In a move to expand its footprint in the electric vehicle market, NIO Inc. (NYSE: NIO) unveiled its new brand ONVO and its first product, the L60 mid-size SUV, designed specifically for families. The announcement was made on the International Day of Families at the West Bund in Shanghai.
The ONVO brand, derived from "On Voyage," symbolizes a commitment to enhancing family life through improved brand and product experiences. The L60, ONVO's inaugural offering, is a smart electric SUV that emphasizes value and experience for family users.
ONVO benefits from NIO's sustained investment in research and development, providing it with competitive advantages in various areas including R&D, supply chain, manufacturing, quality, and sales and service networks. The brand's philosophy focuses on fulfilling the real demands of family cars, aiming to deliver happiness and high-quality products to its customers.
The L60 is designed to maximize user experience in six key aspects: safety, comfort, smart cabin technology, driving range and recharging convenience, ride quality, and assisted driving capabilities.
It features a 900V high-voltage architecture, an energy efficiency of 12.1 kWh per 100 km, and boasts the lowest drag coefficient for an SUV at 0.229. This focus on efficiency is complemented by spacious interiors and innovative storage solutions.
Equipped with NIO's full-stack capabilities in assisted and intelligent driving, the L60 is set to provide a seamless driving experience upon delivery. The SUV also incorporates NIO Power's "Chargeable, Swappable, Upgradable" solution, promising lower maintenance and time costs compared to its competitors.
ONVO's approach to vehicle ownership also includes efforts to minimize the total lifecycle costs, positioning the L60 as a cost-effective alternative to traditional internal combustion engine vehicles.
The L60 is currently available for pre-order in China, with an attractive presale price of RMB219,900. The official launch is scheduled for September this year. This strategic move by NIO aims to cater to the growing demand for family-oriented electric vehicles and to leverage the company's existing strengths to carve out a significant share in this segment.
The details of this launch are based on a recent SEC filing by NIO Inc.
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