- The new Onvo L60 starts at RMB 192,800 ($26,600), undercutting the Tesla Model Y’s starting price of RMB 263,500 by nearly 27%.
- NIO will begin immediate deliveries of the refreshed SUV, which includes enhanced hardware and software features.
- CEO William Li has projected that the mass-market Onvo brand will become the majority contributor to group sales long-term.
NIO Inc launched an updated version of its Onvo L60 mid-size electric SUV on Thursday, directly challenging Tesla’s dominance in China’s competitive family EV segment. The vehicle’s aggressive pricing and immediate availability signal a strong push for market share.
CEO William Li announced the launch on X, stating, “Our mid-size SUV tech flagship just got even better.” He revealed new starting prices of RMB 192,800 for full purchase and RMB 135,800 with the Battery as a Service option. Consequently, the company will begin vehicle deliveries immediately.
The updated model is priced 6.8% lower than its predecessor, according to a report by CnEVPost. It introduces several hardware and software enhancements aimed at improving range, efficiency, and smart driving capabilities. Meanwhile, the original L60 surpassed 20,000 cumulative deliveries within its first 100 days on the market.
Onvo is NIO’s mass-market sub-brand, launched to broaden its reach beyond premium vehicles. In May 2026, Onvo contributed over 12,000 units to the group’s record 37,705 deliveries. However, retail sentiment around NIO stock stayed ‘bearish’ over the past 24 hours, according to internal data from Stocktwits.
Analyst sentiment appears more positive. According to data from Koyfin, 18 analysts rate NIO a ‘Buy’ or higher, with a 12-month average price target implying about 36% upside. The stock closed 1% higher on Thursday but remains on track for a second consecutive weekly loss.
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