<p><img src="https://hawk-oss.hawkinsight.com//picture//202406/299404852_916.jpg" style="width: 100%;">NIO has renamed its division, formerly known as Strategic New Business, and created 16 regional companies for the Onvo division.。(Onvo's first model, the L60。Image source: Onvo) According to an internal letter seen by CnEVPost, NIO Motor (NYSE: NIO) today announced the latest organizational restructuring involving businesses such as its sub-brand Onvo, saying it is necessary for business and organizational development.。The electric vehicle (EV) manufacturer has renamed a number of divisions formerly known as "Strategic New Business": Strategic New Business I renamed as Onvo Division (OV)。Strategic New Business II renamed Chip Development Division (CD)。Strategic New Business III Restart Named Firefly Business Unit (FY)。Strategic New Business IV renamed Nio Phone Business (NP)。With the exception of the name change, the department heads and reporting relationships for the new strategic business group remain unchanged.。The Onvo division consists of 16 regional companies, positioned as secondary departments, responsible for Onvo brand promotion, channel layout, daily store management and sales performance, according to the letter, the region.。The general managers of all Onvo regional companies report to Xia Qinghua, assistant vice president of Weilai and head of Onvo sales and service.。|Join our Telegram for immediate news Local media The changes were first reported by China Science and Technology Board earlier today。NIO officially launched the Onvo (China Ledao) sub-brand on May 15 and began pre-selling the new brand's first product, the L60 model, at a price of 219,900 yuan ($30,500), 30,000 yuan cheaper than Tesla's (NASDAQ: TSLA) Y-Type。Onvo said at its launch last month that the L60 would be officially launched in September and begin delivery.。Li Bin, founder, chairman and CEO of NIO, told the media, including CnEVPost, in a press release that Onvo's second model will be an SUV for the extended family, which has completed most of its development and will begin delivery next year.。Round table on 16 May。</p>