Onvo’s debut model, the five-seat L60 SUV, has topped China’s ranking of pure electric mid-size SUVs with the highest one-year value retention rate at 71.9%, according to a new industry report.
The brand, Nio Group’s first sub-label targeting family buyers, was introduced in May 2024, with the L60 going on sale in September.
Tesla’s Model Y and the Zeekr 7X SUVs followed with retention rates of 71.7% and 71.0%, respectively, the 2025 ‘First Half China Vehicle Value Retention Report’ showed.
Earlier this week, Tesla filed a new variant of the recently revamped Model Y. The new version, named Model Y+, will follow the longest range Model 3 launched in the country with an expected range of over 800km in China’s CLTC cycle.
While sharing the report on Weibo, the brand wrote on Friday that “the battery swapping model is the key reason why the Onvo L60 has become the value retention king.”
Both Onvo models have access to the group’s Battery-as-a-Service (BaaS) program, allowing drivers to purchase the car and lease the battery instead of buying it outright.
“It largely solves the biggest pain point for electric vehicles — battery degradation over time,” Onvo wrote, adding that it ensures “ten years of use without fear of battery decay,” which makes “battery-swappable EVs much more value-retaining.”
Besides the L60, Onvo‘s lineup features the larger, three-row L90 SUV, which was launched in late July.
Since deliveries began in early August, the company has delivered over 20,000 L90s in less than two months, making the L90 its best-selling vehicle in August.
The first 10,000 units were achieved during its first month in the market.
The sub-brand reached a new monthly record in August, with 16,434 vehicles delivered, largely contributing to the company’s new delivery high (its main brand accounted for 10,525 units).
The Nio Group posted record vehicle deliveries for the second consecutive month in September, handing over 34,749 units across its three brands. Of those, 15,246 were Onvo models.
Based on cumulative delivery figures, and although the company does not report monthly data by model, it is estimated that the Onvo L90 accounted for around 10,000 deliveries, while the L60 contributed approximately 5,000–6,000 in the past two months.
In late September, Onvo launched the refreshed iteration of the L60, a minor facelift aimed at boosting demand of the smaller SUV.
Deliveries of the refreshed L60 are “expected to start gradually in mid-to-late October,” according to the brand.
Prices for the updated Onvo L60 remained the same as the previous iteration.
The single-motor version with a 60-kWh battery is priced at 206,900 yuan ($28,950), while the dual-motor variant costs 226,900 yuan ($31,770).
Under the Battery-as-a-Service (BaaS) plan, prices start from 149,900 yuan ($20,980) for the single-motor and 169,900 yuan ($23,790) for the dual-motor configuration, with a monthly battery rental fee of 599 yuan ($84).
