Weekly sales of the Nio Onvo L90 place it among the top three largest SUVs in China, with 1,976 units sold.
The Chinese automotive landscape is abuzz with excitement as the Onvo L90, a new electric SUV from the sub-brand of Nio, has made a significant impact in the large SUV segment.
In an unexpected turn of events, Onvo had produced a large number of vehicles for the L90 in advance to enable swift deliveries. This strategic move paid off, as the Onvo L90 entered the market on July 31 and quickly gained momentum.
Within the first 72 hours of deliveries, the Onvo L90 sold an impressive 1,976 units, making it a strong contender in the competitive market. By the week ending August 3, the Onvo L90 ranked third in insurance registrations for large SUVs in China, according to a report published by Yiche, a local media outlet.
The Onvo L90's success comes at a time when another player, Li Auto, has made some changes to its all-electric SUV, the Li i8. Li Auto relaunched the Li i8 with a streamlined offering, reducing the available variants from three to one and lowering the price. Despite these changes, Li Auto saw a 25.95 percent decrease in weekly insurance registrations, with 5,480 units, marking a new low over the past 25 weeks.
The Onvo L90, priced at RMB 265,800 with an 85-kWh battery pack, is positioned at a lower starting price point compared to competitors like Li Auto's Li L8 and Li L9 models. However, no specific data on insurance registrations or direct performance comparisons for the week ending August 3, 2022, regarding sales volume or market share relative to the Aito M8, Aito M9, or Li Auto's Li L8 and Li L9, is available in the provided data.
It's important to note that Li Auto, which has seen strong sales growth over the past few years, has stopped sharing the rankings in response to a call from the China Association of Automobile Manufacturers (CAAM). The top spot in the insurance registrations for large SUVs in China during that week was taken by the Huawei-backed Aito M8 with 5,307 units, followed by the Aito M9 with 2,304 units.
Meanwhile, Onvo's founder, chairman, and CEO, William Li, announced that the Onvo's Hefei factory is operating at full capacity and working overtime to accelerate production and delivery speeds. This surge in sales is attributed to the launch of the Onvo L90, which occurred on July 31.
This marks a shift in the dynamics between Nio and Li Auto, with Onvo making a strong entry into the market. As the dust settles, it will be interesting to see how these players continue to navigate the competitive landscape of China's electric vehicle market.
- The Onvo L90, an electric SUV from Nio's sub-brand, has made significant impacts in the large SUV segment of the Chinese automotive industry.
- Onvo produced a large number of Onvo L90 vehicles in advance for swift deliveries upon its release on July 31.
- Within the first 72 hours of deliveries, the Onvo L90 sold an impressive 1,976 units, making it a strong contender in the competitive market.
- The Onvo L90 ranked third in insurance registrations for large SUVs in China by the week ending August 3, according to Yiche, a local media outlet.
- In comparison, Li Auto, another player in the market, experienced a 25.95 percent decrease in weekly insurance registrations for its Li i8 all-electric SUV.
- The Onvo L90 is priced lower than competitors like Li Auto's Li L8 and Li L9 models, contributing to its success in the market.
- Despite strong sales growth over the past few years, Li Auto has stopped sharing rankings in response to a call from the China Association of Automobile Manufacturers (CAAM).
- As the dust settles, it will be interesting to see how Nio, Li Auto, and other players continue to navigate the competitive landscape of China's electric vehicle market, particularly with the strong entry of the Onvo L90.
