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The first model of NIO’s new low-cost Onvo brand, the L60 electric SUV, could lead to a sales surge, according to at least one analyst. Aimed at Tesla’s best-selling Model Y, the NIO Onvo L60 could boost sales to over 20,000 per month as an even more affordable ($30K) option.

NIO’s new $30K Onvo L60 could lead to a sales surge

After launching the first EV under its new mass-market Onvo brand this week, starting at $30,500 (219,900 yuan), NIO’s new electric SUV is already attracting analysts’ attention.

In a statement sent to investors overnight, Deutsche Bank (via CnEVPost) analyst Wang Bin’s team said: “Onvo L60 SUV will officially start delivery in Sep. 2024, and the company is targeting Onvo L60 monthly delivery volume of ~10,000 units.”

However, the analyst agreed NIO’s previous target of 20,000 deliveries per month is doable. “Thus we think Nio’s expectation of monthly >20,000 unit delivery is achievable with boost from Onvo.”

At 4,828 mm long, 1,930 mm wide, and 1,616 mm tall, the Onvo L60 will directly rival the Model Y (4,750 mm long X 1,921 mm wide X 1,624 mm tall).

NIO's-Onvo-L60-sales
NIO CEO William Li presents the Onvo L60 electric SUV (Source: NIO)

A true Tesla Y rival?

Starting at $30,500 (219,900 yuan), NIO’s new electric SUV undercuts the Tesla Model Y in China. Tesla’s base RWD Model Y starts at $34,500 (249,900 yuan) with up to 554 km (344 mi) CLTC range.

NIO Onvo L60 vs Tesla Model Y trims Range
(CLTC)
Starting Price
NIO Onvo L60 (60 kWh) 555 km (341 mi) 219,900 yuan ($30,500)
NIO Onvo L60 (90 kWh) 730 km (454 mi) TBD
NIO Onvo L60 (150 kWh) +1,000 km (+621 mi) TBD
Tesla Model Y RWD 554 km (344 mi) 249,900 yuan ($34,600)
Tesla Model Y AWD Long Range 688 km (427 mi) 290,900 yuan ($40,300)
Tesla Model Y AWD Performance 615 km (382 mi) 354,900 yuan ($49,100)
NIO Onvo L60 vs Tesla Model Y

The new NIO Onvo L60 gets over 1,000 km (+621 mi) CLTC range with the top-of-the-line 150 kWh version. However, the base L60, starting at $30,500 (60 kWh battery), gets up to 555 km (341 mi) range.

Tesla’s Long Range AWD Model Y starts at $40,300 (290,900 yuan) with up to 688 km (427 mi) range, while the AWD Performance model costs $49,100 (354,900 yuan).

NIO-Onvo-Tesla
NIO Onvo L60 electric SUV (Source: NIO)

NIO says its new electric SUV has better energy consumption than the Tesla Model Y (12.1 kWh/100km vs. 12.5 kWh/100km) under the same CLTC conditions.

Bin’s team expects NIO to launch six new vehicles next year, generating 300,000 in sales. That would be 25,000 unit sales per month, including NIO’s new Onvo brand.

NIO-Onvo-Tesla
NIO Onvo L60 electric SUV (Source: NIO)

New EVs to accelerate growth

NIO CEO William Li and Alan Ai, president of Onvo, revealed the brand’s second model will be a larger (six or seven-seater) electric SUV. According to CarNewsChina, the second Onvo EV is expected to launch in 2025.

In addition to the two new Onvo EVs, Bin’s team expects four new NIO brand models to roll out next year: the ET9 Sedan, ES8 SUV, and ES7 SUV, all based on its new NT 2.0 platform.

NIO-Onvo-Tesla
NIO Onvo L60 electric SUV (Source: NIO)

“As a result, we forecast Nio’s total 2025 sales volume to increase 62% YoY to 300,000 units,” the note read. The breakdown includes 200,000 NIO brand models and another 100,000 in Onvo sales.

NIO delivered 15,620 vehicles last month, up 135% YOY, with the EC6 (+53%), ES6 (+48%), and ET5 (+52%) all seeing double-digit month-over-month gains.

NIO management told the media this morning that the the development of Onvo’s second EV is almost complete and deliveries will begin next year.

NIO's-Onvo-L60-sales
NIO EC6 (Source: NIO)

“If the product is done right, a single model could sell enough, as Tesla BYD has proven,” Li said. BYD recently launched its own Model Y competitor, the Sea Lion 07, starting at 189,800 ($26,250), undercutting both rival EVs (Check out BYD’s Sea Lion 07 here).

What do you you think? Can NIO’s new Onvo brand match Tesla’s or BYD’s sales? Drop us a comment below to let us know your thoughts.

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Home Hardware adds Volvo VNR Electric semi trucks to its fleet

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Home Hardware adds Volvo VNR Electric semi trucks to its fleet

The Canadian home improvement chain picked up a pair of Volvo VNR Electric semi trucks, and it’s putting them to work on last-mile delivery routes in the Greater Toronto Area.

This month, the Canadian home improvement retailer Home Hardware began operating two Volvo electric semi trucks out of its St. Jacobs, Ontario truck depot. The pair of trucks will fulfill last-mile deliveries throughout the area, and mark the company’s first step towards transitioning its entire fleet to zero-emission vehicles.

The Volvo VNR trucks have an operating range of 442 km (about 275 miles). Their delivery routes will take them from Home-brand stores within a 100-150 km (about 90 miles) radius of the St. Jacobs distribution centre.

“We are proud to introduce our new battery-electric trucks to our privately-owned fleet,” said Kevin Macnab, president and chief executive officer, Home Hardware Stores Ltd. “Recognized by the Private Motor Truck Council as Safest Large Fleet, as well as Trucking HR Canada as a Top Fleet Employer and a Fleet of Distinction, Home Hardware Stores, Ltd. is committed to forward-thinking logistics that evolve our supply chain to best support our dealers so they can serve their communities.”

Home Hardware debuted their new Volvo VNR Electric trucks at the company’s 60th anniversary celebration and annual franchise event, the Home Hardware Homecoming, held last week in Toronto, Ontario, Canada.

Electrek’s Take

Volvo VNR Electric at 2024 Home Hardware Homecoming; via Volvo.

Home Hardware is the latest in a growing list of companies – and they’re already adding to the tally of tens of millions of all-electric, zero emission miles driven by Volvo customers. By the time Volvo rolls out its next-generation VNL and FH electric semis next year, it will be the company’s third generation of Class 8 EVs, and it will be backed by more than 100,000,000 miles of real-world data collected by thousands of trucks across dozens of companies.

Is that an insurmountable head start for companies like Tesla to make up? It’s hard to know (and my brain is broken, anyway), but I invite you to check out this episode of Quick Charge recorded a few weeks ago (below) talking about Volvo Truck’s lead, and then share your take on the state of the electric semi truck market in the comments.

Quick Charge

SOURCE | IMAGES: Volvo Trucks.

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Lion Electric delivers the first electric tow truck in North America

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Lion Electric delivers the first electric tow truck in North America

The newest edition to the CAA-Quebec roadside fleet is a fully electric Lion5 flatbed – and the CAA says it’s the first 100% electrique tow truck in service in North America!

Based on the Lion5 medium-duty truck and upfit with a flat bed body developed by XpaK Industries, CAA-Quebec (think AAA, but in Quebec) is marking an important milestone in its 80-history with the deployment of the first electric tow truck in Canada.

“Roadside assistance has always been in CAA-Quebec’s DNA, and it goes without saying that we are taking the lead in electric towing. We have a responsibility to set an example and take a leadership role in protecting the environment,” said Marie-Soleil Tremblay, president and CEO.

As far as the truck itself goes, the Lion5 chassis is packed with 210 kWh of in-house, 800V battery packs. Those are good for a range of up to 310 km (a touch over 190 miles) courtesy of an energy-efficient, high-torque electric motor putting 315 hp that Lion Electric claims can eliminate between 75 and 100 metric tons of greenhouse gas per year compared to a comparable diesel truck.

What’s more, the Lion5-based tow truck promises to reduce CAA-Quebec’s energy (read: fuel) costs by about 80%, and regular maintenance costs by about 60% compared to gas or diesel vehicles in the same class.

“With this new 100% electric, made-in-Quebec tow truck, we are helping to redefine the future of the towing industry,” said Patrick Gervais, VP Trucks and Public Affairs at Lion. “We are proud to be part of a cleaner and more sustainable future with players like CAA-Quebec and XpaK.”

The Lion5 tow truck was delivered in July, and will spend a year being put through its paces in a multitude of towing situations and extreme weather conditions. CAA-Quebec’s roadside assistance service will share its experience with partners throughout Canada and the AAA in the US.

Electrek’s Take

Lion5 electric tow truck; via Lion Electric.

“Electrek’s Take” is where we put our industry experience to use interpreting the news we report. Here, in an article about a “first ever” new commercial segment being entered by a highly visible EV, I probably should be talking about operating costs, “dollars and sense,” and the importance of stabilized costs for a fleet manager’s projections.

Instead, I’m just going to picture some bro-dude’s lifted 4×4 Ram pickup getting hauled out of a parking spot he’s ICE’d and giggle a bit. You try it, too, and let me know if it made you smile in the comments section.

SOURCE | IMAGES: Lion Electric, via TowCanada.

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IVECO announces new electric cargo van, will it come to US as a Nikola?

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IVECO announces new electric cargo van, will it come to US as a Nikola?

Best known in the US as the OEM behind Nikola, Italian truck brand IVECO entered the 2.5 to 3.5 ton medium duty commercial van segment at this week’s IAA Transportation conference with this: the eMoovy electric chassis cab.

Co-developed with Hyundai and riding on a modified platform of the Korean brand’s Staria ST1 van, the IVECO eMoovy is entering a red-hot commercial EV space with a 215 hp electric motor and either a 63 kWh or 76 kWh battery good for up to 199 miles of range.

The IVECO version leverages the Hyundai’s excellent 800V architecture. That means the eMoovy supports ultra-fast 350 kW charging and V2x functionality, so it can be used to back up a job site, supply power to workers, or even power a home (presumably).

A long time coming

IVECO eMoovy gets plugged in; via IVECO.

We’ve known than a commercialized IVECO version of the Hyundai van (which isn’t sold as an EV, that I’m aware of) has been in the works for some time. In fact, Peter Johnson wrote about the 2022 deal way back in February.

In that article, Peter wrote that, while Hyundai would develop and build the chassis, IVECO would customize the electric vans to suit broader commercial markets and distribute the vehicles throughout its network. If that sounds familiar, that’s because (on the surface, at least) the deal seems pretty similar to the one IVECO has with Nikola … which begs the question: will Nikola get an eMoovy variant to sell in the US?

The new electric van will directly target Ford E-Transit customers in Europe, so there’s no reason to believe it won’t be an attractive alternative for commercial fleets on this side of the pond, as well – especially with the “big rig” street cred that could come with the Nikola association.

Electrek’s Take

The commercial EV market is driven by dollars and cents. If EVs have a lower total cost of ownership (TCO) than their gas or diesel counterparts? They’ll continue to sell, and their market share will continue to grow. The only question Hyundai and IVECO need to answer is whether North American truck buyers be more likely to buy a Hyundai-branded van, or a Nikola one.

We asked a similar question to Kia’s James Bell on Quick Charge a few weeks back. Listen to his response to those questions, below, then share your thoughts in the comments section at the bottom of the page.

Kia’s James Bell on Electrek Quick Charge

SOURCE | IMAGES: IVECO, CarScoops.

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