- Tesla’s recent sales have been sluggish, but the stock price of electric vehicles in China has soared more than 20 times.
- Nio announced on May 2 that its electric vehicle sales reached 15,620 units in April, marking a 134.6% increase year-on-year.
- Nio will launch a mid- to low-end brand and introduce its first model in the middle of this month. Nio has officially released its first vehicle, the “L60” under the “ONVO” brand.
Chinese electric vehicle brand Nio will launch a mid to low-priced brand and introduce its first model in the middle of this month.
A surge in sales
Nio has officially released its first vehicle, the “L60” under the “ONVO” brand according to the Chinese media outlet Quaker on May 6. The newly released “ONVO” logo was assessed as significantly different from Nio’s existing brand logo, which is in the shape of a wavy line.
Nio’s first model under its “ONVO” brand, the “L60”, will be announced in the middle of the month and is a fully electric coupe model. The competition between Nio’s new products and the Tesla Model 3 is also expected to be fierce.
Also read: China electric vehicle marques Nio and Changan Auto make battery-swapping move in alternative to charging stations
Become more competitive
CEO Livin Nio has stated that the vehicle will compete with Tesla’s Model Y, offering prices 10% cheaper. The model is based on the 900V silicon carbide platform and is equipped with a 60 kWh lithium iron phosphate (LFP) battery pack supplied by BYD and CATL, as well as a 90 kWh ternary lithium battery pack.
Also read: Chinese electric car start-ups Nio and Xpeng to release new cars
All “ONVO” models support battery replacement, and the new battery pack size is compatible with the existing 3rd Gen Nio battery replacement station. It is known that the selling price is only lower than that of the Model Y, with the exact price yet to be disclosed. Local media estimates suggest that the price may be set at a low level of around 170,000 yuan($23527.49).
