NIO's Onvo Sells 20,000 EVs In 100 Days Since Debut In Strong Year-End Push

Source: Onvo

On December 27, Onvo announced that it has delivered 20,000 L60 through the first 100 days of launch.

Based on insurance registrations, Onvo has delivered 14,860 L60 from September 30 (Week 40) to December 22 (Week 51), through a period of 90 days.

This would suggest that Onvo has delivered approximately 5,000 units through the last week (Week 52) of December 2024.

This increase represents a significant jump from the 2,100 L60 delivered through Week 51 (Dec.16-22), the first single week with deliveries exceeding the 2,000 mark.

W51 deliveries represent also a 24.3% week-on-week growth, from 1,690 L60 deliveries through W50 (Dec.9-15).

According to the company, production ramp-up will enable deliveries of 20,000 monthly units by March 2025.

Onvo President Alan Ai hopes to achieve 100,000 in cumulative deliveries by the second quarter of 2025.

Source: Onvo

He also revealed that Onvo aims to complete delivery of current order backlog by March of next year.

Onvo will expand its sales network to cover over 200 cities across China by the end of 2024, adding 300 new stores in the next 3 months.

Onvo L60 was launched around the same time as several major Tesla Model Y like the Zeekr 7X and Luxeed R7.

The Zeekr 7X notably delivered 20,000 units within 50 days from debut, meanwhile the L60 delivered only over 7,000 units after 48 days of launch.

To that comparison, Alan Ai commented that unlike other competing models, the L60 uses a new architecture, not an extension of a product line, which makes ramping up more complicated.

Had Onvo decided to launch the L60 in November, Alan expressed confidence delivering over 10,000 units from the get-go.

At the moment, the L60 delivery ramp up does meet previously shared guidance from Alan, producing 5,000 in October, more than 10,000 in December, and 20,000 in March 2025.

Since the end of October, Alan also indicated that L60 orders have increased by 10% to 15% week-on-week.

He also mentioned that 86.3% of buyers having already picked up their L60 would recommend to relatives and friends and test drive conversion rates exceeded 20%.

Yu Bin, Vice President and Head of Product Experience, explained that when comparing Onvo and NIO vehicles, prospective buyers tend to decide primarily based on their budget.

That would explain why only 1% to 2% of NIO owners would buy an Onvo.

Onvo also mentioned that ramping up to a production capacity of 30,000 monthly units could not be achieved before Q4 of next year.