Business
Nio’s Onvo SUV: A New Contender in China’s EV Market, Undercutting Tesla’s Model Y by 17% with Equal Range Capability
Nio's Onvo SUV, priced 17% lower, emerges as a fresh challenge to Tesla's top-selling Model Y in China. The supremacy of Model Y has been gradually undermined by new models in the domestic market, with shipments declining by 17% this year up to July.
The car manufacturer based in Shanghai plans to begin distribution of the L60 SUV later this month as part of their market expansion strategy, according to the company. The SUV will be offered at a price of 206,900 yuan (equivalent to US$29,267), which is 43,000 yuan less than the base version of the Model Y, the company further stated.
"Onvo's CEO, Ai Tiecheng, stated that their new model car, featuring an interchangeable battery, offers increased safety and reliability during its launch on Thursday. He further announced Onvo's plans to establish 200 outlets in 120 different Chinese cities by the year's end, in an effort to draw in a larger customer base."
The L60 SUV boasts a driving distance of 555km, mirroring the range capacity of the Model Y, which is 554km.
Two minutes past five
Smart-battery exchange stations in China have the capability to automatically replace batteries in electric vehicles.
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