Nio has a new brand in China called Onvo, and it is coming for the Tesla Model Y with its first release. Onvo’s first vehicle, a small SUV called the L60, will start deliveries later this month and will be roughly 17 percent less expensive than the base Model Y offering in China. The L60 starts at 206,900 yuan, or $29,267.
This is about 43,000 yuan, or $6,084 less expensive than the Model Y. It also has a range of 555 kilometers or 344 miles. This matches the 554 kilometers the Model Y’s Long Range configuration can go on a full charge.
There is one big difference: Onvo will use battery-swap technology alongside charging infrastructure. The CEO, Ai Tiecheng, told SCMP that the battery swap is safer and more reliable than traditional charging. Tesla tried battery swaps years ago, but completely abandoned the idea and technique after customers did not find it as advantageous as simply going to a Supercharger.
Now that the Supercharging Network is so robust, it seems like a good idea Tesla decided not to move forward with it. Tesla shuts down battery swap program in favor of Superchargers, for now Onvo will offer the service in a subscription package with a one-time charge of 149,900 yuan, or $21,208. It will then cost 599 yuan a month, or $84.
75. Onvo is also launching a widespread effort to expand its sales presence and plans to open 200 stores in 120 cities by year’s end. The Chinese automotive market is the most competitive in terms of the EV space, and companies have .