NIO’s (NIO) new Onvo L60, starting at just $21,200, paves the way for a “brand revival,” according to Deutsche Bank analyst Wang Bin’s team. The new low-cost electric SUV is crucial as NIO takes aim at market leaders like Tesla and BYD.

NIO’s new low-cost electric SUV shines in debut

On Thursday, NIO launched the Onvo L60, officially kicking off its new mass-market brand. The electric SUV is considered a true challenger to Tesla’s top-selling Model Y.

The L60 starts at just 149,900 yuan, or around $21,200, for the battery rental model, which includes a monthly subscription fee.

For those who choose the battery subscription model, rentals are $85 (599 yuan) for the 60 kWh and $125 (899 yuan) for the 85 kWh battery per month.

With the battery pack included, NIO’s new electric SUV starts at $26,300 (206,900 yuan), still cheaper than the Model Y, which starts at $34,600 (249,900 yuan) in China. After a successful launch, the Onvo L60 has already garnered the attention of analysts.

“We believe the Onvo L60 SUV’s success paves the way for a Nio brand revival,” Wang’s team wrote in a note to investors on Friday.

NIO’s L60 is the first EV based on its new NT 3.0 platform, offering higher performance at a lower cost.

The note added that the (NT 3.0) tech platform will underpin all new Onvo models, unlocking future savings with a cost-competitive supply chain.

Setting the new standard

NIO’s new low-cost electric SUV and NT 3.0 platform enable a path for long-term vehicle gross margin improvement. Wang’s team said “25% for the NIO brand and 15% for the Onvo brand” as guidance.

The Onvo L60 (4,828 mm long x 1,930 mm wide x 1,616 mm tall) is slightly bigger than Tesla’s Model Y (4,750 mm long x 1,921 mm wide x 1,624 mm tall), but its longer wheelbase (2,950 mm vs. 2,890 mm) provides more interior space.

NIO claims the L60 sets the “new standard for family cars” as a long-range, highly efficient electric SUV at a competitive price.

According to NIO, the L60 has “industry-leading ultra-low CLTC energy consumption of 12.1kWh/100km,” better than the Model Y at 12.5 kWh/100km.

The interior features a Model Y-like design, with the 17.3″ infotainment screen at the center of an otherwise minimalistic interior. Rear passengers also get an 8″ entertainment screen.

Wang’s team said NIO’s new electric SUV offers a better exterior design, more interior space, at a lower cost.

Initial dealer feedback has been “very strong,” according to the note. As a result, Wang’s team increased its monthly delivery guidance to 10,000 from 8,000.

With 20,176 vehicles delivered last month, NIO has now crossed the 20K sales mark for four months.

NIO’s stock is up 32% over the past month as momentum picks up. However, NIO shares are still down 36% in 2024 and 39% over the past 12 months.

Source: CnEVPost

Less than a month after its public unveiling, ZEEKR has officially launched its new family-friendly 7X SUV in China before it makes its way to global markets. Today, we also learned the 7X’s starting pricing, which comes in at RMB 229,900, or about $32,500.

Always one to move quickly, ZEEKR’s progress to today’s launch of the 7X SUV has been steadfast and filled with continuous updates. We first caught wind of a new all-electric SUV model this past July when we saw some camouflaged images of what was initially called “the CX1e.”

Two days later, ZEEKR confirmed the new model is called the 7X and will join the X SUV as the second all-electric model to be sold globally. Shortly after, ZEEKR shared uncamouflaged images and news that the 7X will be its first model to feature its new LFP batteries that can recharge from 10-80% in 10.5 minutes.

At that time, ZEEKR shared that the dual-motor version of the 7X can accelerate from 0 to 100 km/h (0 to 62 mph) in four seconds. However, after its official unveiling in China last month, we learned the 7X is faster than initially stated and would begin rolling out to customers overseas by the end of September.

As we enter the latter part of September, ZEEKR has officially launched the 7X SUV in China, with much excitement from customers who have shown up in droves to place their orders.

ZEEKR 7X SUV deliveries to begin in China this month

Per ZEEKR, the five-seat 7X SUV has officially launched in China and was “crafted to disrupt the status quo, masterfully blending high-end comfort with robust capabilities for off-road exploration, making it ideal for both urban and rugged environments.”

Although it has continuously been advertised as a family-friendly SUV, the 7X is equipped with impressive off-road capabilities, including a double wishbone and air suspension that enable a ground clearance of 230mm (9 inches). ZEEKR also shared that the 7X is the world’s first all-electric SUV to climb Bilutu Peak – the highest fixed dune on the planet.

As we mentioned last month, the 7X can accelerate from 0-100 km/h (0-62 mph) in 3.8 seconds and is available in two battery configurations. Consumers can opt for a 75 kWh lithium-iron-phosphate (LFP) battery that offers a (CLTC) range of 605 km (376 miles) or a 100 kWh nickel manganese cobalt (NMC) variant that delivers up to 780 km (485 miles) of CLTC range.

As mentioned above, today’s launch of the ZEEKR 7X SUV offered the first glimpse at pricing. While we don’t yet know the pricing difference between the two battery variants, we have learned that the new model will start at RMB 229,900 ($32,500).

That’s an enticing price for an electric vehicle of this size in any market, and the consumers in China agree so far. ZEEKR shared that since opening pre-orders 20 days ago, the 7X SUV has secured 58,000 orders.

Deliveries are expected to begin in China before the end of September, followed by a launch in other global markets, such as Europe, within a year.

Chechen leader and self-proclaimed “Putin’s foot solider” Ramzan Kadyrov claimed that his Tesla Cybertruck used in combat in Ukraine was remotely disabled by Elon Musk.

Last month, we reported on Kadyrov, who has been ruling over the Chechen Republic for more than a decade, taking delivery of a Cybertruck and outfitting it with a machine gun.

The report was controversial for a few reasons.

First off, it’s unclear how Kadyrov got a Cybertruck as sanctions against Russia and him specifically should have prevented it. Also, the Chechen leader claimed that he was sending the Tesla Cybertruck to Ukraine to join the Russian war effort.

Finally, Kadyrov insinuated that the Cybertruck was gifted to him by Elon Musk – something the Tesla CEO quickly denied.

A few weeks later, Kadyrov claimed that the Cybertruck joined the war effort in Ukraine, but he posted on Telegram today that it was “remotely disabled by Elon Musk”. This time, he also more clearly claimed that Musk gifted him the Cybertruck:

“Now, recently, Musk remotely disabled the Cybertruck. That’s not a nice thing for Elon Musk to do. He gives expensive gifts from the bottom of his heart and then remotely switches them off. That’s not manly. We had to tow the iron horse. How could you do that, Elon?”

RT, which acts as a propaganda arm for Russia, reported that the “remote deactivation has been defeated” and that the Chechen leader is sending two more Cybertrucks to Ukraine.

They had footage of two Cybertrucks driving around with machine guns:

Any report from RT should be taken with a grain of salt as they obviously care more about propaganda than the truth.

Electrek’s Take

Who to believe? Elon Musk or a Russian warlord. To be honest, I have a tough time believing either. However, in this case, I doubt that Elon was dumb enough to give Kadyrov a Cybertruck.

It’s not impossible to remotely shut down a Cybertruck, especially if you can prove the owner broke the law to get it into Russia.

However, it is also very likely that it simply broke down and Kadyrov decided to claim it was remotely disabled. It wouldn’t be the first time he was lying.

Either way, what does it say of your army if it is using Cybertrucks? Let us know in the comment section below.