Chinese automaker Nio unveiled its Tesla Model Y competitor, the Onvo L60 SUV.
Nio’s Chief Executive William Li unveiled the Onvo L60 SUV in Shanghai.
“With technologies evolving and people’s understanding [of] smart EVs deepening, today it’s time for us to redefine the new standards for family cars,” said Li.
Onvo is Nio’s more affordable brand. The Onvo L60 SUV starts at $30,465, 10% cheaper than the Tesla Model Y. For comparison, China’s Tesla Model Y rear-wheel-drive (RWD) starts at RMB249,900 ($34,622.15).
The all-electric Onvo L60 SUV has an energy consumption of 12.1 kWh/100km based on China’s CLTC standard. Meanwhile, the Model Y has an energy consumption of 12.5 kWh/100km CLTC.
According to Onvo’s President Alan Ai, the Chinese automaker prioritized the L60 SUV’s power consumption from the very beginning.
The Onvo L60 is available in three range variants: Standard Range with 345 miles, Long Range with 454 miles, and Extra Long Range with over 621 miles of range. Onvo’s all-electric SUV has three battery pack options: 60 kWh, 90 kWh, and 150 kWh.
Nio is accepting Onvo L60 SUV orders and aims to start deliveries by September 2024. The Chinese automaker plans to release a new Onvo model every year to expand in the family car market.
Nio faces some challenges in its expansion plans. The United States and Europe have grown wary of electric vehicles from China. The European Union is conducting an ongoing anti-subsidy probe on EV imports in China. Meanwhile, President Biden rolled out over 100% tariffs on imported electric vehicles from China in the United States.
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