NIO has set its sights on challenging Tesla in the Chinese electric vehicle (EV) market with the launch of its new brand, ONVO. Now, ONVO has launched its ONVO L60 SUV with its price point being more affordable than Tesla’s Model Y. 

The ONVO L60 is priced at 219,900 yuan ($30,476), compared to Tesla’s Model Y priced at 249,900 yuan ($34,600). Through these efforts from NIO, its ONVO brand will continually aim for competitive pricing strategies that are designed to bring more affordable options for buyers in the Chinese EV market. 

In terms of specs, the ONVO L60 in its base trim does not beat Tesla’s Model Y as it brings a 60 kWh battery pack with an estimated range of 555 km (341 miles) compared to Tesla’s Model Y RWD with an estimated range of 554 km (344 miles). However, the ONVO L60 in its highest trim with a 150 kWh battery pack with an estimated range of over 1,000 km (621 miles) beats the Tesla Model Y Performance with an estimated range of 615 km (382 miles). 

William Li, CEO of NIO, expressed his enthusiasm by introducing the ONVO L60 in Shanghai with aims to challenge Toyota Motor’s RAV4 as well stating, “RAV4 and Model Y were the benchmark for family cars in their time. With technologies evolving and people’s understanding in smart EVs deepening, today it’s time for us to redefine the new standards for family cars.”

Notably, ONVO will also be supported by NIO’s charging infrastructure with over 1,000 battery swapping stations and 25,000 public chargers across China. Moreover, NIO also sourced a deal with BYD for battery sourcing for its ONVO brand. 

With NIO aiming to challenge Tesla with its ONVO brand through its L60 model, the lower price point makes it more compelling as a choice and could maintain a competitive edge against Tesla. As the ONVO is introduced to the Chinese public, NIO plans to expand its influence while challenging Tesla will stand a chance to be a leading player in the global EV industry.

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