NIO achieves 500,000 EV production feat; announces new EV brand 'ONVO'

Chinese automaker NIO recently rolled-out its 500,000th mass-produced electric vehicle off the production line at its its Factory Two (Nio F2) in Hefei, Anhui Province. Founded in 2014, the brand's first mass-produced 'ES8' electric car rolled off the line in 2018, thereby achieving the latest feat in a span of six years. 

At the ceremony to mark the production milestone, Liu Qingfeng, the Chairman of iFLYTEK, China's leading technology company, was invited to receive the keys to the 500,000th vehicle - a 2024 NIO ES8 EV. 

"It's NIO's unwavering strategy and the teams' relentless pursuit of excellence that have made this possible. I'm honored to become the owner of this special car, which is also my first new energy vehicle. I really look forward to the novel experience it will bring", Qingfeng said. 

William Li, Founder, Chairman and CEO of NIO, commented on the development, "Nio's production of 500,000 vehicles is an embodiment of the technology and brand upgrades in China's automotive industry. Since 2019, Nio has been the top selling brand in China's premium BEV market with an average transaction price of above RMB 300,000".  

"Premium brands must aspire to pioneer the industry with innovation and to provide products and services with experiences beyond expectations. Nio's innovation in technologies, services and system capabilities have been recognized by its users and peers," he said.

He further added that the 500,000th vehicle is just a new starting point. "Going forward, Nio will continue its unwavering investment into R&D and the charging and swapping network. Through innovative technologies, extraordinary products, beyond-expectation experiences, Nio, as a pioneer in the premium smart EV market, will be recognized by more people", Li said.

At the event, the automaker announced the that its second brand 'ONVO' will make its global debut on May 15. The brand's model L60 is a "family-centric" smart BEV priced around RMB 250,000, and will take on the likes of Tesla Model Y, according to NIO's official statement. 

Nio has already established its full-fledged capabilities for vehicle R&D, design, manufacturing, sales and services in China and is now targeting international markets including Europe. The brand's new energy vehicles (NEVs) are made in its two world-class vehicle factories in Hefei, supported by over 120 supply chain partners.