Onvo's first vehicle, the L60, will start deliveries this month and is priced 17% lower than Tesla's Model Y, emphasizing affordability in the competitive EV market.
Utilizing battery-swap technology, Onvo aims to enhance safety and reliability compared to traditional charging methods while entering a fierce Chinese electric vehicle market.
Onvo's strategy includes expanding its presence by planning 200 stores in 120 cities, focusing on more affordable models to compete effectively with luxury brands.
Although Tesla previously abandoned battery swaps due to user preferences for Superchargers, Onvo believes its approach will be beneficial in enhancing customer convenience.
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