Onvo L60 to start at 170,000 yuan (23,500 USD) without battery pack under BaaS subscription, is fast charging and has up to 1000 km range

Nio's mass-market brand Onvo plans to sell its first EV, the L60 mid-size SUV, about 50,000 yuan (6,900 USD) cheaper than with a buyout battery, sources familiar with the matter told CarNewsChina. Onvo L60 with a BaaS (battery-as-a-service) subscription would start at 169,00 yuan (23,400 USD).

"The price wasn't finalized yet, but the BaaS version will be about 50,000 yuan cheaper than with the entry-level 60 kWh (battery) pack," the source said. Nio didn't reply to the request for comment sent outside of regular office hours.

All current Nio models can be purchased 70,000 yuan (9,700 USD) cheaper without a battery. Under BaaS conditions, you subscribe to a contract for the pack at 728 yuan (100 USD) monthly. The entry-level battery pack for Nio cars is 75 kWh with NMC chemistry supplied by CATL.

Reuters previously reported that Onvo will use cheaper LFP Blade batteries from BYD and that the entry-level battery pack will have a 60 kWh capacity. Nio officially confirmed that the starting range of L60 is 555 km under CLTC conditions.

Using the cheaper LFP battery from BYD will help bring down the overall cost of the vehicles, including the battery. However, with a cheaper battery, the percentual difference between a car with a battery and a car with BaaS will be less significant for Onvo vehicles compared to Nio badged vehicles.

Onvo vehicles will be compatible with 3rd, 4th, and higher generations of swap stations, meaning about 1000 swap stations are ready for the Onvo brand. Nio operates a total of 2,415 swap stations in China as of today.

Interestingly, in China, you can swap batteries regardless of whether you are a BaaS subscriber or own the battery. In Europe, however, only Nio owners with BaaS can swap, as Power Swap Stations (PSS) are forbidden to users who purchased the battery.

Onvo is not the only EV maker to use BYD batteries in 2024. It was reported that Xpeng will use LFP Blade battery packs for its new Mona brand, and Mercedes-Benz will use BYD batteries for its hybrid GLC SUV and possibly in other EVs later in 2025.

Onvo L60 was unveiled on May 15 and went on pre-sale for 219,900 yuan (30,500 USD) with battery.

Nio heavily benchmarked it with the Tesla Model Y in all aspects. The EV's energy consumption is 12.1 kWh/100km under CLTC conditions, which is better than the Model Y's 12.5 kWh/100km under the same CLTC conditions, Nio claims.

The pre-sale price of the Onvo L60 is 30,000 yuan (4,200 USD) lower than the Model Y.

The L60 will come in three range variants:

- Standard range with 555 km (345 miles).

- Long range with 730 km (454 miles).

- Extra Long Range with 1000+ km (621+ miles).

The EV will have 60 kWh, 90 kWh, and 150 kWh battery pack options. The 150 kWh battery is a semi-solid state battery from WeLion, which can be swapped into the car at the swap station but can't be purchased. L60 features 900V architecture, so expect some fast charging.

Willaim Li, Nio's CEO, previously announced that the Onvo L60 will outsell the Xiaomi SU7. The SU7 is Xiaomi's first car, launched on Mar 28. It received nearly 90,000 preorders in the first 24 hours, and Lei Jun, Xiaomi's CEO, said the company planned to deliver 100,000 units in 2023. On May 15, Xiaomi delivered its 10,000th SU7.