Nio unveils its L90 premium SUV at competitive pricing, aiming to score a significant win in the market
The electric vehicle (EV) landscape in China is heating up with the recent launches of the Tesla Model Y L, Nio's Onvo L90, and Li Auto's Li i8. Each model brings its own unique features and competitive advantages, but it's the Model Y L that is expected to significantly impact the market.
Tesla's refreshed Model Y in China, available in five to seven-seat configurations, offers a competitive electric range of up to 719 km (CLTC estimate). The model blends high performance and advanced features such as an improved interior and sophisticated driver assistance. Its established Supercharger network and perceived technological superiority could attract Chinese consumers, putting additional pressure on domestic brands like Li Auto and Nio to innovate or compete on price and features.
Nio's Onvo L90, launched just before the Model Y L, features traditional SUV styling and competitive pricing. With an official starting price of RMB 265,800 ($36,940) including an 85-kWh battery pack, the Onvo L90 is a large SUV with dimensions of 5,145 mm in length, 1,998 mm in width, and 1,786 mm in height, with a wheelbase of 3,110 mm. The entry-level Onvo L90 comes with a 90.1 kWh battery pack, offering a CLTC range of 670 kilometers.
Meanwhile, Li Auto's Li i8, launched moments before the L90, is a more premium electric SUV. The Li i8 is positioned as a more premium SUV, with starting prices of RMB 321,800, RMB 349,800, and RMB 369,800 for the Pro, Max, and Ultra variants, respectively. The other two variants of the Li i8 come with a 97.8 kWh battery pack, delivering a CLTC range of 720 kilometers. The Li i8 is designed to optimize aerodynamics for better range.
However, it seems that the Li i8 faces difficulty differentiating itself in the market, reflected in a 6.2% drop in Li Auto’s stock on the day of its launch, partly due to Tesla's looming competition and Onvo L90's appeal. On the other hand, Nio's stock price in the US market surged by about 7 percent to $4.82 on the day of the Onvo L90's launch.
As of the launch day, Li Auto's supercharging station network reached 3,000 locations, while Tesla's locally produced Model Y has been one of the most popular models in the Chinese market, with 171,491 units delivered in the first half of the year. Li Auto plans to have 2,500 supercharging stations in China by the time the Li i8 is launched.
Deliveries of the six-seat L90 will begin on August 1, while the seven-seat version will start deliveries in late September. The six-seat L90 offers three options -- Pro, Max, and Ultra -- with starting prices of RMB 265,800, RMB 279,800, and RMB 299,800, respectively. The seven-seat L90 also offers three options -- Pro, Max, and Ultra -- with starting prices of RMB 271,800, RMB 285,800, and RMB 299,800, respectively. The starting price for the Onvo L90 under the BaaS (battery as a service) battery rental scheme is RMB 179,800 yuan.
The Onvo L90 is built on a 900-volt high-voltage platform, which offers better energy efficiency and charging speed compared to conventional 400-volt platforms. This, along with its competitive pricing, could make it a strong contender in the Chinese EV market.
In conclusion, the launch of Tesla's Model Y L is likely to intensify the competition in China's mid-size electric SUV market, particularly for six-seat configurations. Each model brings its own unique selling points, but it's the Model Y L's brand prestige, technology, and charging infrastructure advantages that could give it an edge in the competitive landscape.
- The Chinese electric vehicle market is experiencing a competitive surge with the arrival of Tesla's Model Y L, Nio's Onvo L90, and Li Auto's Li i8.
- The refreshed Tesla Model Y in China, available with five to seven seats, boasts a competitive electric range of up to 719 km.
- Nio's Onvo L90 features traditional SUV styling, competitively priced at RMB 265,800 ($36,940) with an 85-kWh battery pack.
- Li Auto's Li i8, a premium electric SUV, is priced at RMB 321,800, RMB 349,800, and RMB 369,800 for its Pro, Max, and Ultra variants, respectively.
- Li Auto's stock dropped due to the Model Y L competition and the L90 appeal, while Nio's US stock price surged upon the L90's launch.
- Tesla's Model Y has been one of the most popular models in China, with 171,491 units delivered in the first half of the year.
- Li Auto plans to have 2,500 supercharging stations in China by the time the Li i8 is launched.
- The Onvo L90, built on a 900-volt high-voltage platform, offers energy efficiency and faster charging speed compared to conventional 400-volt platforms.
- Nio and Li Auto are planning to start deliveries of their respective models in August and late September.
- The finance and automotive industries are keeping a close eye on the competition and developments in China's electric vehicle sector.
- Overall, investors are looking for innovative and energy-efficient solutions in the electric vehicle industry, making China an attractive market for investment, particularly in technology-driven brands like Tesla, Nio, and Li Auto.
