Nio will reportedly bring its new affordable EV brand Onvo to Europe next year, starting with the launch of the L60 coupé-SUV in the UK.
As reported by Automotive News Europe, Nio’s product planning boss Eric Yu explained that Onvo would come to the UK first because, unlike the EU, it doesn’t import tariffs on Chinese-built EVs – which will have been a crucial motivator, given Onvo’s value-focused billing.
Nio’s EVs are currently subject to a 31% import tariff in the EU, up from 10% in 2023.
Similarly impacted car makers, including BYD, Chery, Mini, Polestar and Volvo are moving production of some EVs from China to Europe to circumvent the tariffs, but Nio hasn’t announced any plans to build cars in Europe, having passed on the chance to take over Audi’s EV factory in Belgium.
Nio started selling EVs in Europe in 2021 but has yet to make its way to the UK, so the expansion of Onvo will mark the company’s first foray into the market.
Per Automotive News Europe, Yu said that Onvo exports to Europe would begin when production reaches 30,000 units per month, which is expected to be around March 2025.
It isn’t yet clear how the cars will be sold in the UK; Autocar has approached Nio for comment.
News of Onvo’s expansion outside China comes just days before Nio is due to unwrap the first model from its second new EV Brand, Firefly, which is conceived as a maker of premium small EVs with a global focus.
It has yet to confirm European timelines for Firefly, though.
Nio’s existing European line-up is oriented towards the premium end of the market, and so the EU’s import tariffs have a less dramatic impact on profitability, but it’s likely that the firm will want to build its more value-focused Onvo and Firefly models locally, in order to keep the prices down.
The L60, Onvo’s first model, is a Tesla Model Y-rivalling crossover that majors on practicality and efficiency. It’s sold in China at the equivalent of £24,000 but is likely to be priced nearer to its American rival at just north of £40,000 in Europe.
The L60 showcases how Onvo will target family buyers in the lower premium segment, with an overt focus on interior space, safety and utility.
