As promised when we reviewed XPeng’s Mona 03, we’re taking a look at the next EV that promises to hit the sweet spot in price and what you get for it.
While the Mona 03 was a direct attempt at the Tesla Model 3 (the CEO said even the model name is due to that), NIO’s Onvo L60 is aimed very specifically at the Tesla Model Y.
Price: RMB 206,900 ($29,260) with the 60kWh battery pack, which is RMB 43,000 ($6,129) less than the Model Y starting price in China. RMB 235,900 ($33,635) for the 85kWh battery version.
Price if using BaaS (Battery-as-a-Service) model where you don’t buy but ‘rent’ the battery, is RMB 149,900 ($21,372) and depending on battery size, 599 or 899 RMB ($85.4/$128) per month for the battery.
Battery: 60kWh / 80kWh LFP from BYD. Onvo, as its mother brand NIO, is able to use battery swapping stations (swaps at ~ 2min 30s)
Range: 555 km (mi) / 730 km (mi) per CLTC
Performance: RWD 240kW version with 5.9s 0-100km/h and AWD 340kW version with 4.6s 0-100 km/h
Platform: using NIO’s NT 3.0 platform, 900V architecture
Aerodynamics: 0.229 drag coefficient, lowest of any production SUV in the world,
Efficiency: 12.1 kWh/100km (0.195 kWh/mi), which is nuts, but it’s also per the lower-speed CLTC standard so expect our WLTP and EPA consumption to be somewhat higher.
Dimensions: L 4,828mm; W 1,930; H 1,616mm; wheelbase 2,950mm. So wider and longer, yet slightly lower than Model Y.
Interior: Has heads-up display (HUD) that also displays navigation, quite a rectangular-like steering wheel. Heated & ventilated seats come as standard, electrically powered leg support for passenger too.
No frunk. Designed by former Bentley designer Raul Pires.
Deliveries started on Saturday, and production is to reach 5k in October and 20k/month by March.
CEO William Li on the right, with one of the first deliveries
Here’s a 10-minute walkaround and driving video from Telescope (video), and 20 minutes from Elliot Richards (video). NIO hasn’t held back in Model Y comparisons in it’s launch — here’s a attempt-at-humor video I shared with our Pro members already in May on the room inside the vehicle, and a still I captured comparing the turning circles:
(L60 second from the right, MY on the right)
How does Onvo fit into NIO’s plans? Well, CEO Li says they want the main brand to maintain a premium image, targeting a market with prices from RMB 300,000 ($42,430) and up, while Onvo takes aim at the lower, mass market price points.
Fun fact: Onvo currently has 180 store managers in China, 40% of whom are from Tesla. “The salespeople from Tesla are exceptionally good,” Xia Qinghua, head of Onvo’s user and service operations said. (link) Onvo says it has 120 stores as of today and plans 200 in 68 cities by the end of the year.
As for Onvo, it’ll launch one new model per year, with a mid-to-large-size SUV coming in 2025, deliveries starting in Q3 2025. “If you think the L60 is good, then this new model is a much more competitive product,” Li said.
In related news: Nio announced just yesterday a RMB 3.3B ($470M) capital raise for its Nio China subsidiary (link).
