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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Nio will officially launch sub-brand Onvo on May 15, with the new brand's first model to go on sale in the third quarter and deliveries to begin in the fourth quarter, according to local media.
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This is the first time the side of the Onvo L60 has been seen in its entirety without camouflage, showing that the model looks somewhat similar to Nio's coupe SUV model, the EC6.
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