NIO Launches Affordable Onvo L60 SUV

NIO has launched the Onvo L60, a low-cost electric SUV, starting at $21,200 (149,900 yuan) with a battery subscription model. Aimed to rival Tesla's Model Y, the L60 offers options with and without battery packs, significantly undercutting the Model Y's price in China. The L60, based on NIO's new NT 3.0 platform, boasts impressive features like a 555 km range for the 60 kWh battery and an optional 1,000 km range with a future 150 kWh battery. Deliveries are scheduled to begin on September 28, with NIO aiming for 10,000 units delivered in December and an increase to 20,000 units per month next year. Analysts see this launch as a potential revival for the NIO brand, predicting improved market presence and vehicle gross margins. NIO plans to open over 200 stores across 120 cities by the end of the year to support the Onvo brand.