Nio introduces the L60 SUV, a competitor to Tesla’s Model Y

Chinese automaker Nio has unveiled its Tesla Model Y competitor, the Onvo L60 SUV.

Nios CEO William Li unveiled his Onvo L60 SUV in Shanghai.

“With technologies evolving and people’s understanding [of] smart EVs deepening, today it’s time for us to redefine the new standards for family cars,” said Li.

Nio’s more reasonably priced brand is Onvo. Starting at $30,465, the Onvo L60 SUV is 10% less expensive than the Tesla Model Y. In contrast, the starting price of the rear-wheel-drive (RWD) Tesla Model Y in China is RMB249,900 ($34,622.15).

According to China’s CLTC standard, the Onvo L60 SUV, which is entirely electric, uses 12.1 kWh of energy every 100 kilometers. In contrast, the Model Y uses 12.5 kWh of energy every 100 kilometers according to CLTC.

According to Onvo President Alan Ai, the Chinese automaker has prioritized the L60 SUV’s power consumption from the beginning.

The Onvo L60 is available in his three range variants: 345 miles of standard range, 454 miles of long range, and over 621 miles of extra long range. Onvo’s all-electric SUV comes in his three battery pack options: 60 kWh, 90 kWh, and 150 kWh.

Nio is accepting orders for his Onvo L60 SUV and aims to start deliveries by September 2024. The Chinese automaker plans to launch new Onvo models every year to expand the family car market.

Nio faces several challenges in its expansion plans. The United States and Europe are increasingly wary of electric vehicles made in China. The European Union continues to carry out anti-subsidy investigations into electric vehicle imports to China. Meanwhile, in the United States, President Biden has imposed tariffs of over 100% on electric vehicle imports from China.