Loading...
Market
Market response to Onvo L60 pricing by end of 2024
5
Resolution / Starting Odds
Highly Positive • 25%
Moderately Positive • 25%
Neutral • 25%
Negative • 25%
Market analysis reports and consumer surveys
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.
View original story
Similar markets
Under 5% • 25%
5% to 10% • 25%
10% to 15% • 25%
Over 15% • 25%
China only • 25%
Asia-Pacific region • 25%
Europe • 25%
Global (including North America) • 25%
Increase by over 20% • 25%
Increase by 10% to 20% • 25%
Decrease by up to 10% • 25%
Decrease by more than 10% • 25%
Significant decrease • 33%
Minor impact • 33%
No impact • 34%
Highly positive (Significant market share increase) • 25%
Moderately positive • 25%
Neutral • 25%
Negative (Market share decline) • 25%
Highly Positive • 33%
Neutral • 34%
Negative • 33%
Highly positive (Widespread adoption) • 33%
Moderately positive (Limited adoption) • 33%
Negative (Poor adoption) • 34%
Very Positive • 25%
Somewhat Positive • 25%
Neutral • 25%
Negative • 25%
