Onvo Sells 20,000 EVs In 100 Days Of Launch, Gearing To Be Nio's Best-Selling Brand

Nio Inc NIO brand Onvo said on Friday that it has delivered 20,000 units of its L60 SUV within 100 days of commencing deliveries.

What Happened: Onvo made the announcement via a post on the social media platform Weibo.

Nio launched its family-oriented lower-priced EV brand Onvo in May this year. The company launched the L60 SUV on Sept. 19 and started deliveries on Sept. 28.

Now, merely a hundred days after launch, the company delivered 20,000 units.

The Onvo L60 is a mid-size electric SUV that starts at 206,900 yuan ($28,347) with the battery pack included, much lower than Tesla's affordable models Model 3 or Model Y in China.

Why It Matters: In September, Nio delivered 832 Onvo L60s despite having only a few selling days. In October, the first full month of sales, Onvo deliveries rose to 4,319. In November, L60 deliveries rose to 5,082.

This implies that Onvo has sold 9,767 units of the L60 thus far in December, marking its highest monthly delivery total to date.

Nio, the company’s premium EV brand, delivered just 15,493 vehicles in November despite its longer lineup. Onvo, meanwhile, is closing in 10,000 deliveries in a month with just one vehicle model. At the current pace, Onvo is likely to take over Nio as the parent company’s best-selling brand.

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Photo courtesy: Nio