Onvo's first model, the Onvo L60, will take on the Tesla Model Y, targeting the market for smart, all-electric SUVs for families in the RMB 250,000 yuan ($34,600) class, Nio said.
Nio (NYSE: NIO) will officially launch its sub-brand Onvo (Ledao in China) on May 15, with the first model competing with Tesla's (NASDAQ: TSLA) Model Y.
Nio's second Onvo brand will be launched on May 15, International Day of Families, the electric vehicle (EV) maker announced today at a ceremony to mark the rollout of its 500,000th production vehicle.
Onvo's first model, the Onvo L60, will take on the Tesla Model Y and will primarily target the market for smart, all-electric SUVs for families in the RMB 250,000 ($34,600) class, Nio said.
The Onvo L60 will redefine the new standard for family cars, Nio added.
The Model Y is one of the best-selling SUVs in China, with a current starting price of RMB 249,900 yuan.
The BOM (bill of materials) cost of Onvo's first model will be about 10 percent cheaper than that of the Tesla Model Y, William Li, founder, chairman and CEO of Nio, said previously.
The Onvo brand will be built on a mature R&D, design, and manufacturing system, with a robust channel and service system from the brand's inception, as well as a replenishment system that is extremely important for pure EVs, Nio said.
Onvo L60 seen without camouflage next to Nio swap station