Game Changer? Nio’s New Budget EV Brand with Swappable Batteries

Nio Inc. (NYSE: NIO) has unveiled its new electric vehicle (EV) sub-brand, Onvo, with the L60 as its first model. The L60 marks a significant step for Nio as it enters the mass market EV segment.

Design Hints at Affordability and Performance

The L60 sports a sleek design with hidden door handles, distinctive alloy wheels, and a subtle spoiler. While resembling Nio’s design language with split headlights and a closed front grille, the L60 lacks the prominent sensor suite on the windshield, suggesting a focus on highway self-driving capabilities. The car is expected to be between 4.7 and 4.8 meters long and have a wheelbase exceeding 2,800 mm to accommodate Nio’s battery swapping technology.

Game Changer? Nio's New Budget EV Brand with Swappable Batteries

Interior Offers Comfort and Luxury

A recent video featuring Nio CEO William Lee showcased the L60’s roomy and luxurious interior. The panoramic roof and premium brown seats, available in leather or synthetic materials, create a sophisticated ambience.

Focus on Affordability with Potential Performance

The L60 is expected to feature a single rear-mounted motor, prioritizing affordability without sacrificing performance. Crucially, details about the battery remain unknown, although rumors suggest Nio’s proprietary LFP batteries in 60 kWh and 90 kWh variants might be offered. LFP batteries could potentially offer greater durability and cost-effectiveness compared to traditional lithium-ion batteries.

Competitive Pricing Targets Budget-Conscious Buyers

With a projected price range of 200,000 to 300,000 Yuan (approximately $27,800 to $41,700), the L60 targets budget-conscious consumers seeking an entry point into the EV market.

Game Changer? Nio's New Budget EV Brand with Swappable Batteries

Global Ambitions with Onvo and Firefly

The launch of Onvo is complemented by the announcement of Firefly, another Nio sub-brand specifically designed for the European market. This highlights Nio’s global ambitions in promoting sustainable mobility.

Trial Production Underway, Deliveries Expected by Q4 2024

Trial production of the L60 is already underway, with deliveries expected to begin in the fourth quarter of 2024. The L60’s official unveiling is scheduled for mid-May 2024, marking a new chapter for Nio as it strives to redefine the electric vehicle landscape with a focus on innovation, affordability, and sustainability.

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