Onvo, a sub-brand of Nio (NYSE: NIO), has achieved a significant milestone with its first model, the L60, surpassing 20,000 units in cumulative deliveries. This accomplishment comes just 100 days after the launch of the L60, indicating strong demand and success in the market.
The L60, an electric SUV that competes with Tesla’s Model Y, was officially launched by the Nio sub-brand on September 19. Deliveries began on September 28, and since then, the model has steadily gained traction in the market. With cumulative deliveries now exceeding 20,000 units, Onvo is on track to deliver at least 10,000 units this month alone.
Monthly delivery figures for the Onvo L60 have shown consistent growth, with 832 units delivered in the first month, followed by 4,319 units in the second month, and 5,082 units in the third month. This upward trend reflects the increasing popularity of the model among consumers.
Priced at RMB 206,900 ($28,350) including the battery pack, the Onvo L60 offers a competitive alternative to the Tesla Model Y, which starts at RMB 249,900 in China. The affordability and performance of the L60 have contributed to its success in the market, with Nio management projecting production capacity to reach 10,000 units in December, 16,000 units in January 2025, and 20,000 units by March.
While the slow capacity climb in the early days of availability raised some concerns, Onvo’s chief has reassured stakeholders that production is on track to meet demand. The brand’s president, Alan Ai, confirmed plans to ramp up deliveries this month, with more than 10,000 vehicles set to be delivered in December. Additionally, Onvo’s service centers are expected to expand to 350 by the end of the year, covering 200 cities.
Nio Inc delivered a total of 20,575 vehicles in November, including 15,493 units under the main Nio brand targeting the premium market. The company’s fourth-quarter vehicle delivery guidance ranges from 72,000 to 75,000 units, with expectations of delivering at least 30,449 vehicles in December.
Nio founder, chairman, and CEO William Li expressed confidence in meeting the fourth-quarter delivery targets, with more than 30,000 units expected to be delivered by Nio Inc in December. The company, along with other major local counterparts, is set to announce December delivery figures on January 1.
Overall, the success of the Onvo L60 underscores Nio’s commitment to expanding its market reach and boosting profitability. With strong demand for the model and plans for continued production growth, Onvo is well-positioned for further success in the electric vehicle market.
