Nio, a renowed chinese EV manufacturer, has outlined ambitious production plans for the Onvo L60, the inaugural model under its Onvo sub-brand, which is reportedly receiving strong initial market reception. According to William Li, Nio’s founder, chairman, and CEO, production of the Onvo L60 is projected to hit 5,000 units in October and double to 10,000 units by December.
By January 2025, production is expected to reach a minimum of 16,000 units, with the goal of hitting 20,000 units by March, Li shared during a media briefing in Hefei, Anhui province. The day prior, Onvo officially launched its first vehicle, the L60 SUV, on September 19 in the same city.
Onvo L60 monthly production capacity
Nio operates two assembly plants in Hefei (China), and Li stated that these facilities are equipped to handle a monthly production capacity of 10,000 Nio vehicles and 20,000 Onvo vehicles. Li explained that these capacity plans are the result of long-term coordination with supply chain partners, initiated as early as the first half of 2022. He stressed that scaling up production for new models is a gradual process, constrained by practical realities.
The Onvo L60 is priced starting at RMB 206,900 ($29,340), including the battery, making it RMB 43,000 less than Tesla’s Model Y, which is priced at RMB 249,900 in China. For buyers opting for Nio’s Battery-as-a-Service (BaaS) option, the Onvo L60’s starting price drops to RMB 149,900, with monthly battery fees ranging between RMB 599 and RMB 899, depending on the battery capacity. Despite the competitive pricing, Li asserted that the L60 remains a profitable model. He also hinted at strong demand, describing the volume of orders as “surging,” though specific figures were not disclosed.
Nio has big plans for Onvo
Ahead of the Onvo L60’s launch, Onvo increased its server capacity fivefold, but Li noted that it still struggled with the high demand following the price announcement. To ensure steady production, Nio held discussions with its supply chain partners in Hefei to secure a stable flow of components for the L60.
In a previous earnings call on September 5, Li mentioned that Nio’s F2 facility has already moved to double-shift production, while construction of a new F3 plant is underway, with operations expected to begin in the third quarter of next year.
Li also shared Onvo’s future plans, indicating that the sub-brand intends to release one new model annually. In 2025, Onvo plans to introduce a mid-to-large-sized SUV, which Li described as a groundbreaking model that will be more competitive than the L60, with deliveries slated for the third quarter of 2025. Nio aims for each of Onvo’s models to achieve strong sales figures and become influential vehicles in the market, akin to the Model Y.
