Nio will officially launch the Onvo brand on May 15 at 7:30 pm Beijing Time, when the event will be streamed live in video.
The mobile app for Nio's (NYSE: NIO) mass-market sub-brand Onvo (Ledao in China) is now available in China's Android app markets and Apple's App Store, and the first promotional video for the new brand has been released.
The layout of the Onvo App is similar to that of the Nio App, with five main sections, including content recommendation, charging service, car purchase service, online shopping mall, and user page.
Currently the very first item seen when opening the Onvo App is a letter from William Li, Nio's founder, chairman, and CEO, and includes a promotional video showing a glimpse of Onvo's first model, the L60.
"This is Nio's 10th year of existence. In November 2014, we started Nio in order to realize our vision of 'Blue Sky Coming,'" Li writes.
"From day one, we had a clear plan: start at the high-end market, build up capabilities in all aspects including technology, supply chain, manufacturing, quality, charging and battery swap network, sales, and after-sales service, and launch a mass-market oriented brand to serve a wider range of users when the time is right," Li said.
"In early 2021, we put that plan into action. After three years of hard work, Onvo Ledao is with you today," Li said.
Onvo is derived from On Voyage, which stands for a pleasant journey, and the brand's logo is an upward path, Li said.
The brand is aimed at the family car market and wants to be there for every family as they continue to grow, he said.
Nio will officially launch the Onvo brand on International Day of Families on May 15 at 7:30 pm Beijing Time, when the event will be video-streamed live, according to Li.
The video accompanying Li's letter emphasizes the family atmosphere and offers a glimpse of Onvo's first model, the L60.
The Onvo brand will be launched on May 15, Nio announced on May 9 at 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 all-electric vehicles in the RMB 250,000 ($34,600) class, Nio said at the time.
The Onvo brand will accelerate the arrival of Nio's one millionth vehicle, William Li, Nio's founder, chairman and CEO, said.
The BOM (bill of materials) cost of Onvo's first model will be about 10 percent cheaper than the Tesla Model Y, Li said previously.
($1 = RMB 7.2268)
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