The Onvo L60 is currently only available with a 60-kWh battery pack, and deliveries of long-range vehicles with an 85-kWh pack are expected to begin in December.
Onvo, a sub-brand of Nio (NYSE: NIO), has begun deliveries of its first model, the L60, in China, following its official launch on September 19.
Deliveries of the Onvo L60 across the country began today, with delivery ceremonies taking place in multiple cities, according to information and images posted by Onvo on Weibo and its mobile app.
The Nio sub-brand did not reveal the number of vehicles delivered today.
The Onvo L60 went on sale on September 19 at a starting price of RMB 206,900 ($29,510) including the battery pack, RMB 43,000 less than the RMB 249,900 starting price of the Tesla (NASDAQ: TSLA) Model Y in China.
The SUV (sport utility vehicle) model starts at RMB 149,900 when purchased under the BaaS (battery as a service) battery rental option, with monthly battery rental fees of RMB 599 or RMB 899 depending on the battery pack.
The model is available in standard-range and long-range options. Its standard-range version comes with a 60-kWh battery pack that offers a CLTC range of 555 kilometers. The long-range battery pack has a capacity of 85 kWh and a CLTC range of 730 kilometers.
Currently the Onvo L60 is only available with the 60-kWh pack, and Onvo said earlier this week that deliveries of long-range vehicles with the 85-kWh pack are expected to begin in December.
Like Nio's main brand models, the Onvo L60 allows owners the flexibility to upgrade their batteries, making the purchase of a long-range battery pack less necessary.
For customers who have purchased the standard range model, they will be able to upgrade to get the long-range battery pack on a daily or monthly basis, Onvo said in a Q&A today, adding that specific details will be announced in the future.
“We're still working on ramping up capacity and hope to be able to deliver vehicles to you as soon as possible,” Onvo wrote in the Q&A.
Onvo L60 production capacity is expected to be able to reach 5,000 units in October and 10,000 units in December, William Li, Nio's founder, chairman, and CEO, said in a September 20 media communication.
By January 2025, the model's capacity will reach at least 16,000 units and 20,000 units by March, Li said.
Nio currently has two vehicle assembly plants in Hefei, Anhui province, which Li said can support a capacity of 10,000 Nio models and 20,000 Onvo models per month.
Nio is expected to deliver about 21,000 units for the full month of September, up 34 percent year-on-year and up 4 percent from August, Deutsche Bank analyst Wang Bin's team said in a September 25 research note.
The Onvo L60 will contribute to Nio sales in September, Wang's team noted.
New order flow for Nio's main brand is expected to be around 20,000 units in September, flat from August, according to dealer feedback, but the new brand, Onvo, has received more than 30,000 non-cancelable orders, Wang's team said.
Onvo L60 success paves way for Nio brand revival, says Deutsche Bank
($1 = RMB 7.0111)
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