Onvo aims to have at least 500 stores by March next year and 800-1,000 by the end of 2025, according to local media.
Nio's (NYSE: NIO) sub-brand Onvo is aiming to have at least 500 stores by March next year and 800-1,000 by the end of 2025, according to a report in local media outlet Xchuxing today.
Onvo's first 105 stores in China opened on September 1, and its first model, the L60, was officially launched on September 19 as a Tesla (NASDAQ: TSLA) Model Y competitor.
Onvo's store count stood at 120 as of September 19, and the brand aimed to have 200 stores in 68 cities by the end of 2024, it said at the time of the L60's launch.
By the time the channel count reaches 500 in March 2025, Onvo would be aiming for more than 20,000 units delivered in March and more than 20,000 monthly orders, according to a report published today by Xchuxing CEO He Lei about an interview he conducted with Onvo president Alan Ai and Onvo vice president of products Eric Yu during the ongoing Guangzhou auto show.
Sales of 20,000 units per month is Onvo's first major goal, with 30,000 units per month next, which is expected to be achieved by the fourth quarter of 2025 or the first quarter of 2026, according to the report.
Onvo's sales channels will cover more lower-tier cities, and the L60 is outselling the Model Y in Anhui, according to the report.
The end of September was the peak of Onvo L60 sales, and the week after China's National Day holiday in early October was a slow week for the industry as a whole, the report said.
From the second week after the National Day holiday, Onvo's sales have been up about 10 percent week-on-week, according to the article.
For future models, Onvo may consider producing some before launch to allow for large deliveries in the first month after hitting market, the story said.
Onvo could launch one new model next year or maybe two. The sub-brand will launch sedan models and will focus on exploring markets with the most space without venturing into niche markets, according to the report.
The Onvo and Nio brands have a very low user overlap, less than 2 percent right now. Of the current orders for Onvo, 90 percent are from increased purchases as well as demand for vehicle trade-ins, which is higher than about 40 percent of models in the same price range, the report said.
As of November 14, more than 7,000 units of the Onvo L60 had been delivered, Ai said at a media briefing on November 15 on the first day of the Guangzhou auto show.
Ai at the time reiterated Onvo's goal of seeing more than 10,000 units delivered in a single month in December and more than 20,000 units delivered in a single month by March 2025.
Including the battery pack, the Onvo L60 starts at RMB 206,900 ($28,570), which is RMB 43,000 less than the Tesla Model Y's current starting price of RMB 249,900 in China.
($1 = RMB 7.2414)
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