Onvo has officially launched the L90 flagship SUV, marking a potential game-changer for Nio Inc (NYSE: NIO) with its aggressive pricing strategy. The six-seat L90 will be available for delivery starting on August 1, while the seven-seat version will follow in late September.
Priced at RMB 265,800 ($36,940) including an 85-kWh battery pack, the L90 aims to attract a wide range of family users. Under the BaaS (battery as a service) scheme, the starting price for the L90 is RMB 179,800 with a monthly battery rental fee of RMB 899.
Nio’s management has high hopes for the L90, as reflected in the aggressive pricing strategy. The company aims to achieve its first quarterly profit in the fourth quarter of this year, with the L90 playing a significant role in reaching this milestone.
The L90 comes in six-seat and seven-seat versions, offering options for different family needs. The six-seat L90 models include the Pro, Max, and Ultra variants, with prices starting at RMB 265,800, RMB 279,800, and RMB 299,800 respectively. The seven-seat versions also come in Pro, Max, and Ultra variants, priced starting at RMB 271,800, RMB 285,800, and RMB 299,800.
Built on a 900-volt high-voltage platform, the L90 offers better energy efficiency and charging speed compared to conventional platforms. The Pro and Max variants are single-motor rear-wheel drive models, while the Ultra variants are dual-motor models, providing enhanced performance.
With an 85-kWh battery pack, the L90 offers a range of 600-605 kilometers for the rear-wheel-drive version and 570 kilometers for the all-wheel-drive version. The vehicle supports battery swap, allowing for quick battery replacement in about three minutes at Nio’s 3,430 battery swap stations across China.
Customers purchasing the L90 by August 31 can benefit from a 40 percent discount on select optional features and five years of free NOA (Navigation on Autopilot).
The launch of the L90 comes amidst competition from Li Auto’s Li i8, a new all-electric SUV with a focus on aerodynamics and range. However, Nio’s aggressive pricing and established battery swap network give it a competitive edge in the market.
Despite potential supply chain challenges and competition from Tesla’s upcoming Model Y L, Nio remains optimistic about the success of the L90 and its impact on the company’s profitability. Investors have shown positive response to Nio’s strategy, with the stock price surging following the L90 launch.
