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NIO expands model range: New sub-brand ONVO begins production

NIO is launching a new family-friendly electric SUV under the sub-brand ONVO.

Eulerpool News Aug 20, 2024, 10:09 AM

The Chinese electric car manufacturer NIO has begun production of the first vehicles of its new sub-brand ONVO. This development marks another strategic step for the company to strengthen its position in the global market for electric vehicles. ONVO targets family-friendly, more affordable electric vehicles that are intended to be positioned between NIO’s premium models and the new budget brand Firefly.

With the first model, the L60, NIO introduces an electric mid-size SUV that specifically targets the mainstream family market. The design of the L60 strongly resembles the Tesla Model Y, but the vehicle is expected to be available in China at a significantly lower starting price of approximately 28,000 euros. This is about 4,000 euros less than the current base price of the Tesla Model Y in China. The market launch in Europe is planned for the end of 2024, after deliveries in China begin in the third quarter of the same year.

The L60 will be based on a 900-volt high-voltage platform that enables fast battery charging. Two battery options with capacities of 60 and 90 kWh are available. The vehicle features an aerodynamic design with the world's lowest drag coefficient for a production SUV at 0.229. This allows for an energy consumption of only 12.1 kWh per 100 kilometers and an impressive range of over 1,000 kilometers, according to the company.

The focus in development was on a spacious cabin, intelligent storage solutions, and advanced digital features for assisted driving. "By incorporating ONVO into our brand portfolio, we can reach and serve more users," said William Li, founder and CEO of NIO. He emphasized confidence in the new brand's competitiveness.

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