- Onvo will officially launch the L90 on July 31, which will come 2 days after Li Auto launches the Li i8 electric SUV.
- The Onvo L90 will have a pre-sales starting price of RMB 279,900 ($39,000), which is 25 percent lower than the expected price of the Li i8.
Onvo, Nio's (NYSE: NIO) sub-brand aimed at the family car market, will officially launch its three-row SUV (sport utility vehicle) model, the L90, on July 31, two days after Li Auto (NASDAQ: LI) rolls out its Li i8 electric SUV, CnEVPost has learned from a Nio insider.
Nio or Onvo have yet to announce the L90's launch date on their official channels.
Onvo began pre-sales of the L90 on July 10, saying at the time that deliveries of the model would begin on August 1.
The Onvo L90 has a pre-sales starting price of RMB 279,900 ($39,000) including the 85-kWh battery pack, or RMB 193,900 under the BaaS (battery as a service) battery rental plan.
It's worth noting that the L90's pricing is expected to drop further when it goes on sale, a common tactic in China's EV industry.
The L90 will be offered in six-seat and seven-seat options to cater to a wider range of customers. The six-seat version will be delivered first, while the seven-seat version will begin deliveries later.
Onvo plans to launch a new model, the L80, in the fourth quarter and a regulatory filing indicated it would be a five-seat version of the L90.
The L90's pre-sales starting price is lower than many expected and has already inspired a positive response from investors.
At press time, Nio was up more than 5 percent to $4.64 in the US stock market on Monday, bringing its cumulative gain since July 10 to 33 percent.
Two days before the L90 hit the market, Li Auto will officially launch its first all-electric SUV, the six-seat Li i8, on July 29.
Li Auto is one of China's major players in extended-range electric vehicles (EREVs), with 4 extended-range SUVs and 1 all-electric MPV (multi-purpose vehicle).
With the upcoming launch of the Li i8, the company will officially take on Nio in the battery electric vehicle (BEV) market.
Li Auto started pre-sales of the Li i8 on July 17, saying it's expected to be priced between RMB 350,000 and RMB 400,000.
The Li i8's official pricing will be announced at a launch event on July 29, and deliveries will begin in late August.
The Li i8's expected price is 25.04 percent, or RMB 70,100 yuan, higher than the Onvo L90's pre-sales price.
Li Auto may need to work to convince potential consumers why they should choose the Li i8 over the less expensive and larger Onvo L90.
A lot of comparisons have appeared on Chinese social media recently between the Li i8 and the Onvo L90, and the Onvo SUV is seen as a leader in a large number of areas including price, looks, and body lightweight.
($1 = RMB 7.1764)
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