Delivery wait time for the Onvo L60 has been reduced to 4-6 weeks from 8-10 weeks previously, after the model saw record insurance registrations last week.

(Onvo L60. Image credit: Onvo)

's (NYSE: NIO) sub-brand Onvo has seen a significant reduction in delivery wait time for its first model, the L60, after seeing record insurance registrations last week.

Customers currently ordering any variant of the Onvo L60 can expect to get delivery 4-6 weeks after locking in their orders, roughly half the previous 8-10 weeks, according to CnEVPost's daily monitoring.

Onvo officially launched the L60, an electric SUV (sport utility vehicle) model that is a competitor to the (NASDAQ: TSLA) Model Y, on September 19, 2024, with deliveries beginning on September 28.

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The model's powertrain is available in single-motor rear-wheel drive as well as dual-motor four-wheel drive options, and the battery pack is available in 60-kWh and 85-kWh options.

Including the battery pack, the Onvo L60 starts at RMB 206,900 ($28,350), which is RMB 43,000 below the Tesla Model Y's current starting price of RMB 249,900 in China.

Customers can purchase the model using Nio's BaaS (battery as a service) service, which lowers the initial purchase cost by RMB 57,000, but requires a monthly battery rental fee of at least RMB 599 per month.

Onvo announced on December 27 that cumulative deliveries of the L60 exceeded 20,000 units, about 100 days from launch.

Last week -- from December 23 to December 29 -- Onvo had a record 4,200 insurance registrations, doubling the previous week's 2,100, according to figures shared yesterday by Li Auto (NASDAQ: LI).

Onvo was targeting monthly deliveries to reach 10,000 units in December and 20,000 units by March 2025, Nio management said on December 22 in a communication with the media, including CnEVPost, adding that this pace is slightly on the fast side in the auto industry.

CATL completed capacity ramp-up of batteries supplied to the Onvo L60 in November, and deliveries of 85-kWh packs from CALB had also begun, the Nio management said.

Battery capacity would not be an issue for Onvo L60 production next, the company said.

($1 = RMB 7.2994)

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(Screenshots by CnEVPost)