Onvo, a sub-brand of Nio, has ambitious plans to expand its presence in China. The company aims to have at least 500 stores by March next year and 800-1,000 stores by the end of 2025, as reported by local media outlet Xchuxing.
The first 105 Onvo stores in China opened on September 1, coinciding with the official launch of the brand’s first model, the L60, on September 19. Positioned as a competitor to Tesla’s Model Y, the L60 has been well-received in the market.
As of September 19, Onvo had 120 stores and aimed to reach 200 stores in 68 cities by the end of 2024. The brand has set a target of delivering more than 20,000 units per month by March 2025, with plans to increase sales channels to cover lower-tier cities.
Onvo’s sales performance has been promising, with the L60 outselling the Model Y in certain regions like Anhui. The brand saw a peak in sales by the end of September, with a slight slowdown after China’s National Day holiday in early October. However, sales have since rebounded, with a 10 percent week-on-week increase from the second week post-holiday.
Looking ahead, Onvo is considering launching new sedan models and exploring markets with significant potential for growth. The brand aims to differentiate itself from Nio, with less than 2 percent user overlap between the two brands. Additionally, Onvo has seen a high demand for vehicle trade-ins, indicating strong customer loyalty.
With over 7,000 units of the L60 delivered as of November 14, Onvo remains optimistic about its future sales targets. The L60 is competitively priced, starting at RMB 206,900 ($28,570), making it more affordable than the Tesla Model Y.
In conclusion, Onvo’s aggressive expansion plans and strong sales performance indicate a promising future for the brand in the Chinese electric vehicle market. Stay tuned for more updates on Onvo’s upcoming models and store openings as the company continues to make waves in the industry.
