Nio's Onvo L60 fastback Model Y challenger gets official May 2024 launch window with second sub-$30,000 EV coming in 2025

Nio just recently launched its Onvo sub-brand, under which the EV maker plans to release a mass-market EV that directly targets the Tesla Model Y. Although not all that much is known about the Onvo L60 EV, it was spotted in a series of spy shots in April (via @TychodeFeijter on X), and a Nio executive recently told Reuters that it was scheduled to launch in early- or mid-May 2024.

The Onvo L60 is said to be an electric vehicle designed for the mass-market, meaning it will target potential buyers of the Tesla Model Y and Model 3, although the fastback design recently previewed in spy shots at a Nio battery swap station in China points to a Model Y challenger.

According to the Reuters report, Nio is also planning a second sub-brand named Firefly to develop EVs for urban settings. This second brand is set to launch in early 2025 and has already previewed a small four-door hatchback concept that Nio plans to sell for $30,000. The sub-$30,000 pricing puts the smaller Firefly much more in line to combat the likes of the now-extinct Chevrolet Bolt.

What's more, both the L60 and the upcoming Firefly EV are said to be compatible with Nio's battery swap stations, which are constantly popping up all over Europe in an attempt to grow Nio's international presence.

The Onvo L60 should be launched in China sometime in May, and a worldwide launch is expected by the end of 2024.