NIO’s (NIO) new Onvo L60, beginning at simply $21,200, paves the way in which for a “model revival,” in keeping with Deutsche Financial institution analyst Wang Bin’s workforce. The brand new low-cost electrical SUV is essential as NIO takes purpose at market leaders like Tesla and BYD.
NIO’s new low-cost electrical SUV shines in debut
On Thursday, NIO launched the Onvo L60, formally kicking off its new mass-market model. The electrical SUV is taken into account a real challenger to Tesla’s top-selling Mannequin Y.
The L60 begins at simply 149,900 yuan, or round $21,200, for the battery rental mannequin, which features a month-to-month subscription payment.
For many who select the battery subscription mannequin, leases are $85 (599 yuan) for the 60 kWh and $125 (899 yuan) for the 85 kWh battery per thirty days.
With the battery pack included, NIO’s new electrical SUV begins at $26,300 (206,900 yuan), nonetheless cheaper than the Mannequin Y, which begins at $34,600 (249,900 yuan) in China. After a profitable launch, the Onvo L60 has already garnered the eye of analysts.
“We imagine the Onvo L60 SUV’s success paves the way in which for a Nio model revival,” Wang’s workforce wrote in a observe to buyers on Friday.
NIO’s L60 is the primary EV based mostly on its new NT 3.0 platform, providing greater efficiency at a decrease price.
The observe added that the (NT 3.0) tech platform will underpin all new Onvo fashions, unlocking future financial savings with a cost-competitive provide chain.
Setting the brand new normal
NIO’s new low-cost electrical SUV and NT 3.0 platform allow a path for long-term car gross margin enchancment. Wang’s workforce stated “25% for the NIO model and 15% for the Onvo model” as steering.
The Onvo L60 (4,828 mm lengthy x 1,930 mm vast x 1,616 mm tall) is barely greater than Tesla’s Mannequin Y (4,750 mm lengthy x 1,921 mm vast x 1,624 mm tall), however its longer wheelbase (2,950 mm vs. 2,890 mm) offers extra inside area.
NIO claims the L60 units the “new normal for household automobiles” as a long-range, extremely environment friendly electrical SUV at a aggressive value.
In keeping with NIO, the L60 has “industry-leading ultra-low CLTC power consumption of 12.1kWh/100km,” higher than the Mannequin Y at 12.5 kWh/100km.
The inside incorporates a Mannequin Y-like design, with the 17.3″ infotainment display screen on the heart of an in any other case minimalistic inside. Rear passengers additionally get an 8″ leisure display screen.
Wang’s workforce stated NIO’s new electrical SUV presents a greater exterior design, extra inside area, at a decrease price.
| NIO Onvo L60 vs Tesla Mannequin Y trims | Vary (CLTC) |
Beginning Value |
| NIO Onvo L60 (Battery rental) | 555 km (341 mi) 730 km (454 mi) |
149,900 yuan ($21,200) |
| NIO Onvo L60 (60 kWh) | 555 km (341 mi) | 206,900 yuan ($29,300) |
| NIO Onvo L60 (85 kWh) | 730 km (454 mi) | 235,900 yuan ($33,400) |
| NIO Onvo L60 (150 kWh) | +1,000 km (+621 mi) | TBD |
| Tesla Mannequin Y RWD | 554 km (344 mi) | 249,900 yuan ($34,600) |
| Tesla Mannequin Y AWD Lengthy Vary | 688 km (427 mi) | 290,900 yuan ($40,300) |
| Tesla Mannequin Y AWD Efficiency | 615 km (382 mi) | 354,900 yuan ($49,100) |
Preliminary vendor suggestions has been “very robust,” in keeping with the observe. Consequently, Wang’s workforce elevated its month-to-month supply steering to 10,000 from 8,000.
With 20,176 automobiles delivered final month, NIO has now crossed the 20K gross sales mark for 4 months.
NIO’s inventory is up 32% over the previous month as momentum picks up. Nevertheless, NIO shares are nonetheless down 36% in 2024 and 39% over the previous 12 months.
Supply: CnEVPost
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