Unveiling of Nio’s Onvo L60 Model: Camouflage-Free Images Surface on WeChat and Weibo.
Recently, clear images purportedly showcasing Onvo’s inaugural model, the L60, have emerged without any camouflage on Chinese social media platforms like WeChat and Weibo.
The Onvo brand, a sub-brand of Nio (NYSE: NIO) known as Ledao in Chinese, is drawing closer to its highly anticipated debut as evidenced by the unmasked appearance of the Onvo L60 on city streets.
According to bloggers, these images capture the Onvo L60, possibly during promotional video shoots initiated by Nio, marking the first time the vehicle has been revealed in full clarity online. Previously, the L60 had been frequently sighted disguised in camouflage over the past few months.
Nio disclosed plans in August 2021 to enter the mass market through sub-brands. Onvo is set to target the family car market, offering vehicles priced between RMB 200,000 ($27,640) and RMB 300,000, while the primary Nio brand will continue to focus on models priced above RMB 300,000.
Nio founder, chairman, and CEO William Li announced during an earnings call on March 5 that the Alps brand, including the Onvo sub-brand, will officially debut in the second quarter, with product launches scheduled for the third quarter and mass deliveries expected by the fourth quarter of the year.
The initial model under the Alps brand will directly compete with Tesla’s (NASDAQ: TSLA) Model Y and is anticipated to boast a bill of materials (BOM) cost approximately 10 percent lower than Tesla’s equivalent, as stated by Li.
Furthermore, Li mentioned plans for a second Onvo model—an SUV tailored for larger families—slated for release next year, with a third model already in the works.
Nio’s strategic focus for its sub-brand emphasizes prioritizing deliveries over gross margins, underscoring a commitment to market penetration and expansion.
The disclosure of the Onvo brand name during a media Q&A session following Nio’s long-life battery strategy launch on March 14 has further piqued interest, with the brand’s official launch anticipated in early to mid-May.
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