NIO has announced its plans through celebrating the production of 500,000 electric vehicles (EVs) to reveal its lower-priced brand, ONVO for the Chinese EV market on May 15, known as International Family Day.

ONVO will debut its first EV model, the L60, designed for family-centric buyers of the Chinese EV market. It will be priced at around $34,600 and will compete with Tesla’s Model Y, which is priced around $41,000 at its base trim in the Chinese EV market.

NIO explained the inspiration for naming the brand ONVO, which stands for “On Voyage,” with the Chinese name of the brand, “Le Dao,” meaning “Path to Happiness.” In terms of NIO’s EV efforts, the company delivered 15,620 EVs in April, which is 11,866 EVs more than the previous month. With NIO heading into smooth roads, the introduction of ONVO will certainly make the company stand out in the Chinese EV market. 

The ONVO announcement also comes at a crucial time for NIO, where the company recently revealed its new version of its ET7 model and expanded its EV offerings to select European markets. These European markets include Norway, Denmark, Sweden, Germany, and the Netherlands. It is not clear whether ONVO will be available outside of the Chinese EV market. 

With ONVO signalling NIO’s determination to push electric mobility and cement its position as a frontrunner in China’s rapidly evolving EV market, the countdown to May 15th will have all eyes placed on NIO as it increases efforts to make EVs more accessible and sustainable.

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