The entry-level Nio EV could start at around 220,000 yuan (~$30,500) in China
May 8, 2024 at 7:59 am
- The first model from mass-market brand Nio will be compatible with the brand’s battery swapping technology.
- Nio is expected to sell the Onvo L60 in Europe, but the price is unknown.
- A second battery pack for the SUV will be supplied by CALB.
The first model from Nio’s mass-market brand Onvo will serve as a rival to the Tesla Model Y and use batteries from BYD.
The first model of this brand, known as L60, is offered with two batteries. The entry-level model is said to be a 60 kWh lithium iron phosphate unit, supplied by BYD subsidiary FinDreams. A second battery pack, which could be either 85 kWh or 90 kWh, will be provided by CALB, which already serves as a major Nio supplier.
Read: Nio is launching its 150 kWh semi-solid-state battery in June, but it will only be available for rental
Nio had originally planned to produce batteries for the Onvo brand itself, but scrapped those plans in December to save costs. Reuters Reports.
Several Onvo L60 prototypes have been spied in recent months, and photos of an uncovered prototype also surfaced on Chinese social media site Weibo in March. The overall shape and proportions of the L60, as well as the design of the tailgate, are similar to those of the Tesla Model Y. From the front, however, the two cannot be confused, as the Nio has split LED headlights.
According to Chinese reports, Nio is committed to making the L60 more energy efficient than the Model Y and using a 900-volt electrical architecture. It is also expected to use a new generation of electric motors designed and developed in-house. While the car’s battery packs will be sourced from external suppliers, the L60 should continue to support the brand’s battery swapping technology.
Pricing for the Onvo L60 has not been revealed, but some sources suggest it could start at around 220,000 yuan (about $30,500). Customers who choose the battery subscription service could benefit from a lower starting price of just 170,000 yuan (~$23,550).
While the L60 will initially be sold exclusively in China, Nio is expected to also offer it in Europe as part of its ongoing expansion on the Old Continent. However, a launch in the USA is highly unlikely.
