NIO’s Onvo: A Budget-Friendly EV Alternative to Tesla’s Model Y, Launching in Q2 2024 with a 150 kWh Battery Capacity

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NIO has confirmed that its new mass-market brand, codenamed Alps, will be called Onvo in English and Ledao (乐道) in Chinese. This brand is specifically designed to target family users, focusing on providing joy and happiness while managing costs effectively. The official launch of the Onvo brand is expected to take place in early to mid-May, with the first product set to launch in the third quarter and mass deliveries beginning in the fourth quarter. The Onvo brand aims to offer a competitive alternative to Tesla’s Model Y, with a bill of materials cost approximately 10% cheaper than Tesla’s offering.

What is the meaning behind the name “Onvo” for Nio’s brand?

The name “Onvo” for NIO’s brand signifies a focus on joy, happiness, and cost-effectiveness for family users. NIO’s founder, chairman, and CEO, William Li, emphasized that the brand aims to bring happiness and joy to families while managing costs effectively. The Chinese name for the brand, Ledao (乐道), translates to “the joy of family journeys,” reflecting the brand’s commitment to providing a joyful and cost-effective driving experience for families. This strategic focus on family users and the emphasis on happiness and cost-effectiveness underpin the core values of NIO’s new mass-market brand, Onvo.

What is the Price Range, Battery Capacity and Delivery time of Nio’s Onvo Brand EVs?

The price range of NIO’s Onvo brand vehicles is estimated to be between 200,000 to 250,000 RMB, which is approximately $28,000 to $35,000 USD.The expected battery capacity of NIO’s Onvo brand vehicles is 150 kWh, as reported in the sources provided.Li confirmed that the new NIO sub-brand, Onvo, will officially launch in Q2 2024, with the launch of the L60 model set to happen in Q3. Initial deliveries of the L60 are expected to take place before the end of the year. The L60 will be positioned on NIO’s new NT3 EV platform and will feature battery swap capabilities, aligning with NIO’s strategy to introduce a new mass-market brand targeting family users with cost-effective and joyful electric vehicles.