NIO Stock Climbs — Onvo Launches Refreshed L60 At Lower Price To Challenge Tesla Model Y

The new Onvo L60 starts at RMB 192,800, compared to Model Y’s starting price of RMB 263,500.

• The company will begin deliveries of the new vehicle immediately.
• Onvo is NIO’s mass-market sub-brand, launched in May 2024 to broaden NIO’s reach beyond its premium NIO-branded vehicles.
• CEO William Li has previously said Onvo is expected to become the majority contributor to group sales over the long term.

NIO Inc’s (NIO) family-oriented sub-brand Onvo, on Thursday, officially launched an updated version of its L60 mid-size electric SUV, positioning the vehicle as a stronger competitor in China’s fiercely contested family EV segment.

NIO stock closed 1% higher on Thursday but is on track to close a second consecutive week in the red, if losses hold.

Refreshed Vehicle To Beat Competition

NIO founder, chairman, and CEO William Li announced the launch on X, stating, “The New ONVO L60 officially launched tonight. Our mid-size SUV tech flagship just got even better.” He revealed new starting prices of RMB 192,800 for full purchase and RMB 135,800 with the Battery as a Service (BaaS) option. The company will begin vehicle deliveries immediately.

The updated L60 introduces several notable hardware and software enhancements aimed at improving range, efficiency, and smart driving capabilities, according to CnEVPost. The vehicle is also priced 6.8% lower than its predecessor, the report noted. In comparison, Tesla’s Model Y starts at RMB 263,500 in China.

The original Onvo L60 was unveiled on May 15, 2024, went on sale September 19, 2024, and began deliveries in late September 2024. It quickly gained traction as a Tesla Model Y rival, surpassing 20,000 cumulative deliveries within its first 100 days on the market.

Onvo is NIO’s mass-market sub-brand, launched in May 2024 to broaden NIO’s reach beyond its premium NIO-branded vehicles. It targets mainstream family buyers with more accessible pricing. CEO William Li has previously stated that Onvo is expected to become the majority contributor to group sales long-term, targeting a roughly 35-55-10 split between Nio, Onvo, and the company’s third brand, Firefly.

Onvo, as a brand, has already become an increasingly important part of NIO Group’s overall volumes. In May 2026, Onvo contributed over 12,000 units to the group’s record 37,705 deliveries.

How Did NIO Retail Traders React?

On Stocktwits, retail sentiment around NIO stock stayed within the ‘bearish’ territory over the past 24 hours, while message volume stayed at ‘low’ levels.

According to Stocktwits’ internal, retail chatter around NIO has risen 51% over the past 30 days.

A Stocktwits user opined that investors are staying away from Nio as it's a Chinese EV stock.

Another user said that Nio can go from “ignored” to “undervalued tech giant.”

According to data from Koyfin, 18 of the analysts covering NIO rate it ‘Buy’ or higher, while six rate it ‘Hold,’ and two rate it ‘Sell’ or ‘Strong Sell.’ The 12-month average price target on the stock is $7.06, representing a potential upside of about 36% from the stock’s last close.

NIO stock has gained 2% this year. 

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