Onvo's first model, the Onvo L60, will take on the Tesla Model Y, targeting the RMB 250,000 segment of the family-centric smart all-electric vehicle market, Nio said.
(A spy photo showing an Onvo L60 next to a Nio battery swap station.)
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 brand Onvo will be launched on May 15, the 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, family-centric pure-play EV market in the RMB 250,000 ($34,600) class, Nio said.
The Onvo L60 will redefine the standard for family cars, Nio added.
The Model Y is one of the best-selling SUVs, selling tens of thousands of units each month in China, and currently starts at RMB 249,900 yuan.
The Onvo brand will accelerate the arrival of Nio's one millionth vehicle, William Li, Nio's founder, chairman and CEO, said today.
The BOM (bill of materials) cost of Onvo's first model will be about 10 percent cheaper than that of the Tesla Model Y, Li said previously.
Onvo's brand name stands for "On Voyage", and the literal translation of its Chinese name Ledao is "Path to Happiness", representing the brand vision of creating "happiness on every path we travel with family," Nio said.
Onvo is aimed at the mainstream family market and is committed to delivering the best brand and product experience for family users, the EV maker said.
The new brand has mature and reliable systems for design, R&D and manufacturing, Nio said.
Since its inception, Onvo has had a comprehensive sales and service network, and an expansive recharging network which is extremely important to electric vehicles, Nio said.
Onvo has inherent system capabilities designed to meet the needs of a wider range of home users, Nio added.
Onvo's head Ai Tiecheng made a brief appearance at today's event.
($1 = RMB 7.2260)
