NIO (NYSE: NIO) plans to develop into 25 abroad markets by the tip of subsequent 12 months. With its new lower-cost Onvo model already driving demand, NIO expects to play a a lot greater function within the world EV market. Will we see NIO’s electrical automobiles launch within the US? Europe?
After its sixth straight month, with over 20,000 automobiles offered in October, NIO seems to be gaining traction.
NIO-branded automobiles accounted for 16,657 of the almost 21,000 fashions offered final month, whereas its new mainstream Onvo model contributed 4,319 in its first full gross sales month.
After launching the Onvo L60 on the finish of September, NIO’s new midsize electrical SUV is already exhibiting promise. Beginning at simply over $21,000 (149,900 yuan), the L60 is extensively in comparison with Tesla’s top-selling Mannequin Y.
The Onvo electrical SUV is cheaper than the Mannequin Y in China, which begins at round $35,000 (249,900 yuan). Nonetheless, the $21K L60 value is in case you hire the battery, which incorporates an $85 (599 yuan) or $125 (899 yuan) month-to-month price, relying on the battery’s dimension.
Even with the battery included, NIO Onvo L60 costs nonetheless undercut the Tesla Mannequin Y, beginning at $29,300 (206,900 yuan).
At 4,828 mm lengthy, 1,930 mm vast, and 1,616 mm tall, NIO’s electrical SUV is a direct rival to Tesla’s prime vendor (4,750 mm lengthy x 1,921 mm vast x 1,624 mm tall).
| NIO Onvo L60 vs Tesla Mannequin Y trims | Vary (CLTC) |
Beginning Worth |
| NIO Onvo L60 (Battery rental) | 555 km (341 mi) 730 km (454 mi) |
149,900 yuan ($21,200) |
| NIO Onvo L60 (60 kWh) | 555 km (341 mi) | 206,900 yuan ($29,300) |
| NIO Onvo L60 (85 kWh) | 730 km (454 mi) | 235,900 yuan ($33,400) |
| NIO Onvo L60 (150 kWh) | +1,000 km (+621 mi) | TBD |
| Tesla Mannequin Y RWD | 554 km (344 mi) | 249,900 yuan ($34,600) |
| Tesla Mannequin Y AWD Lengthy Vary | 688 km (427 mi) | 290,900 yuan ($40,300) |
| Tesla Mannequin Y AWD Efficiency | 615 km (382 mi) | 354,900 yuan ($49,100) |
NIO needs extra to achieve abroad market share
In Might 2021, NIO introduced it was taking the model world. By October, the Chinese language EV maker opened its first abroad showroom in Norway.
Though the corporate unveiled plans to enter over 25 abroad markets throughout NIO Day in December 2021, the growth has largely stalled.
Over the previous few years, NIO has targeted on its present abroad markets, together with Norway, Germany, the Netherlands, Sweden, and Denmark, however that may quickly change.
In keeping with NIO’s president and co-founder, Qin Lihong, the corporate is standing by its 2021 goal.
In a latest interview with Chinese language media CGTN (by way of CnEVPost), Qin stated, “I hope that we are able to develop to as much as 25 totally different nations or areas by the tip of subsequent 12 months.”
NIO’s president added, “We need to enter greater than 90 p.c of the market presence” within the subsequent 5 to 10 years.
Though no particular markets have been talked about, native media stories counsel they may embrace main auto hubs just like the US, Western Europe, Australia, and New Zealand. Nonetheless, with tighter laws on EV imports from China anticipated, the US may very well be a tough marketplace for NIO to compete.
With NIO’s new Onvo L60 gaining momentum, the low-cost model may play a major function because the EV maker expands abroad.
In keeping with NIO Onvo’s president, Alan Ai (by way of CnEVPost), over 7,000 L60 fashions have been delivered as of November 14. By March 2025, Onvo is anticipated to ship over 20,000 fashions in a single month.
Onvo can be launching its second EV subsequent 12 months, a six or seven-seat electrical SUV. NIO’s CEO William Li stated the brand new Onvo mannequin will probably be “far more aggressive” than the L60.
FTC: We use revenue incomes auto affiliate hyperlinks. Extra.
