Chinese automaker Nio has introduced its new competitor to the Tesla Model Y, the Onvo L60 SUV. The unveiling took place in Shanghai, with Nio’s Chief Executive William Li emphasizing the evolving technologies and deepening understanding of smart EVs, stating, “today it’s time for us to redefine the new standards for family cars.”
Onvo is positioned as Nio’s more affordable brand, with the Onvo L60 SUV starting at $30,465, making it 10% cheaper than the Tesla Model Y. For comparison, China’s Tesla Model Y rear-wheel-drive (RWD) starts at RMB249,900 ($34,622.15).
The all-electric Onvo L60 SUV boasts an energy consumption of 12.1 kWh/100km based on China’s CLTC standard, while the Model Y stands at 12.5 kWh/100km CLTC. According to Onvo’s President Alan Ai, the Chinese automaker prioritized the L60 SUV’s power consumption from the very beginning. The Onvo L60 is available in three range variants: Standard Range with 345 miles, Long Range with 454 miles, and Extra Long Range with over 621 miles of range.
Nio intends to release a new Onvo model every year as part of its plans to expand in the family car market. However, the company faces challenges in its expansion efforts, with the United States and Europe expressing wariness of electric vehicles from China. The European Union is currently conducting an ongoing anti-subsidy probe on EV imports from China.