NIO confirmed the Onvo name and said the brand is expected to be officially launched in mid-May.。

(Alleged spy photos of the first Onvo model leaked on March 5, 2024。）

NIO (NYSE: NIO) has confirmed the Chinese name of its new mass market brand as "Lodao" and the English name as "Onvo," codenamed "Alps," and revealed a tentative timetable for the brand's launch.。Yesterday's spy photo caused a lot of discussion。

The electric vehicle (EV) maker confirmed the Onvo name in a media Q & A after unveiling its long-life battery strategy in Beijing today and said the brand is expected to be officially launched in early to mid-May.。< / p >

Yesterday, two spy photos of the Onvo L60 model were widely circulated on Chinese social media, and the name of the Weilaizi brand was exposed。

The spy photos were leaked by an employee of a third-party vendor that conducted vehicle tests on the model, and Li Bin, founder, chairman and CEO of the company, said NIO had not held it accountable.。

Lee said the poor quality of the spy photos made the Onvo model look ugly, but it was actually beautiful。

Li explained why the Chinese name is Ledao, and again stressed that the sub-brand will target the home market.。

Li said the sub-brand's target group is clear: home users。

"What is the most important thing for a family?？First, happiness.。Second, care about costs, use costs。These two points together, to have a happy family。"And manage the family well (happy family, good housekeeping)," Lee said.。

"Every road a family takes together is a road to happiness, that's what its name means."。"Lee said。

He said its plan code name "Alps" did not reflect Weilai's thinking about the new brand and the value it hopes to bring.。

"The name was chosen very carefully and NIO finalized the English and Chinese name to be launched in the second half of 2023."。"He added。

Li stressed that Onvo is a brand for the mass market, not a low-end brand.。

In a communication to users in Ningbo, Zhejiang Province, on March 2, Mr. Li said that friends who want to buy Tesla (NASDAQ: TSLA) Model Y in the near future can wait a little longer, and the first model of the Alps will definitely be cheaper than Tesla。it。

He said at the time that Alps's first model will support battery replacement, faster charging and a larger screen。

Li said on an analyst conference call after NIO announced its fourth-quarter 2023 earnings on March 5 that the Alps brand will debut in the second quarter, launch its first product in the third quarter, and begin bulk delivery in the fourth quarter.。< / p >

Lee said at the time that Alps's first model would compete directly with the Model Y and that BOM (bill of materials) costs would be about 10 percent cheaper than Tesla's.。

The model is widely expected to target anywhere from 200,000 yuan ($27,800) to 300,000 yuan。

Model Y is currently available in China in three versions, starting at 25.890,000 yuan, 29.990,000 yuan and 36.390,000 yuan。

($1 = RMB 7.1907 ）