Nio (Minutes): Surge of 8cm, has ONVO L90 successfully reversed Nio?

$NIO(NIO.US) ONVO L90 was officially launched on the evening of August 1st. During this launch event, the price of ONVO L90 was officially announced. ONVO L90 was released in 6 versions, with a price range of 265,800 to 299,800 RMB, which is a decrease of 14,000 to 22,000 RMB compared to the pre-sale price of 279,900 to 320,000 RMB. Specifically:

1) Price and Versions

ONVO L90 Three-row Six-seat Version: Pro/Max/Ultra 265,800/279,800/299,800 RMB, with the BAAS model reducing the price by 86,000 RMB to 179,800/193,800/213,800 RMB;

ONVO L90 Three-row Seven-seat Version: Pro/Max/Ultra 271,800/285,800/299,800 RMB, with the BAAS model also reducing the price by 86,000 RMB to 185,800/198,800/299,800 RMB;

2) Vehicle Positioning: It is positioned as a flagship full-size three-row SUV, offering large six-seat and large seven-seat layouts, and is also targeted at family users;

3) Core Selling Points:

ONVO L90 focuses on large space + battery swapping/900V fast charging to alleviate range anxiety + full comfort configuration:

a. Large Space: Large space is a core necessity for large three-row SUV users, and L90 achieves space optimization through lightweight, high integration, and 36 technological innovations in three-electric capabilities.

1) Size Parity: ONVO L90 is positioned as a large SUV with dimensions of 5145*1998*1786mm, bringing the price of large SUVs down to the 250,000-300,000 RMB level, focusing on size parity; it also offers three-row 5-door 6-seat and 5-door 7-seat versions for users to choose from;

ONVO L90's starting price of 265,800 RMB is lower than the similarly sized Aito M9 pure electric version, and it offers more space advantages compared to Xiaomi YU7,

2) Large Storage Space: 240L intelligent front trunk, the largest capacity in its class, supports electric opening and closing + automatic suspension lowering; 430L trunk, solving the "can sit but can't store" pain point of three-row SUVs, with storage capacity surpassing its class

b. Energy Supplementation Advantage: Solves range anxiety through battery swapping + 900V high-voltage fast charging architecture, and lightweight design also increases range to some extent, addressing the energy consumption challenge of large SUV electrification;

1) Lightweight Design Extends Range: The lightweight design makes the curb weight of the single-motor model only 2.25 tons, and the dual-motor version 2.36 tons, nearly 200 kg lighter than similar fuel vehicles. Based on the NT3.0 platform and a drag coefficient of 0.25, the 85kWh battery model has a range of up to 605 km

2) 900V High-voltage Fast Charging Architecture: Utilizes the 900V NT3.0 platform, supports high-voltage fast charging, and Nio Energy has built 4,701 charging stations and connected over 1.3 million third-party charging piles

3) Battery Swap Station Layout: Compatible with Nio's third and fourth-generation battery swap stations, Nio Energy has built 3,430 battery swap stations nationwide, including over 1,000 on highways.

c. Comfort Configuration: Comfort configuration is fully equipped

ONVO L90 is fully equipped with comfort configurations, with all models featuring "fridge, color TV, and large sofa," and the Pro and Max versions come standard with single-chamber air suspension;

3) Limited-time Purchase Discount:

4) Delivery Time: All six-seat versions will be delivered on August 1, 2025, and all seven-seat versions will be delivered in late September 2025;

Dolphin Research's Commentary:

After the ONVO L90 launch event, Nio's stock price has increased by 8.6 points. Although ONVO has not yet announced the number of orders, Li Bin stated at the launch event that the actual orders for this model have exceeded the company's expectations, indicating that the L90's potential as a blockbuster model has been established.

Dolphin Research believes that the core reasons for the L90's success as a blockbuster model are:

1. By using "size parity" to accurately address consumers' pain points of "large space + high cost-effectiveness," the pricing is sufficiently low (supported by the downward extension of Nio's high-end brand power), with ONVO L90's starting price of 265,800 RMB being lower than the similarly sized Aito M9 pure electric version, and offering more space advantages compared to Xiaomi YU7, making it more suitable for family users, thus achieving differentiated competition;

2. By using "battery swapping + 900V high-voltage fast charging" to solve the energy consumption challenge of large SUV electrification;

3. Making comfort configurations that users can directly perceive, such as "fridge, color TV, and large sofa," standard equipment;

4. The support of Nio's brand power extension;

5. Using the BAAS model to lower the car price, reaching more consumers;

Although this car sacrifices some intelligent hardware and software configurations compared to the Li Auto i8 (only equipped with NVIDIA Orin X chip and no lidar configuration), and uses second-tier suppliers' batteries from BYD/CALB to save on costs.

However, from the current results, the ONVO L90 is more successful than the Li Auto i8, which may reflect that the current intelligent turning point has not yet arrived, and users' needs during this transition period are still guided by directly perceivable comfort and luxury configurations, as well as a high demand for cost-effectiveness.

Specific Content of the Launch Event

1. Basic Information of ONVO L90:

1) Size and Positioning

Car Dimensions: Length 5145mm, Width 1998mm, Height 1786mm, Wheelbase 3110mm

Design Features: Adopts a pure SUV body posture, with a dignified and upright design language

Vehicle Positioning: Flagship full-size large three-row SUV, offering large six-seat and large seven-seat layouts

2) Exterior Design

ONVO L90's Intelligent Interactive Pixel Headlights:

Standard Features: Star Road Shining Intelligent Interactive Pixel Headlights and ADB Adaptive High Beam

Light Language System: Offers 5 static light languages, 4 dynamic light languages, and 2 welcome and farewell light languages

Design Concept: Adopts the family V-up shape concept, symbolizing prosperity

3) Range and Energy Supplementation System:

a. Vehicle Lightweight Technology, Low Energy Consumption:

0.25 ultra-low drag coefficient, extreme vehicle lightweight, full vehicle 900V architecture, third-generation vehicle thermal management system, creating ultra-low energy consumption of 14.5kWh/100km

Industry Comparison: Energy consumption in guard mode is 75% better than the industry average

Technical Support: 900V efficient electric drive system, 5.8% ultra-low tire rolling resistance

Range Performance: 85kWh rear-wheel drive version CLTC comprehensive range of 605km

b. Comprehensive Charging and Battery Swap Network: A total of 8,131 charging and battery swap stations have been built, including 3,430 battery swap stations. 4,701 charging stations

Battery Swap Stations: 3-minute battery swap, more convenient than refueling. Nio Energy has built 3,430 battery swap stations nationwide, including over 1,000 on highways, and has established a 9-vertical, 11-horizontal, 16-major city cluster highway battery swap network, connecting 550 cities, making intercity travel time-saving, worry-free, and cost-effective.

Charging Stations: Nio Energy has built 4,701 charging stations and connected over 1.3 million third-party charging piles

4) Large Space

Design and Technology of LeDao L90's Front Trunk:

Super Large Volume of Front Trunk:

Technological Breakthrough: Adopts 36 high-efficiency integrated designs and 13 patented technologies, including 900V induction asynchronous front electric drive, 49-in-1 thermal management module, and other innovative designs

Space Advantage: Achieves a super large volume of 240L, capable of accommodating one 30-inch or two 20-inch suitcases + children's box + backpack

Structural Innovation: 542mm industry-leading aluminum alloy stamping depth, 4D millimeter-wave radar front layout, optimized vertical downward shift algorithm

Loading Capacity: Industry-first "front trunk" concept, with a volume 40-90L larger than traditional front trunks

Design Highlights: 30.5° inclined heat dissipation module, integrated offset air conditioning box, A4 paper-sized innovative flow channel board design

Intelligence and Convenience Experience of Front Trunk:

Intelligent Opening: Supports 6 opening methods, "Le Knock" fully electric opening with automatic suspension lowering

Humanized Design: 830mm ultra-wide opening + 600mm height, easier to access than the trunk

Safety Protection: Full-range anti-pinch design, dual protection (resistance sensing + motor current detection)

Practical Function: Independent space design can isolate odors, supports washing and cleaning

Scenario Adaptation: Adjustable suspension height to meet the access needs of users of different heights

Usage Scenarios of Front Trunk:

Family Scenario: Easily load children's items, solving the "sweet burden" storage problem

Food Storage: Special design prevents odor diffusion, can store easily leaking and smelly food

Entertainment Function: Can be used as a children's toy display area (such as Wangzai storage display)

Extended Use: Supports chilling drinks, achieving "not only can store but also chill happiness"

Creative Use: Can be transformed into a viewing platform, mobile balcony, etc., with accessories

"Great Potential" Trunk: Space reaches 430L, capable of storing 7 20-inch suitcases simultaneously

5) Comfort Configuration

① Chassis Technology and Suspension System:

Intelligent Chassis Architecture: Adopts SkyOS TianShu full-domain operating system and four-domain fusion central computing platform, achieving rapid chassis response and adjustment

Suspension Configuration: Front double wishbone and rear five-link suspension, with 100mm ultra-long travel intelligent air suspension and intelligent continuously variable damping shock absorbers

Shock Absorption Technology: Equipped with 4 sets of comfort hydraulic bushings, front 255mm/rear 275mm ultra-wide luxury mandarin duck tires, enhancing driving stability and ride comfort

② Cabin:

Layout Options: Offers large six-seat (2+2+2) and large seven-seat (2+3+2) seating layouts

Space Features: Longitudinal three-row design ensures each row of passengers can enjoy exquisite touch and immersive atmosphere

Material Combination: Uses four layers of premium materials surrounding the entire cabin, equipped with zero-gravity seats, including top-grade real wood panels, titanium soft light trim, and soft-touch leather wrapping

Ambient Lighting System: 16 million color starry sky illusion ambient lighting, three-layer cabin layout 8.9 meters, each row can be independently set

Craftsmanship Details: Seat shoulders use staggered perforations with stitching and embroidery, door panels and seats draw on traditional Su embroidery craftsmanship, with embroidery length exceeding 500 meters and stitch count reaching 88,000 stitches

6) Intelligence: Pure Vision Solution + End-to-End Upgrade

Hardware Configuration: Single Orin-X chip (254 TOPS) + 7 8-megapixel cameras + 4D millimeter-wave radar, standard with 30 sensors, supporting 360° environmental perception

Software Configuration: Switches to end-to-end model, optimizing highway/urban navigation capabilities

-System Architecture: Equipped with the coconut intelligent system for large families, using the leading generation of digital architecture and the only Sky OS TianShu full-domain operating system in China

-AI Integration: Deeply integrates AI intelligent applications, highly integrated four-domain fusion central computing platform using high-performance autonomous driving and cabin chips

-Chip Configuration: Intelligent cabin chip uses 8295P full-blood version, equipped with highly integrated regional control module, reducing harness weight by 28%

-System Features: Digital architecture for the next 10 years, SkyOS TianShu achieves ultra-low latency, supporting ten years of continuous iteration, covering all scenarios from daily guarding to comfortable driving

Other Details:

ONVO L90's Flexible Magnetic Series Products:

Multi-Scenario Application: Magnetic mounts can be installed in the front passenger/second row/third row

Multi-Function Design: Supports various accessories such as tablets/phones/tissue boxes/makeup mirrors

Practical Details: Third row adds hook function, can hang items like scarves and hats

Outdoor Expansion: Develops 20+ camping accessories (canopy/mattress/luggage rack, etc.)

Seat Adaptation: Both six/seven-seat versions can be paired with sofa beds, seven-seat version has exclusive large bed inflatable mattress

Space Conversion: Can form a complete family living space through accessory combinations

Safety:

Testing Standards: Conducted extreme accident condition tests in collaboration with China Automotive Center, with no intrusion into the third row after collision

Verification Conditions: Exceeds industry standards with 62 comprehensive collision verification conditions

Body Structure: Industry-first steel-aluminum hybrid ultra-rigid three-cabin body, with six longitudinal and ten transverse front cabins, dragon-strengthened member cabin, and comprehensive protection for battery cabin

Passive Safety: All models come standard with 9 airbags, including a super-large tiger ear airbag (137L) for the front passenger, a central far-side airbag (40L) for the front row, and safety side curtains (56L)

Child Protection: Extra-long, extra-wide, extra-large volume safety side curtains effectively protect children's heads and necks

Intelligent Safety: Standard with the only end-to-end AEB function in its class, covering scenarios 6.7 times more than standard AEB, avoiding 44,871 potential accidents

Torsional Stiffness: Class-leading 38,150Nm/Deg body torsional stiffness

Material Usage: 2,000MPa submarine-grade steel usage leads its class, with aluminum alloy + high-strength steel ratio reaching 84%

Protection System: Class-leading ultra-wide seven-series aviation aluminum anti-collision beam, 72-in-1 aluminum alloy integrated cast rear floor, 13-in-1 aluminum alloy integrated cast rear top crossbeam