Nio has renamed its units previously known as “Strategic New Businesses,” and has created 16 regional companies for the Onvo unit.
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Xiaomi CEO Lei Jun tried to peddle a concept for a unified in-vehicle eco-system in a meeting that included Nio' William Li and Onvo president Ai Tiecheng.
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Li said this in response to a question about Nio's sales expectations for Onvo's first model, and used English when referring to 'P&L'.
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Deutsche Bank expects the Nio main brand and the Onvo brand to launch a total of six new products in 2025, realizing 300,000 unit sales.
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Onvo has begun pre-sales of the L60 at RMB 219,900 ($30,440), RMB 30,000 less than the Tesla Model Y. The L60 will hit the market and begin deliveries in September.
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Onvo's president met Nio's management in 2015 and joined Nio in January 2021 to work on creating Onvo's team.
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The designer of the Onvo L60 is Onvo's head of global design, Raul Pires, who has more than 20 years of design experience with Volkswagen, designing several Bentley models.
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Nio CEO William Li rejected a vehicle design that had existed for six months for lower energy consumption.
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Nio will officially launch the Onvo brand on May 15 at 7:30 pm Beijing Time, when the event will be streamed live in video.
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Onvo's first model, the Onvo L60, will take on the Tesla Model Y, targeting the market for smart, all-electric SUVs for families in the RMB 250,000 yuan ($34,600) class, Nio said.
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