At 17% cheaper, Nio’s Onvo SUV is new threat to Tesla’s market-leading Model Y in China

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New models have continued to chip away at Model Y’s dominance on the mainland, where deliveries slumped 17 per cent this year through July

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Nio unveiled the Onvo L60 sport-utility vehicle in Shanghai in May 2024. Photo: Daniel Ren

Daniel Renin Shanghai

Published: 10:08pm, 19 Sep 2024Updated: 11:03pm, 19 Sep 2024

Tesla’s best selling Model Y is facing a new competitor in mainland China as Nio edges closer to delivering a fully-electric model under its new brand Onvo, which is fitted with its battery-swap technology and is 17 per cent cheaper.

The Shanghai-based carmaker will start delivering the L60 sport-utility vehicle (SUV) later this month to build its market presence, the company said. The SUV will be priced at 206,900 yuan (US$29,267), or 43,000 yuan below Model Y’s basic edition, it added.

“The car, with swappable battery, is safer and more reliable,” Ai Tiecheng, Onvo’s CEO said when unveiling the new model on Thursday. “Onvo will open 200 stores in 120 cities across mainland China by the end of the year to attract more customers.”

The L60 SUV has a driving range of 555km, matching Model Y’s distance capability of 554km.

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Chinese smart-battery swap stations can change EV batteries automatically

Nio’s battery swap technology allows drivers to get back on the road in just a few minutes with a battery change. Buyers who choose to rent a battery need to make a one-time payment of 149,900 yuan plus a monthly subscription fee of 599 yuan, Ai said.