Report: Nio to launch in UK in early 2025 with new Onvo L60
Lack of import tariffs means UK will be first European market to receive Nio's new affordable EV brand Onvo
Nio will reportedly bring its new affordable EV brand Onvo to Europe next year, starting with the launch of the new L60 coupé-SUV in the UK.
As reported by Automotive News Europe, Nio's product planning boss Eric Yu explained that the brand will come to the UK first because it is outside the EU, and so does not impose the same import tariffs on Chinese-built EVs - which will have been a crucial motivator given Onvo's value-focused billing.
Nio's cars are currently subject to a 31% import tariff in the EU, up from 10% in 2023. Similarly impacted car makers including BYD, Chery, Volvo, Polestar and Mini are moving production of some EVs from China to Europe to circumvent the tariffs, but Nio has not announced any plans to build cars in Europe, having passed on the chance to take over Audi's EV factory in Brussels.
Nio itself launched in Europe in 2021 but has yet to make its way to the UK, so the expansion of the new Onvo sub-brand will mark the company's first foray into the market. Per ANE, Yu said that Onvo exports to Europe would begin when production reaches 30,000 units per month, which is expected to be around March 2025.
It is not yet clear how the cars will be sold in the UK. Autocar has approached Nio for comment.
Lack of import tariffs means UK will be first European market to receive Nio's new affordable EV brand Onvo
www.autocar.co.uk