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Li Bin: Onvo Mentally Prepared to Compete with Xiaomi Automobile, Li Auto, Others
Li Bin, CEO of NIO-SW (09866.HK), said that the NIO brand focuses on the high-end market, while Onvo focuses on the household market, and needs to balance the experiential value and costs, according to China Business Network.

As hardware and software are reused, there will be expansion in scale effect, leading to significant cost reductions and increase in R&D efficiencies. Of which, the cost of Onvo L60 has been about 10% less than that of Tesla (TSLA.US)'s Model Y.

It is reported that Onvo will independently establish an offline sales network with no less than 200 stores this year, and its stores will adopt the direct-sale mode.

Onvo is mentally prepared to compete with Xiaomi Automobile, Li Auto and Zeekr in the niche market, Li added.
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