China’s NIO (NYSE: NIO) delivered over 20,000 automobiles in September, its fifth straight month crossing the mark. In simply three days, NIO bought 832 Onvo L60 electrical SUVs, the primary of its new low-cost EV model.
NIO ignited the business after formally launching the Onvo L60 final month. Beginning at simply $21,200, the electrical SUV kicks off NIO’s new reasonably priced sub-brand.
The low beginning price ticket undercuts rivals, together with Tesla’s Mannequin Y, which begins at $34,600 (249,900 yuan) in China.
After handing over the primary Onvo L60 on September 28, NIO introduced it delivered 832 fashions in simply three days.
NIO’s new electrical SUV helped it obtain its second-highest month-to-month supply whole, with 21,181 automobiles delivered in September. The NIO model delivered 20,349 fashions, whereas the Onvo L60 accounted for the remaining 832.
The expansion was sufficient to place NIO over the 20,000-sales threshold for the fifth consecutive month.
It additionally helped push NIO to a brand new quarterly supply file: 61,855 automobiles have been handed over in Q3, up 11.6% from final yr.
NIO delivered 832 Onvo L60 electrical SUVs in 3 days
NIO hit its steering of between 61,000 and 63,000 car deliveries within the third quarter. With L60 deliveries set to speed up in October, will NIO high its month-to-month gross sales file of 21,209 in June?
The low $21,200 (149,900 yuan) worth is for the battery rental mannequin, which additionally features a month-to-month subscription payment. The payment is $85 (599 yuan) for the 60 kWh battery or $125 (899 yuan) monthly for the 85 kWh battery.
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) |
For the battery pack included, L60 costs begin at $26,300 (206,900 yuan), nonetheless decrease than the Mannequin Y.
At 4,828 mm lengthy x 1,930 mm extensive x 1,616 mm tall, the L60 is barely greater than Tesla’s Mannequin Y (4,750 mm lengthy x 1,921 mm extensive x 1,624 mm tall). Nonetheless, its longer wheelbase (2,950 mm vs. 2,890 mm) provides far more inside house.
Inside, the L60 is sort of a duplicate of the Mannequin Y. The 17.3″ infotainment display is the middle of an in any other case minimalistic setup.
NIO’s new Onvo L60 is anticipated to be a real rival to the Mannequin Y and different top-selling electrical SUVs in China. The low-cost EV is already incomes reward from analysts as NIO seems to be to enter its subsequent progress part.
NIO shares surged Monday following a brand new $470 million (RMB 3.3 billion) money funding to gasoline its enlargement. NIO inventory is up 68% during the last month, however share costs are nonetheless down 20% over the previous 12 months.
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