NIO is launching a ‘much more competitive’ Onvo electric SUV soon
China’s NIO (NYSE: NIO) has a new secret weapon it’s about to unleash. After launching the first model of its new affordable EV brand Onvo, NIO says the upcoming electric SUV will be “much more competitive.”
NIO made a statement after launching the Onvo L60 last month, starting at just over $21,000 (149,900 yuan).
The electric SUV undercuts top-selling rivals, including Tesla’s Model Y, which starts at about $35,000 (249,900 yuan) in China.
Although the $21,000 price tag is for the battery subscription model, even with the battery included, NIO’s new electric SUV starts at roughly $29,000 (206,900 yuan).
After the first Onvo model was delivered on September 28, NIO announced it had delivered 832 models in just three days. The new EV helped push NIO’s monthly sales over 20,000 for the fifth consecutive month.
Despite the success, NIO believes the second Onvo electric SUV will be an even bigger growth driver.
“If you think the L60 is good, then this new model is a much more competitive product,” NIO’s CEO William Li told CnEVPost during the L60’s launch.
NIO Onvo’s second electric SUV is coming soon
Li said Onvo will launch one new model every year. This year, it was the L60. Next year, NIO is expected to release a new mid-to-large-size electric SUV.
NIO’s CEO said the new electric SUV will be revolutionary and offer even more surprises. Deliveries are scheduled for Q3 2025.
According to a new local report (via CnEVPost), the new Onvo EV could hit the market sooner than expected. The report from Leiphone claimed the second Onvo model will be a six- or seven-seat electric SUV that’s expected to debut by the end of Q1 2025.
Although a delay is possible, the report said deliveries could happen as soon as May 2025. Citing sources familiar with the matter, the Onvo L60 is just a “stepping stone” with more promising EVs on the way.
The source claimed Onvo’s second electric SUV will include a six-seat version starting under $42,100 (300,000 yuan).
Including the battery rental model, with two new electric models due out next year, NIO will offer prices between $20,000 (140,000 yuan) and $31,000 (220,000 yuan).
NIO Onvo L60 vs Tesla Model Y trims |
Range (CLTC) |
Starting Price |
| NIO Onvo L60 (Battery rental) | 555 km (341 mi) 730 km (454 mi) |
149,900 yuan ($21,200) |
| NIO Onvo L60 (60 kWh) | 555 km (341 mi) | 206,900 yuan ($29,300) |
| NIO Onvo L60 (85 kWh) | 730 km (454 mi) | 235,900 yuan ($33,400) |
| 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) |
The source said the new mid-to-large Onvo electric SUV will be key to ramping sales next year. Although not expected to be as big of a hit, Onvo’s third model is expected to be a sedan. It’s reportedly due out in the second half of 2025.
On the company’s earnings call last month, Li said NIO aimed for Onvo L60 deliveries to reach 20,000 in a single month sometime next year.
At 4,828 mm long x 1,930 mm wide x 1,616 mm tall, the L60 is a direct rival to the Tesla Model Y (4,750 mm long x 1,921 mm wide x 1,624 mm tall). However, with a longer wheelbase (2,950 mm vs. 2,890 mm), the L60 features more interior space.
FTC: We use income earning auto affiliate links. More.
James Murdoch, a Tesla board member and friend of CEO Elon Musk, has confirmed that he sold about $13 million in stock today as the stock (TSLA) crashed.
There has been a lot of insider trading at Tesla lately, and by trading, we mean selling – cause no insider is ever buying at Tesla.
We recently reported on Kimball Musk, Elon’s brother, and Tesla’s Chief Financial Officer Taneja Vaibhav recently selling ahead of a recent drop in the company’s stock price.
Tesla’s chairwoman, Robyn Denholm, also sold $33 million worth of Tesla shares last week and over $100 million in the last 3 months.
Now, it’s James Murdoch’s turn. The Tesla board member just confirmed, through a required SEC filing, that he sold 54,776 Tesla shares for just over $13 million today:
He sold as Tesla’s stock crashed 15% today. It is now down more than 50% from its all-time high just a few months ago.
Murdoch was appointed to Tesla’s board in 2017.
He is better known as the son of media mogul Rupert Murdoch and the former CEO of 21st Century Fox from 2015 to 2019.
Murdoch was one of the Tesla board directors who was forced to return almost $1 billion in cash and stock options to Tesla as part of a settlement for over-compensation.
Electrek’s Take
Tesla insiders are unloading, and those are just the ones we know about. Public companies only have to report insider trading for board directors and listed top executives.
For the latter, Tesla purposefully only lists 3 people: Elon, Vaibhav Taneja, Tesla’s CFO, and Tom Zhu, whose role at Tesla has bit quite fluid in recent years.
Therefore, we don’t know about the dozens of other top executives potentially selling their shares right now amid a giant correction.
It’s really suspicious because there are clear top leaders at Tesla who are often on Tesla’s earnings calls, and they are not even listed, like Lars Moravy, for example.
But it’s par for the course at Tesla, which has some of the worst corporate governance I have ever seen. It’s truly shameful.
FTC: We use income earning auto affiliate links. More.
Environment
Mercedes’ new electric people mover is coming soon: Here’s a sneak peek at the luxe EV van
The next generation of Mercedes-Benz luxury vans is almost here. Mercedes’ first luxury electric van, based on its new VAN.EA platform, is now in Arjeplog, Sweden, for winter testing. The new platform will serve as the base for upcoming VIP private vans, high-end limousines, luxury all-arounders, and much more.
What we know about Mercedes’ new luxury electric van
Mercedes is already a leading van maker, both for business and private use. Starting next year, all electric Mercedes’ vans will launch on its new Van Electric Architecture (VAN.EA).
After unveiling the platform almost two years ago, Mathias Geisen, Head of Mercedes-Benz Vans, said “VAN.EA clearly underscores our aspiration to ‘Lead in Electric.” He explained that the purpose-built EV architecture supports both mid and large vans.
With a modular design, Mercedes can easily swap out sections to create a different design. The platform consists of three blocks, or modules.
The first block has the electric powertrain while the middle module determines the van’s dimensions. At the rear, the final module can add another electric motor, giving it AWD capabilities.
With 4MATIC AWD, Mercedes claims the new architecture significantly expands driving range and ensures the vans “meet the highest standards regardless of weather conditions.”
Although final specs will be revealed closer to launch, the electric vans will be based on an 800V platform, suggesting relatively fast charging speeds.
The luxury vans will also be loaded with Mercedes’ new operating system (MB.OS), it’s powerful new in-vehicle software that powers all functions like infotainment, autonomous driving, and more.
After the electric van began testing on public roads late last year, Mercedes said it was headed to Sweden for winter testing before its official debut next year.
Mercedes plans to launch several versions for private and business use. The VAN.EA-P is designed for those looking for a mobile office, family activity vehicle, etc., while the VAN.EA-C is for commercial use, such as courier, express, and parcel delivery vehicles. It can even support larger vehicles like campers or RVs.
Mercedes aims for 20% of van sales to be electric by the end of next year. By 2030, the luxury brand wants half of all van sales to be EV.
Source: Mercedes-Benz
FTC: We use income earning auto affiliate links. More.
Environment
BlackRock’s Fink says Trump deportations will have severe impact on agriculture, construction
HOUSTON — BlackRock CEO Larry Fink said Monday that President Donald Trump‘s deportation policy will have a severe impact on the agriculture and construction sectors, which could lead to elevated inflation in the near term.
“I think that over the next six to nine months, we’re going to see a little more elevated inflation,” Fink said the CERAWeek by S&P Global energy conference. “I do believe deportations and the speed at which it is happening is going to have severe impacts on the agricultural sector and the construction sector.”
Fink said CEOs in the agriculture sector have told him that about 70% of the men and women who work in the industry were not born in the U.S. This raises the question of whether the U.S. will have enough labor to harvest the crops when spring arrives, Fink said.
“With the whole idea that we’re going to have to use private capital to build out this economy — are we going to have enough workers,” Fink asked. “I’ve even told members of the Trump team that we’re going to run out of electricians as we build out AI data centers — we just don’t have enough,” the CEO said.
This potential labor shortage will contribute to inflation, Fink said. Over the longer term, however, the U.S. could see “big deflation because of the advancement of AI and robots and how that’s going to reshape the economy,” the CEO said.
The deflationary pressure that the U.S. experienced over the past two decades was due in part to the importation of cheaper goods from overseas though this hurt U.S. workers, Fink said. The shift to rising nationalism around the world will have an impact on prices, he said.
“When I go to Washington, they talk about these policies,” Fink said. “I ask at what cost are you willing to tolerate that. “Yes, we may have opportunities to create better and more robust jobs, but then the offside of that will be, it will probably create a little more elevated inflation in the short run.”
Trump’s deportation policy is occurring at the same time the president is imposing tariffs on major U.S. trade partners. The president has slapped 20% tariffs on China. He has paused tariffs on Mexican and Canadian goods that are compliant with the deal that governs trade in North America. But Trump is threatening what he calls “reciprocal tariffs” in April.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports11 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway