An image of what is said to be Onvo's first model, the L60, is circulating in WeChat groups and on Weibo.
The first model of Nio's (NYSE: NIO) sub-brand Onvo (Ledao in Chinese) was seen camouflage-free on the street, as the brand's debut gets closer.
An image purportedly of Onvo's first model, the L60, is circulating in WeChat groups today and has been shared by several bloggers at Weibo.
The camouflage-free Onvo L60 is seen on the road, possibly as Nio has started shooting promotional videos for the model, writes one blogger.
This is the first time a clear, camouflage-free image of the Onvo L60 has appeared on social media. Over the past few months, the model has been spotted several times wrapped in camouflage.
Onvo is a sub-brand of Nio under the internal codename Alps, the electric vehicle (EV) maker also has another sub-brand under the internal codename Firefly. The internal project code for Onvo L60 is DOM.
Nio confirmed in August 2021 that it would enter the mass market through a sub-brand. Onvo is expected to be targeting the family car market priced between RMB 200,000 ($27,640) and RMB 300,000, while the Nio main brand focuses primarily on the market priced above RMB 300,000.
The Alps brand will debut in the second quarter, with the first product launching in the third quarter and mass deliveries beginning in the fourth quarter, Nio founder, chairman, and CEO William Li said on March 5 during an analyst call following the company's announcement of fourth-quarter earnings.
Alps' first model will be one that competes directly with the Tesla (NASDAQ: TSLA) Model Y, and the BOM (bill of materials) cost will be about 10 percent cheaper than Tesla's, Li said at the time.
The sub-brand's second model will be an SUV for large families, which will be brought to the market next year, and a third model is already in development, Li said on the call.
Nio's second brand will prioritize deliveries over gross margins, Li said at the time.
On March 13, two spy photos of the Onvo L60 model were widely circulated on Chinese social media, bringing the name of Nio's sub-brand to light.
Nio confirmed the name of the sub-brand during a media Q&A after its March 14 launch of the long-life battery stragety, saying the brand launch is expected to be in early-mid May.
($1 = RMB 7.2368)
Nio gears up for sub-brand Onvo's marketing as brand launch expected in May
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