Nio flopped in Denmark. But the group's car brand Onvo is heading towards our borders. According to the Chinese, terrible losses in value await.
The Chinese electric car Onvo L60, expected to arrive in Europe in 2025, is already giving owners back home in China gray hairs. After just six months, the price of several used Onvo L60 cars has dropped significantly.
This is reported by Carnews China .
According to the medium Electric-Vehicles, several used L60 cars with low mileage are currently being sold in China for around 120,000 kroner.
This corresponds to a decrease of approximately 39 percent compared to the original price from the factory of just over 215,000 kroner.
Onvo is a relatively new car brand that was created in 2024 as a cheaper alternative to Nio. Their first model, the L60, is an electric SUV about the size of the Tesla Model Y. The electric car was launched in China in September last year.
The enormous price drop comes at the same time that Nio/Onvo has cut the price of brand new L60 models by almost 20,000 kroner.
Conversely, it is worth noting that several factors can play a role when it comes to the loss of value of used electric cars.
The market for electric cars is constantly evolving, and new models are being added all the time. In China in particular, facelifts and completely new models are being released. And at a pace where drivers can't keep up.
Several car owners have also complained that their cars become obsolete in just a few months because car brands are busy sending new cars onto the streets.
This negatively affects the price of older models. In addition, factors such as supply and demand, the condition of the car and mileage can also play a role.
Onvo plans to launch two additional models this year, including a five-seat SUV and a larger SUV with a third row of seats.
The company's CEO has previously stated that he expects the L60 to be available in Europe, including Denmark, during 2025.
However, the Chinese should not take success for granted.
A new survey among European car owners shows that they expect Chinese electric cars in particular to be much cheaper than European alternatives. Read more about it here .
