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).

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.