Auto Show, the brand is planning “to fully launch” it and “announce its price in July,” according to Nio’s co-founder and president Lihong Qin.
“Because based on the current timeline of our various R&D and delivery schedules for the L90, it looks like it will be in the second half of August,” the executive stated.
“In the second half of August, we will adjust based on the timing — it could even extend into September. In July, we will launch the L90 and begin full-scale test drives,” he added.
Onvo has been introducing new purchase incentives seeking to increase demand. Last month, the brand said that until the end of June, existing owners and co-users of Nio or Onvo vehicles can receive rewards for referring new buyers of the L60.
These incentives are stackable with Onvo’s existing five-year, interest-free financing plan, which allows customers to secure the L60 with a 45,000-yuan ($6,180) down payment and monthly installments of 2,350 yuan ($320), with no service fees.
To jumpstart demand, Onvo also launched its first major incentive campaign under Shen’s leadership. Customers who place a deposit for the L60 by the end of April will receive a 6,000-yuan ($825) “worry-free” charging package, which can be used for public charging, home installation, or battery upgrades.
The offer is planned to cover the equivalent of two years of free charging based on four battery swaps per month.
