NIO’s Onvo Unveils L60 SUV at RMB 192,800 to Undercut Tesla Model Y
TSLA•NIO’s Onvo sub-brand launched its updated L60 SUV with a starting price of RMB 192,800 for outright purchase and RMB 135,800 under its BaaS scheme, marking a 6.8% price cut versus its predecessor. The new model undercuts Tesla Model Y’s RMB 263,500 entry price and begins immediate deliveries.
1. Launch Details
Onvo officially rolled out its refreshed L60 mid-size electric SUV with immediate deliveries at a starting price of RMB 192,800 for full purchase or RMB 135,800 with the Battery as a Service option. The new L60 incorporates enhanced battery capacity, improved efficiency, and upgraded smart driving features to bolster its appeal in the family EV segment.
2. Pricing and Competition
The updated L60 is priced 6.8% lower than its initial version and substantially undercuts Tesla Model Y’s RMB 263,500 base price in China. This strategic pricing aims to intensify competition in the mass-market SUV category and draw cost-conscious buyers away from established rivals.
3. Strategic Role and Sales
In May, Onvo contributed over 12,000 units to NIO Group’s record 37,705 deliveries, highlighting its growing significance. Company leadership projects that Onvo will become the largest sales driver over time, targeting a brand split of roughly 35% NIO, 55% Onvo, and 10% Firefly.
