NIO’s (NYSE: NIO) new electric SUV already looks like a hit. In just 100 days since launching, NIO Onvo L60 deliveries reached over 20,000 as the EV maker taps into the mass market.
NIO Onvo L60 deliveries surge in market debut
It’s been almost three months since NIO launched its more affordable Onvo sub-brand in September. The first model to wear the Onvo badge, the L60 electric SUV, is already making a significant impact.
In a social media post on Friday, NIO Onvo announced it took just 100 days for L60 deliveries to reach 20,000 cumulatively. In its first full sales month, over 4,300 L60 models were sold, or roughly one-fifth of NIO’s total sales in October.
With a starting price of around $21,000 (149,900 yuan), NIO’s new electric SUV undercuts many rivals, including Tesla’s top-selling Model Y, which starts at around $35,000 (249,900 yuan) in China.
The $21K price tag is for the battery rental model, which includes an additional $85 (599 yuan) or $125 (899 yuan) per month, depending on the size. However, even with the battery, you can still buy the L60 for cheaper at around $29,000 (206,900 yuan).
With 832 L60 deliveries in September, 4,319 in October, and another 5,082 last month, NIO delivered 10,233 through November. That means at least 9,767 L60 models were delivered in December.
NIO appears to be on track to hit its goal of delivering over 10,000 units this month. The company said L60 production is expected to double from 10,000 units in December to 20,000 by March 2025.
This week, the L60 also completed its first long-range cold weather test. In energy-saving mode, the electric SUV drove for 7 hours and 9 minutes across highways and roads in China. During the test, the L60 achieved an average energy consumption of just 21.0 kWh/100 km in “extreme cold conditions.”
NIO’s Onvo electric SUV is 4,828 mm long, 1,930 mm wide, and 1,616 mm tall, or about the same size as the Tesla Model Y at 4,750 mm long x 1,921 mm wide x 1,624 mm tall.
Earlier this month, we learned NIO will launch the L60 in its first European market in early 2025. Eric Yu, Onvo’s VP of products, told Automotive News Europe that the L60 will first debut in the UK.
NIO Onvo L60 vs Tesla Model Y trims
Driving 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)
NIO Onvo L60 vs Tesla Model Y in China
Unlike the EU, the UK is not imposing additional tariffs on Chinese EV imports. In the EU, NIO, including Onvo, faces a 31% import tariff.
NIO president Qin Lihong said in an interview with Chinese media CGTN (via CnEVPost) that the EV maker aims to “expand to up to 25 different countries and regions” by the end of 2025. Onvo will begin exporting L60 models once production hits 30,000 per month, which is expected early next year.
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Trump’s Federal Highway Administration (FHWA) has issued a memo ordering states to suspend all state EV infrastructure deployment plans under the National Electric Vehicle Infrastructure (NEVI) Formula Program.
Trump’s FHWA orders NEVI suspension
The $5 billion NEVI program is the big rollout of EV charging infrastructure across the US that was funded by the Biden administration’s Infrastructure Act, and it’s already well underway.
Under the NEVI program, states have to send their plans to the FHWA annually, detailing how they’ll use the funds. During the Biden administration, the FHWA signed off on the first four out of five fiscal years of plans through 2025. However, not all of it has been “obligated” to EV infrastructure projects.
Trump’s FHWA has told states in this memo that they can’t commit funds that were already approved to new EV charging infrastructure. However, money that was already committed is not affected.
The memo reads:
Therefore, effective immediately, no new obligations may occur under the NEVI Formula Program until the updated final NEVI Formula Program Guidance is issued and new State plans are submitted and approved. Instructions for the submission of new State plans for all fiscal years will be included in the updated final NEVI Formula Program Guidance. Since FHWA is suspending the existing State plans, States will be held harmless for not implementing their existing plans. Until new guidance is issued, reimbursement of existing obligations will be allowed in order to not disrupt current financial commitments.
Electrek’s Take
I asked Loren McDonald, chief analyst at Paren, what his thoughts were on this latest cancellation, and he, among others (myself included), doesn’t think the FHWA has the authority to stop the NEVI program with a memo – it would need a change in law from Congress – and then the courts will settle it. (Who else is beginning to see a Trump administration theme here?) McDonald said:
I don’t believe FHWA has the authority to pause or rescind any aspect of NEVI. The Trump administration is clearly trying to stop or pause programs like NEVI for as long as they can, but I assume lawsuits from states will start soon, and this will go to court and Congress … but the Trump admin will succeed in just causing havoc and slowing things down for a while. In the end, the Trump administration will likely fail, as only Congress can fundamentally revise and stop the NEVI program.
But, as with everything else rolled back the last few weeks, this will cause chaos and delays. This will cause serious damage to businesses nationwide – from EV charging companies (including Tesla, one of the largest NEVI recipients) to convenience stores and other host sites – and will waste money and cost people jobs.
It should also be noted that NEVI is the very reason that the NACS charging standard exists in the first place.
NEVI was limited only to chargers that could serve multiple makes of vehicles – a reasonable step, that government wouldn’t want to do a giveaway to a single, proprietary company. This is what caused Tesla to release NACS as a standard in the first place, so that its chargers could access NEVI money.
Then, when the entire industry switched over to the NACS standard, that signaled a potential long period of leadership in EV charging for Tesla. The company could have been the primary energy provider for EVs in North America for years or even decades to come as a result.
Now, an administration that Elon Musk is involved in is killing the very program that could have led to his company’s dominance in energy delivery – after also firing the entire team that was responsible for making the NACS standard in the first place.
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The ChargeX Consortium has figured out how to automatically restart failed EV charging sessions at fast chargers so drivers don’t have to.
Every EV driver has been there. You plug in, walk away to grab food or run errands, and expect your battery to be juicing up at a DC fast charger, only to return and realize nothing happened. Maybe the session failed, or maybe the charger glitched. Either way, you’re stuck unplugging, plugging back in, and now it’s going to take twice as long to charge.
The ChargeX Consortium (National Charging Experience Consortium), which is made up of researchers from the National Renewable Energy Laboratory (NREL), Idaho National Laboratory (INL), and Argonne National Laboratory (ANL), along with industry stakeholders, has come up with a smart fix for one of the most frustrating parts of public EV charging: failed sessions.
Its new report highlights the benefits of what it calls “seamless retry” – a hands-free tech solution that automatically restarts failed charging attempts. In other words, the driver no longer needs to physically unplug and replug the charging connector when a charging session fails.
The consortium’s new tech is designed specifically for DC fast charging. The “novel mechanism” automatically resets both the EV and the charger, then restarts the session in the background, so drivers don’t have to return to the car – or even have to think about it.
Ed Watt, a researcher at NREL and lead author of the “Recommended Practice Seamless Retry for Electric Vehicle Charging” report, said, “With a seamless retry mechanism in place, an EV driver at a retail center can plug in a charging connector, provide user input data, leave to shop, and feel confident that they will return to a charged vehicle.” (Click on the report link to see the specifics of how the novel mechanism works.)
The researchers didn’t just focus on the perks of seamless retry – they also looked at potential downsides. One concern was the extra time it might take for the system to restart a failed session, which could leave drivers frustrated. To tackle that, the consortium suggests that the EV industry provide transparency in the form of real-time status updates, insights into what went wrong, and recommendations based on the type of charging failure and number of attempts made.
Going forward, as the user experience becomes clearer, more work will fine-tune seamless retry. The ChargeX Consortium will keep refining the system – developing smarter, more targeted retry methods, ironing out implementation details, and running verification tests to make sure everything works seamlessly in the real world.
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Tesla’s Chief Financial Officer, Taneja Vaibhav, and the head of Tesla’s board of directors, Robyn Denholm, have just sold tens of millions of dollars worth of Tesla (TSLA) stocks.
Elon Musk’s brother is also selling.
Public companies must report insider stock trading by critical executives and board members to the SEC.
For Tesla, it’s a very limited group for a company of that size:
And they are not buying the stock. In fact, they are almost exclusively selling.
Today, Tesla reported two new sets of transactions in SEC filings.
Chief Financial Officer Taneja Vaibhav confirmed that he sold 7,000 shares for $2,681,770.
He was able to acquire those 7,000 Tesla shares at $18.22 as part of his stock option plan. He sold at an average of $383, and the stock closed at $374 today.
Robyn Denholm, Tesla’s chairwoman, sold 112,390 shares at an average price of $384.04, for a total value of $43,162,255.60.
She also got the shares as part of a stock option plan. Denholm had to return tens of millions of dollars worth of Tesla stocks to the company after settling a lawsuit over excessive compensation brought by shareholders.
Tesla’s entire board settled for nearly $1 billion:
Tesla wrote in the filings that both Vaibhav and Denholm sold as part of stock option liquidation plans adopted last year.
Today, Tesla released another SEC filing to disclose that Kimbal Musk, Elon Musk’s brother and Tesla board member who also was part of the excessive compensation settlement, is selling 75,000 Tesla shares through Morgan Stanley for $27.5 million.
In his case, it doesn’t appear to be linked to a liquidation plan.
Electrek’s Take
Kimbal is known to have great “timing” with his Tesla stock sales. It will be interesting to see.
It’s wild to see these board members getting absurdly rich while the company has erased its growth and is heading into one of its worst quarters in years.
All while they sit on their hands and do nothing while they are the only ones who could do something about the CEO, who seemingly engages in fireable offenses every day.
Tesla has one of the worst corporate governance of any major companies I’ve ever witnessed.
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