Delivery wait time for the Onvo L60 has recently been reduced to 4-6 weeks, down from the previous 8-10 weeks, following a surge in insurance registrations for the model. This positive development comes after Onvo witnessed record insurance registrations last week, indicating a growing demand for the electric SUV.
Onvo, a sub-brand of Nio, officially launched the L60 on September 19, 2024, introducing a competitor to the Tesla Model Y. The model offers both single-motor rear-wheel drive and dual-motor four-wheel drive options, with battery pack choices of 60-kWh and 85-kWh. Starting at RMB 206,900 ($28,350), the Onvo L60 is priced competitively, positioned RMB 43,000 below the Tesla Model Y’s current starting price in China.
Customers have the option to utilize Nio’s BaaS (battery as a service) service, which reduces the initial purchase cost by RMB 57,000 but entails a monthly battery rental fee starting at RMB 599. This unique service model aims to make electric vehicles more accessible and affordable for consumers.
Cumulative deliveries of the Onvo L60 surpassed 20,000 units within 100 days of its launch, showcasing the model’s popularity and market acceptance. Last week, Onvo registered a record 4,200 insurance registrations, doubling the previous week’s figures and indicating a strong momentum in sales.
The company had set ambitious targets for monthly deliveries, aiming to reach 10,000 units in December and 20,000 units by March 2025. With CATL ramping up battery capacity and deliveries of 85-kWh packs from CALB already underway, Onvo is well-positioned to meet the growing demand for its L60 model without any concerns about battery supply.
Overall, the reduction in delivery wait time for the Onvo L60 reflects the brand’s commitment to customer satisfaction and efficiency in meeting market demand. As the electric vehicle industry continues to evolve and expand, Onvo’s competitive pricing, innovative service offerings, and strong sales performance position it as a key player in the market.
