NIO launches pre-sales for the three-row Onvo L90 SUV at a groundbreaking price of $27,000.

      The Onvo L90 SUV by NIO is set to be delivered in the third quarter of 2025. Credit: NIO

      On Thursday, NIO announced that the starting price for its Onvo L90 three-row SUV will be RMB 193,900 ($27,052) if customers opt for its monthly battery leasing service. This pricing positions it directly against competitors like Li Auto and Aito, at less than half their costs.

      Significance: The success of NIO’s second model under the Onvo brand is crucial for the company's financial health, particularly after the first Onvo vehicle, the L60, struggled to meet delivery targets in previous quarters due to production limitations.

      According to Bloomberg, NIO's CEO William Li is optimistic about turning a profit in the fourth quarter of this year. With demand for its luxury brand slowing, the company anticipates that the more affordable Onvo lineup, aimed at price-conscious Chinese consumers, will drive substantial growth.

      NIO claims that the Onvo L90 SUV features a 240L frunk, the largest available in the Chinese market. Credit: NIO

      Details: The entry of NIO into the competitive three-row SUV segment with the Onvo L90 is marked by what it describes as “a revolutionary spatial layout.” The 5.2-meter-long SUV, featuring an effective cabin length of nearly 4.2 meters, ensures that each row provides more than one meter (39.4 inches) of legroom.

      Available as a six- or seven-seater, the vehicle also boasts a boot capacity of 670 liters with all seats occupied, the highest among its competitors, offering sufficient space for six passengers and ten suitcases, according to NIO. In contrast, the fully electric Aito M9 Max provides just 316 liters with all seats up.

      To enhance the vehicle's driving range, NIO has focused on reducing weight. The single-motor version has a range of 605 kilometers (376 miles) from an 85 kilowatt-hour (kWh) battery pack, while Aito’s M9 achieves a similar range with a dual-motor all-wheel-drive system.

      The company has begun pre-orders for the L90 with a price of RMB 279,900 ($39,050) if the battery pack is owned, compared to RMB 193,900 for those who choose the monthly rental option under the Battery-as-a-Service (BaaS) program. Sales are anticipated to commence at the end of the month, with deliveries starting August 1.

      NIO’s shares increased by 6.2% to HK$29.30 ($3.70) on Friday on the Hong Kong Stock Exchange.

      Background: In the first half of this year, NIO delivered 114,150 all-electric vehicles across its Onvo and firefly brands, marking a 31% increase from the previous year. As of June, the company had sold 52,623 vehicles under the Onvo brand and 7,843 firefly-branded cars, following the start of deliveries in September and April, respectively.

      READ MORE: NIO competing for market share against Tesla, VW, and others with its first mainstream SUV

      Jill Shen is a technology reporter based in Shanghai. She covers developments in Chinese mobility, autonomous vehicles, and electric cars. Connect with her via email at [email protected] or on Twitter at @jill_shen_sh. More from Jill Shen.