NIO lowers price of Onvo L60 to beat Tesla Model Y

Ever since the Tesla Model Y became the world’s best-selling electric car, many new and compelling alternatives have been touted as rivals, but none have come close to taking the crown. However, NIO believes the L60 from its mass-market Onvo brand could change that narrative, and is offering it at a very competitive price.

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Not content with just catching up with Tesla, NIO has further lowered the price, announcing in May a price of RMB 219,900 (about $31,200), which is already very competitive and even lower than the Tesla Model Y’s RMB 249,900 (about $35,400).

Read: NIO will release a new Onvo electric model every year

Customers who want to spend as little as possible can buy a brand new Onvo L60 for just 149,900 yuan (about $21,200), and then pay 599 yuan (about $85) per month for a 60 kWh battery and 899 yuan (about $125) per month for an 85 kWh pack. Frankly, this sounds like a good deal, especially considering the L60 was warmly received by local journalists.

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When you add a battery pack to the L60, the price goes up, but it’s still lower than the Tesla Model Y. The entry-level L60 with a 60 kWh battery pack is priced at 206,900 RMB (about $29,200), while the one with a larger 85 kWh pack is priced at 235,900 RMB (about $33,300).

The L60 is available in single-motor and dual-motor versions, but only the single-motor version has been confirmed for pricing. Rear-wheel drive models put out 322 hp (240 kW) and 225 lb-ft (305 Nm) of torque, while all-wheel drive models add a 134 hp (100 kW) motor on the front axle. Buying an equivalent Tesla Model Y will cost Chinese buyers 249,900 RMB (about $35,200), and unlike the L60, the Tesla does not have access to NIO’s growing network of battery swap stations.

Onvo says the L60 model with a 60 kWh battery pack and rear-wheel drive has a range of up to 345 miles (555 km) on the CTLC cycle and up to 326 miles (525 km) in dual-motor mode. The 85 kWh model has a range of 453 miles (730 km). NIO is also working on a third battery solution that it says will give the L60 a range of 621 miles (1,000 km).

To promote the Onvo brand, more than 100 stores have been opened across China, and the number is expected to reach 200 by the end of this year. NIO’s CEO told CNBC that he expects monthly deliveries of the L60 to reach 10,000 units starting in December, and expects that number to double to 20,000 units per month starting next year.

40% of Onvo store managers previously worked at Tesla

Shortly before the L60 pricing announcement, Onvo announced that it had 180 store managers across China, 40% of whom had worked at Tesla and 27% of whom had joined from competitor Li Auto. This strategic move, masterminded by Xia Qinghua, Onvo’s head of user and service operations, is more than just a personnel refresh, it is a carefully planned move in China’s fiercely competitive electric vehicle market.

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