Nio’s new subsidiary is called Onvo and is to compete with Tesla

So far, preparations for the launch of the new sub-brand have been carried out under the working title Alps. It has been known since 2022 that the company is planning another subsidiary brand alongside the current core brand Nio. Nio has now confirmed that this will appear under the names China Ledao (for China) and Onvo (International) in the second quarter.

The new brand will stand for more affordable electric cars between 200,000 and 300,000 yuan (currently around 25,500 to 38,000 euros), and its models will primarily compete with Tesla’s Model 3 and Model Y. According to an earlier announcement by Nio CEO William Li, the vehicles will be ten per cent cheaper than the respective Tesla models. The Model Y is currently available in three versions in China, with starting prices of 258,900, 299,900 and 363,900 yuan (equivalent to around 33,000, 38,000 and 46,000 euros). It has also been known for some time that the Onvo electric cars will be compatible with Nio’s battery swap system and, as reported, will be equipped with self-developed 800-volt battery packs and, in the long term, their own cell production.

According to CN EV Post, Nio confirmed the official name of the new Submark during a question and answer session with media representatives, after the first prototype images of the planned debut model called Onvo L60 appeared online a day earlier. According to the photos, it is an SUV coupé. Li only emphasised that Onvo would be specially tailored to the needs of families – and address the mass market. The first representative of the new sub-brand will be officially unveiled in the third quarter of the year. Series production will follow in the fourth quarter. Li recently made this statement during a conference call for the company’s Q4/2023 annual report. The second vehicle from Onvo will be an SUV, which is due to be launched on the market in 2025.

cnevpost.com, cnevpost.com (images of the Onvo L60)