Nio’s new Onvo L80 undercuts Tesla’s Model Y by $2,400, with 90% of buyers opting for its battery-subscription model.
Nio launched the Onvo L80, a budget electric SUV priced at $36,000, positioning it as a direct competitor to Tesla’s Model Y in China. The vehicle is $2,400 cheaper than Tesla’s offering, targeting cost-conscious consumers in the world’s largest EV market.
The Onvo L80’s starting price drops to $23,100 under Nio’s battery-as-a-service model, where buyers pay a $130 monthly subscription for battery access. Over 90% of initial buyers chose this option, highlighting demand for lower upfront costs despite ongoing fees.
Nio’s battery-swapping network, which replaces depleted batteries in three minutes, remains a key differentiator. The launch signals Nio’s push to expand market share amid intensifying competition from Tesla and BYD.