- In the large SUV segment, the Onvo L90 ranked third in insurance registrations last week, behind Huawei-backed Aito M8 and Aito M9.
- Onvo is continuing to accelerate production and delivery speeds, with its Hefei factory operating at full capacity and working overtime, said William Li.
Nio (NYSE: NIO) has adopted a more aggressive strategy with the L90 electric SUV (sport utility vehicle) from its sub-brand Onvo, resulting in strong initial acceptance for the model.
The Onvo L90 delivered 1,976 units in the first 72 hours after deliveries began, making it the third-best-selling large SUV in China during the week of July 28 to August 3, according to a report by local media outlet Yiche today.
The figure is based on insurance registrations, with Huawei-backed Aito M8 leading with 5,307 units and Aito M9 following with 2,304 units.
A report by CnEVPost earlier today showed that Onvo's insurance registrations for the week of July 28 to August 3 reached 3,700 units, the second-highest on record, representing a 145.03 percent increase from the previous week's 1,510 units.
This was driven by the L90, the flagship electric SUV that was launched on July 31 and began deliveries the following day on August 1.
Onvo had produced a large number of vehicles for the L90 in advance to enable swift deliveries.
The Onvo L90 entered the top three in weekly sales of large SUVs in China just three days after deliveries began, Nio founder, chairman, and CEO William Li said today on Weibo.
Onvo is continuing to accelerate production and delivery speeds, with its Hefei factory operating at full capacity and working overtime, Li said.
One of Nio's main domestic competitors, Li Auto (NASDAQ: LI), saw a further decline in weekly insurance registrations.
Li Auto had 5,480 insurance registrations last week, a 25.95 percent decrease from the previous week's 7,400, marking a new low over the past 25 weeks.
Li Auto's flagship SUV, the Li L9, recorded 727 insurance registrations last week, while the Li L8 saw 474, according to Yiche.
The company launched the Li i8, its first all-electric SUV (sport utility vehicle), on July 29. Earlier today, it relaunched the model, reducing the available variants from three to one and lowering the price following disappointing initial acceptance.
This marks a shift in the dynamics between Nio and Li Auto.
Over the past few years, Li Auto has seen strong sales growth and has shared its weekly insurance registration rankings to demonstrate its popularity.
Nio, on the other hand, has repeatedly complained about the lists due to modest weekly sales.
Starting in late March, Li Auto stopped sharing the rankings in response to a call from the China Association of Automobile Manufacturers (CAAM).
