- Onvo launched higher-value 5-year 0-interest financing package, but removed BaaS benefit available in February, resulting in scaled-back overall benefits.
- The 5-year 0 percent financing program is the same as Tesla's approach.
Onvo, a sub-brand of Nio (NYSE: NIO), unveiled car purchase perks available in March, bringing a 5-year, 0-interest financing plan but essentially scaling back the overall benefits.
Customers who purchase an Onvo L60 -- the brand's only current model -- on or before March 31 can take advantage of benefits that include a 5-year 0-interest financing plan, and 3 years of free NOA (Navigate on Autopilot) access, Onvo announced today on Weibo.
A table listed by Onvo shows that the total value of these benefits is RMB 38,195 ($5,240).
By comparison, the total value of the car purchase entitlements offered by Onvo in February, including 3-years 0-interest financing, totaled RMB 38,473.
This means that although it appears that Onvo offered better car purchase benefits in March, the total value of these benefits actually decreased slightly by RMB 278 compared to February.
The biggest changes are in the 0 percent interest financing and BaaS (battery as a service) offers.
In March, Onvo L60 buyers can take advantage of a 5-year 0 percent interest financing program, but a down payment of at least 30 percent is required. The offer is worth RMB 18,755.
Nio Onvo's March 2025 car purchase offers
| Item | Worth (RMB) |
|---|---|
| 30% down payment, 5-years 0-interest financing | 18,755 |
| 3 years of NOA free usage | 11,520 |
| 24 free battery swap services | 1,620 |
| Body color option discount | 3,000 |
| Wheel option discount | 3,000 |
| 3,000 delivery credit | 300 |
| Total | 38,195 |
| * Available on and before March 31, 2025. | |
As a comparison, in February, Onvo offered a 0 down payment, 3-year 0-interest financing program valued at RMB 14,840.
Nio Onvo's February 2025 car purchase offers
| Item | Worth (RMB) |
|---|---|
| 0 down payment, 3 years interest free financing | 14,840 |
| 3 years of NOA free usage | 11,520 |
| Pay 4 get 1 free on BaaS bill in 3 years | 4,193 |
| 24 free battery swaps | 1,620 |
| Body color option discount | 3,000 |
| Wheel option discount | 3,000 |
| 3,000 delivery credit | 300 |
| Total | 38,473 |
| * Available on and before February 28, 2025. | |
The adjustment is in line with mainstream industry practice. Over the past year, Tesla has offered finance packages dominated by 5-year, 0-interest financing, but required buyers to make a down payment of about 35 percent, according to information monitored by CnEVPost.
Despite offering greater value in its financing package, Onvo canceled a BaaS benefit worth RMB 4,193 available in February, when it offered car buyers a pay-4-get-1 benefit on their BaaS bills within a scope of up to 3 years.
The other benefits, which include 3 years of free NOA usage, 24 free battery swap services, and option discounts, remain the same in March as in February.
Yesterday, Onvo launched its flexible battery upgrade service, following the strategy of Nio's main brand.
Onvo will gradually open up flexible battery upgrades from March 1, allowing owners of the 60-kWh standard range model to upgrade their packs to the 85-kWh long-range on a daily, monthly or annual basis.
Nio Inc is expected to announce February deliveries later today; it delivered 13,863 vehicles in January, including 7,951 under the Nio main brand and 5,912 under Onvo.
In a February 26 research note, Deutsche Bank said Nio Inc's deliveries in February were expected to be 13,000 units, including 8,000 under the Nio main brand and 5,000 under Onvo.
($1 = RMB 7.2838)
Nio Onvo shares new image of L90 in direct comparison to Li Auto's flagship SUV
Related posts on CnEVPost
