NIO finally introduced its new low-cost Onvo brand on Wednesday with the debut of its first offering, which undercuts the popular Tesla Model Y by $4,000.
NIO launches the Onvo L60 SUV to challenge Tesla Model Y
According to Bloomberg, the Chinese premium electric automaker’s more affordable sub-brand signifies its effort to secure a stronger foothold in the Chinese market while Tesla’s momentum falls.
NIO Chief Executive William Li formally unveiled the new Onvo L60 electric SUV in Shanghai. Undercutting the Tesla Model Y by $4,000, it also seeks to challenge the Toyota RAV4 by being a family car that balances customer experience and ownership costs.
The Onvo L60 features NIO’s 900-volt fast-charging system, which consumes an average of 12.1 kWh/100 km. Onvo brand President Ai Tiecheng noted that this energy consumption is slightly lower than that of the Tesla crossover.
NIO Onvo L60 vs Tesla Model Y trims
According to CEO Li, the new Onvo SUV is “longer, wider, and roomier than Model Y.” It measures 4,828 mm long, 1,930 mm wide, and 1,616 mm tall compared to the Tesla crossover’s 4,750 mm length, 1,921 mm width, and 1,624 mm height.
As for the technical specs, the Onvo L60 includes three battery pack configurations: 60 kWh, 90 kWh, and 150 kWh. Meanwhile, the Tesla Model Y offers three variants: RWD, AWD Long Range, and AWD Performance.
Presented below is the comparison of the Onvo L60 and the Tesla Model Y trims:
| NIO Onvo L60 vs Tesla Model Y trims | Range (CLTC) | Starting Price |
| NIO Onvo L60 (60 kWh) | 555 km (341 mi) | 219,900 yuan ($30,500) |
| NIO Onvo L60 (90 kWh) | 730 km (454 mi) | TBD |
| NIO Onvo L60 (150 kWh) | +1,000 km (+621 mi) | TBD |
| Tesla Model Y RWD | 554 km (344 mi) | 249,900 yuan ($34,600) |
| Tesla Model Y AWD Long Range | 688 km (427 mi) | 290,900 yuan ($40,300) |
| Tesla Model Y AWD Performance | 615 km (382 mi) | 354,900 yuan ($49,100) |
Onvo to use BYD’s batteries
NIO has tapped Chinese electric vehicle and battery giant BYD for the Onvo brand’s battery supply, Reuters recently reported. As per two unnamed sources, BYD will join CATL in supplying a smaller battery pack for Onvo’s new EV. Meanwhile, CALB will reportedly supply the larger 85 kWh battery pack. However, the report indicated that NIO defined the news as “inaccurate” without elaborating.
The deal transpired as NIO ditched its original plans of producing its own batteries in-house to cut costs, especially amid the intensifying price war in the Chinese market.
In addition to attractive pricing and innovative technologies, Onvo EVs will have access to NIO’s 1,000+ battery swap stations and 25,000 public chargers.
The Onvo L60 starts at 219,900 yuan ($30,400), which is $4,000 cheaper than the 249,900 yuan ($34,600) Tesla Model Y.
