NIO's Second Brand ONVO and Its First Model L60 Unveiled

May 15, 2024, Shanghai, China -On the International Day of Families, ONVO, a smart electric vehicle brand of NIO, made its debut at the West Bund in Shanghai. With ONVO joining the brand lineup, NIO kickstarts its multi-brand development.

ONVO originates from "On Voyage", and its Chinese name "Le Dao" translates into "Path to Happiness", meaning "Happiness on Every Path We Travel With Family". The logo of ONVO resembles an upward path, representing ONVO's aspiration of growing with all the families on a path always going up and full of happiness. With a focus on families, ONVO is committed to creating better family life, and bringing better brand and product experiences to family users.

ONVO introduced its first product L60, a smart electric mid-size family SUV. L60 will bring mainstream family users vehicle experiences of premium quality. The ONVO L60 has been available for preordering with a starting price of RMB 219,900. The delivery will start Q3 2024.

William Li, Founder, Chairman and CEO of NIO, said, "Kicked off three years ago, ONVO has already developed a holistic set of system capabilities, and has been further enabled by NIO's capabilities and resources accumulated in the past 10 years. With ONVO added to our brand lineup, we are able to reach out to and serve more users. Leveraging the system competitiveness of the entire company, we have full confidence in NIO and ONVO."

Benefitting from NIO's unwavering R&D investment of more than RMB 43 billion in the 12 full-stack technology capabilities, ONVO has already gained competitive advantages in R&D, supply chain, manufacturing, quality, battery charging and swapping network, as well as sales and service networks.

With deep insights into the real needs for family cars, ONVO's product definition and development philosophy are set to bring happiness and good products to family users. On top of this, it has developed the Value Formula, a new standard for the family car market. With value of experience maximized and ownership costs optimized, the ONVO L60 redefines the standards for family vehicles.

The L60 aims to create experience value in the six frequently-encountered and highly-perceivable user scenarios, including all-round safety, comfort of space, smart cabin and digital experience, driving range and ease of recharging, riding and handling, as well as assisted and intelligent driving. Adopting industry-leading 900V high-voltage architecture, with an impressive CLTC energy efficiency of 92.3% and the world’s lowest drag coefficient of 0.229 for a production SUV, the L60 has an energy consumption of 12.1 kWh per 100 km. With an Ultra Long Range Battery, it can realize a CLTC range of over 1,000km. The short overhangs allow for a spacious cabin. With ingenious storage design, every occupant can bring along their own luggage.

Based on NIO's full-stack capabilities in assisted and intelligent driving, upon deliveries, the L60 will be able to offer a reliable, intuitive and hassle-free assisted driving experience nationwide in China. In addition, ONVO also shares the one-of-a-kind "Chargeable, Swappable, Upgradable" solution of NIO Power. After picking up the vehicles, ONVO users can enjoy the 3-minute battery swap at more than 1,000 swap stations in China.

Alan Ai, Senior Vice President of NIO and President of ONVO, spoke at the brand launch, "ONVO is on a mission to create better family life, and the L60 will grow and explore the world with its users to celebrate happiness on every path we travel with family."

About NIO

NIO is a global smart electric vehicle company. Founded in 2014, NIO has been committed to shaping a joyful lifestyle by offering high-performance smart electric vehicles and ultimate experience. Nine years into establishment, NIO is one of the leading companies in the global premium smart electric vehicle market, and also the first car company listed on the NYSE, HKSE and SGX.

Aiming to foster its own research and development capabilities for core technologies, NIO has developed NIO Full Stack, a collection of 12 technology domains, including chips and smart hardware, battery system, electric drive and high-voltage system, vehicle engineering, vehicle operating system, vehicle connectivity, assisted and intelligent driving, smart cabin, smart power, smart manufacturing, artificial intelligence and global digital operations, which has made possible the industry-leading products, such as SkyRide Chassis System, NX6031 LiDAR control chip, and NX9031 5nm AD chip. As of March 31, 2024, NIO had filed and obtained more than 8,700 patents worldwide. Currently, NIO has R&D centers and manufacturing facilities in Shanghai, Hefei, Beijing, Nanjing, Shenzhen, Hangzhou, San Jose, Munich, Oxford, Berlin, Budapest and Singapore. Its sales and service networks also have an expansive reach in over 300 cities in China, Norway, Germany, the Netherlands, Sweden and Denmark.

At present, NIO has eight smart electric models in its lineup, including the flagship SUV ES8, flagship coupe SUV EC7, mid-large SUV ES7, flagship sedan ET7, all-round SUV ES6, coupe SUV EC6, mid-size sedan ET5 and mid-size tourer ET5 Touring. In December 2023, NIO's executive flagship ET9 made its global debut, and the delivery is expected to start in 2025. As of April 30, 2024, NIO delivered a total of 495,267 vehicles, leading the premium battery electric vehicle segment priced above RMB 300,000.

In addition to the state-of-the-art smart electric vehicle technologies and experience, NIO has introduced various innovative service models, featuring NIO Power, NIO Service, Battery as a Service (BaaS), flexible battery upgrade plan and NIO Certified which is NIO's pre-owned vehicle program, to offer an ultimate service experience throughout the product lifecycle. NIO is the car brand that owns and operates the most charging piles and Power Swap Stations in China. By the end of April, NIO had installed 2,454 Power Swap Stations and 22,138 chargers, and connected with over 1.5 million non-NIO chargers worldwide. Its battery swap network runs through 13 trunk expressways and 11 city clusters in China. Moreover, NIO has partnered with Changan Automobile, Geely Holding, JAC Group and Chery Automobile in battery swap to jointly promote the development of the battery swap network and industry standards.

Adopting the direct-sales model, NIO offers a series of comprehensive services seamlessly via the NIO app. Combining online and offline touch points, such as NIO House and NIO Space, as well as NIO users' exclusive radio program NIO Radio and the lifestyle brand NIO Life, NIO has created a community that starts from and goes beyond the car, where users to share joy and grow together.

Media Contact:

Emma Hai

emma.hai@nio.com