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Market
First year sales volume of Onvo L60
5
Resolution / Starting Odds
Over 100,000 units • 25%
50,000 to 100,000 units • 25%
20,000 to 50,000 units • 25%
Under 20,000 units • 25%
Nio's annual sales report
Story
Nio Launches Onvo Brand to Challenge Tesla Model Y with $30,000 L60 EV, Undercuts by $4,000
May 15, 2024, 12:22 PM
Chinese electric vehicle maker Nio has launched a new mass-market brand, Onvo, aimed at challenging Tesla's dominance in the EV market. The first vehicle under the Onvo brand, the L60, is priced at $30,000, undercutting Tesla's Model Y by $4,000. Nio's founder highlighted that the L60 is longer, wider, and roomier than the Model Y, positioning it as a new standard for family cars. The Onvo brand, which translates to 'Happy Road' in Chinese, is seen as a new standard for family cars from the past. This move comes amid a downward trend in EV pricing in China, as Nio aims to balance product experience and ownership costs while competing with established models like the Toyota RAV4 and Tesla Model Y.
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Under 5% • 25%
5% to 10% • 25%
10% to 15% • 25%
Over 15% • 25%
Increase by over 20% • 25%
Increase by 10% to 20% • 25%
Decrease by up to 10% • 25%
Decrease by more than 10% • 25%
China only • 25%
Asia-Pacific region • 25%
Europe • 25%
Global (including North America) • 25%
Less than 50,000 • 33%
50,000 to 70,000 • 33%
More than 70,000 • 34%
Less than 150,000 • 33%
150,000 to 200,000 • 33%
More than 200,000 • 34%
Under 100 units • 25%
100 to 500 units • 25%
500 to 1000 units • 25%
Over 1000 units • 25%
Less than 800,000 units • 33%
800,000 - 900,000 units • 33%
More than 900,000 units • 33%
Below CNY8 billion • 33%
Between CNY8 billion and CNY9 billion • 34%
Above CNY9 billion • 33%