Nio Unveils Onvo L60 SUV, Challenging Tesla’s Model Y in the Competitive EV Market

Nio’s Strategic Launch of the Onvo L60

In a bold move to capture China’s cost-conscious electric vehicle (EV) market, Shanghai-based Nio has introduced the Onvo L60 SUV, the first model under its new Onvo sub-brand. Slated for a September release, the L60 is equipped with an autonomous driving system and is priced competitively at RMB 219,900 (USD 30,480), a strategic 12% lower than Tesla’s Model Y. This pricing strategy positions the L60 as a direct competitor to Tesla, aiming to attract consumers looking for value without compromising on technology.

Targeting Mainstream Consumers with Affordable Luxury

The Onvo brand, known locally as Ledao, represents Nio’s pivot towards serving a broader market segment, balancing premium features with affordability. At the Auto China 2024 expo, Nio’s CEO, William Li, highlighted Onvo’s mission to meet the evolving needs of Chinese consumers who increasingly prioritize both quality and economic efficiency. This shift is part of Nio’s broader strategy to distinguish itself from high-end competitors like BMW and Audi, as well as domestic rivals such as BYD and Xpeng Motors, which are also aggressively targeting the mass market with new models and competitive pricing.

Onvo L60’s Market Potential and Future Outlook

With the automotive industry in China experiencing a surge, Nio anticipates that the Onvo L60 will significantly contribute to its growth, especially given the vehicle’s appealing price point and advanced features. Early delivery figures from April suggest a positive reception, with sales figures dramatically exceeding those of the previous year. As Nio continues to focus on maintaining high quality without resorting to discounts, the company is optimistic that the Onvo L60 will not only compete effectively with Xiaomi’s SU7 but also establish a new standard in the EV market for value-driven consumers. The true impact of the Onvo L60 will become clearer as it reaches consumers later this year, potentially reshaping market dynamics in Nio’s favor.

Is The 2024 Tesla Model 3 Still Fun To Drive?

Has the Highland’s softer suspension and different tire choice affected the Model 3’s appeal as one of the most fun-to-drive EVs?

Tesla has not only changed how the 2024 Model 3 looks but has also made significant changes under the skin, especially to the suspension. The refreshed Model 3 seems geared much more toward comfort than before, and with the standard tires, it doesn’t feel quite as connected to the road as it did before.

However, the new setup brings a welcome change for a daily driver. Ride comfort is vastly improved, even on the larger 19-inch wheels I had on the Model 3 Long Range I tested last week. The newfound comfort is elevated for everyday driving by the revised seats and the double-glazed side windows. They do a phenomenal job of keeping noise at bay and completely transforming the vehicle—for the better.

Tesla Model 3 on Twisty Road

It’s only when you take it to a twistier road and try stringing a few corners together spiritedly that you notice some of the negative effects of the softer suspension. The new Model 3 has a surprising amount of both body roll and pitch and dive, and while there is plenty of grip from this confidence-inspiring machine, you will feel like you have to hold on to the steering wheel to keep yourself fixed in the seat.

Tesla has equipped the revised Model 3 with frequency selective dampers, which can passively adjust the rebound rate to offer either comfort or stiffness depending on road conditions. You will most notice them working when going over washboard-type surfaces or over lots of small imperfections in the road when it will feel like the vehicle has softened its suspension. They are not powered like adaptive dampers, but you can feel their presence and they bring a notable improvement in comfort.

Tesla Model 3 on Twisty Road

The new Model 3 Performance has stiffer and lower springs and adaptive dampers that you can stiffen up, so it should address much of what I said above. It also gets body-hugging sports seats (a first for the Model 3), and their extra support should help improve the driving experience further.

The steering was one of the highlights of the Model 3 driving experience. It is quick and precise, and turning the wheel from lock to lock is easy and surprisingly fun. The new steering wheel has a sporty flat bottom and a rim of just the right thickness. It is also a delight to hold and use, even with the strangely placed indicator buttons.

Tesla Model 3 on Twisty Road

The steering helps the new Model 3 feel engaging on a twisty road and provides some feedback, which is impressive for a car like this. I suspect that if you upgrade the car’s standard Hankook Ion Evo tires, which are supposed to be EV-specific performance tires—their manufacturer says they provide low rolling resistance and noise but are supposed to retain the handling character of a performance tire; I don’t think they do.

Switching to a set of Ultra High Performance (UHP) Michelin, Continental, Goodyear or Bridgestone tires will improve grip and feel and mitigate some of the car’s tendency to wash wide when pushing through corners. These tires will negatively affect range, though.

Tesla Model 3 on Twisty Road

The excellent visibility you get from behind the wheel of a Model 3 is unmatched. There is no instrument binnacle in front of you, and while peering over to the middle screen to see your speed is not as good as having dials in front of you, it does give you a better view of the road.

The car’s nose is short, and it seems to dive away suddenly, a feeling I’ve only experienced in mid-engined cars. This further enhances the driver’s enjoyment—you feel like you can really place the car through corners with great precision.

Tesla Model 3 Long Range

One thing that unquestionably makes the Model 3 feel like a performance car is its acceleration. The new Dual Motor has a combined output just shy of 400 horsepower, and it launches itself at an alarming pace to reach sixty from a standstill in a little over four seconds. It feels really fast, enough to change the perspective of some of your EV-skeptic friends who still don’t think EVs can be fun in a straight line.

Tesla doesn’t provide a faux engine sound to accompany the acceleration, but as good as the fakery is in cars like the Hyundai Ioniq 5 N, feeling the completely silent surge as you step on the right pedal in a two-motor Model 3 is still hugely entertaining. You run the risk of going way past the speed limit if you’re not careful, as the car keeps pulling relentlessly to its top speed.

The choice of tire reportedly prompted Tesla to lower the top speed of the Model 3 Dual Motor from 145 mph to 125 mph. Nobody outside of Germany was going that fast in their Model 3, but for those select few Model 3 buyers who live near an unrestricted stretch of autobahn and have a short daily commute, blasting down the highway won’t be quite as satisfying in the new car.

Overall, the new Model 3 still feels sporty, but not as sporty as before. It is a much better and more comfortable daily, and it feels like a bigger step up from its predecessor than it would seem without actually trying one. I’m curious to see how big an improvement the Model 3 Performance is since it seems to address all the points I raised here, and it has the makings of one of the best performance EVs ever launched.

Tesla EV Maker Sued For…Polluting?

I know, EVs are supposed to be emissions free and good for the environment. But the truth is that building any vehicle–whether internal combustion or electric–is an energy-intensive process and can emit harmful chemicals. And as car companies go, Tesla may be one of the worst polluters around.

Bay Area Air Quality Management District regulators said, “Tesla violations are frequent, recurring, and can negatively affect public health and the environment.” Tesla landed on the 2023 Toxic 100 Air Polluters list, landing at number 89. In 2022, the government fined it $275,000 for two pollution issues. The first was not measuring, tracking, or recording its factories emissions. The second was not minimizing air pollutants caused by painting its cars.

Tesla has been sued by 25 of California’s counties for mishandling hazardous substances. Regulators actually checked factories’ dumpsters and found hazardous substances that shouldn’t be tossed in a landfill. In Germany, protestors are camped out in a forest Tesla wants to clearcut to expand its factory, complaining about water quality and other environment issues. And it looks like the startup is under fire for pollution again.

A nonprofit called the Environmental Democracy Project is targeting Tesla’s Fremont, California project. It is even suing the automaker. It’s claim? The company is “exposing nearby resident and workers to excessive nitrogen oxides, arsenic, cadmium and other harmful chemicals.”

So what if Tesla loses this lawsuit? Under the Clean Air Act, the company could face a civil fine as high as $121,275. But with the Model S MSRP at $74,630, that’s basically couch cushion change for Tesla.

So does making EVs pollute? The truth is that manufacturing and painting any car pollutes. And just because a car claims “zero emissions” while driving doesn’t mean zero lifetime emissions. So for car buyers concerned about the environment, it’s never a bad idea to investigate an automaker a bit.

They Forgot to Roast What Tom Brady Drives

The roast of Tom Brady hit hard. No one held back against the NFL superstar. However, his car collection wasn’t mentioned during the relentless rounds of jokes. The car that Tom Brady drives could have been included by multiple comics.

Tom Brady drives a practical yet odd electric vehicle

Tom Brady drives a Tesla Model S. Despite having a $5 million car collection he regularly keeps things simple with a Model S.

Also, it’s painted yellow, which is an interesting choice. I’ve seen thousands of Tesla models on the road, but never a yellow one, unless it was a cab.

As of 2024, the Tesla Model S starts with an MSRP of $72,990 and the top-spec Plaid model increases the price to $87,990.

These prices enter luxury territory but for someone who can afford $5 million worth of cars, he could go for a more luxurious electric vehicle. For example, what about the Lotis Evija, Mercedes EQS, BMW i7, or Lucid Air?

Some could say that he’s making a practical or down-to-earth choice. But according to J.D.Power, the Tesla Model S only has a reliability rating of 75 out of 100. It’s just average and may have serious problems sooner than expected.

But on a positive note, Tom Brady enjoys helping the Earth. He shares that he enjoys driving the Model S because it’s the most environmentally friendly option in his 15-car garage.

Brady shared that it’s important to be conscious about the impact we all have on this planet. There are things we can individually do to improve sustainability.

Plus, he thinks not going to the gas station is the coolest thing ever. But how much is he really helping? Does his Model S negate the pollution for private jet flights?

Lots of people could argue that there are cooler things than the lack of gas stations. For example, his Bugatti Veyron Super Sport is worth $3 million. It’s only one of the 450 models ever produced.

Other cool cars in his collection include the Rolls Royce Ghost, Aston Martin DB11, Ferrari M458-T, and Maserati GranTurismo.

Nio Launches Onvo L60, Its Tesla Model Y Rival For The Masses

Nio (NIO) on Wednesday launched the Onvo L60 EV, which aims squarely at the Tesla (TSLA) Model Y while targeting China’s mass market for growth. Nio stock sank as U.S.-China tensions resurfaced. Tesla stock also fell.

Nio Onvo L60 For The Masses

The Onvo L60 SUV will start from RMB 219,900 ($30,440), 12% below the Model Y’s starting price of RMB 249,900. Nio plans to start deliveries in September.

The new, more affordable Onvo sub-brand comes 10 years after Nio’s founding. Nio in May rolled out its 500,000th electric vehicle. It is relying on the Onvo L60 to hasten the arrival of the 1 millionth EV milestone, according to Li.


Biden Set To Circle The Wagons On U.S. Clean Energy


China’s EV startups, including Nio, initially targeted the premium end of the EV market. They are now targeting the mainstream market to grow.

Li Auto (LI) in April launched the new L6 SUV, also aimed at the mass market and Model Y. XPeng (XPEV) is expected to debut a sub-brand called Mona in June, which will target an even lower-price segment than Onvo, in the RMB 100,000-RMB 150,000 range.

On May 10, BYD (BYDDF) launched the long-awaited Sea Lion 07. The competitively priced mid-size SUV, starting at RMB 189,800 ($26,242), is seen taking on the Model Y as well.

EV makers are rolling out new and cheaper models amid a bruising price war in China, the world’s biggest car market. An outlier is Tesla, which started the price war in late 2022.

Tesla recently announced plans for “affordable” EVs, but those may be cheaper versions of the Model Y or Model 3 rather than an all-new vehicle. It is seeing demand flag as its EV lineup ages.

Tesla claimed an 11% market share in China in the first four months of 2024. Nio took 3%, according to data from the China Passenger Car Association.

Nio Stock, China EV Stocks

Shares of Nio tumbled 8% to 5.32 on the stock market today. Nio stock surged Monday and Tuesday ahead of the Onvo unveiling event. The EV stock continues to hold above the 50-day moving average. It recovered that support level earlier in May after its April sales outshone those of its startup rivals. Nio remains deep in a roughly 92% slide begun in January 2021.

New IPO Zeekr, Li Auto and XPeng also slid Wednesday. Zeekr stock saw a 35% first-day pop last Friday.

Tesla stock gave up 2%, above the 50-day moving average. BYD gave up 1.2%.

On Tuesday, the Biden administration announced new tariffs on Chinese electric vehicles.

Though most Chinese EV startups don’t sell in the U.S. market yet, some like Nio are expanding overseas.

Nio launches $30,000 Onvo SUV to challenge Tesla Model Y in China

Chinese electric vehicle maker Nio on Wednesday launched the first vehicle in its new lower-priced brand Onvo which aims to compete there with Tesla’s Model Y, the world’s best-selling EV.

Nio unveiled the Onvo L60 SUV with a sticker price starting from 219,900 yuan ($30,476), 12% below the price of Tesla’s Model Y which starts at 249,900 yuan in China. Nio plans to start delivery of the Onvo L60 in September.

Chief executive William Li introduced the Onvo L60 SUV in Shanghai, saying the company also aimed to take on Toyota Motor’s RAV4 by providing family cars that balance customer experience and ownership costs.

“RAV4 and Model Y were the benchmark for family cars in their time. With technologies evolving and people’s understanding in smart EVs deepening, today it’s time for us to redefine the new standards for family cars,” Li said at the event.

The vehicle is more spacious than Tesla’s Model Y, he added.

With a lower price tag, the Onvo brand could also help Nio expand outside China, although branching out into Europe is overshadowed by an ongoing anti-subsidy probe the EU has launched into EV imports from China.

The Onvo L60 is equipped with Nio’s self-developed 900-volt fast-charging system and has an average energy consumption of 12.1 kilowatt-hours (kwh) per 100 kilometers, slightly lower than Tesla’s Model Y, said Ai Tiecheng, president of the Onvo brand.

The Onvo cars will have access to more than 1,000 battery swapping stations and 25,000 public chargers belonging to Nio, Ai added.

Li said previously that the bill of materials of the Onvo car would be 10% lower than that of Tesla’s Model Y, according to Chinese media. Its lower cost, together with Nio’s EV battery rental programme, would allow it to better compete at a lower price.

Reuters reported last week that Nio has struck a deal to source batteries from BYD for the Onvo lineup, as it abandoned plans to produce batteries in-house as part of the efforts to reduce costs amid a bruising price war in China’s ultra-competitive EV market.

Nio, whose namesake lineup is priced from 298,900 yuan ($41,200), around 30% higher than the Model 3 in China, sold 45,673 EVs in the first four months of this year, accounting for 3% of China’s overall EV sales.

By contrast, Tesla delivered 163,841 units in China to take an 11.4% market share, according to data from the China Passenger Car Association.

The Refreshed Tesla Model 3 Is Still The Go-To EV

The updated Model 3 “Highland” fixes many of its predecessor’s flaws and builds upon an already impressive package.

 

Tesla has reshaped the automotive landscape around the world and irreversibly accelerated the shift from combustion engine vehicles to EVs, and the Model 3 has played a big part in its success. Launched in 2017 as the manufacturer’s most affordable model, it quickly soared in popularity and became a favorite around the world. It sold almost 150,000 units in its first year, then doubled the figure in 2019, quickly outpacing sales of the larger Model S and Model X combined.

The original Model 3 had flaws, like the so-so interior quality, panels that were often misaligned, a somewhat bumpy ride and exterior design elements that polarize opinions. With the 2023 “Highland” update, though, Tesla has addressed these issues and made the Model 3 an even better car. The downside is that, in its quest for ultimate minimalism and cost-cutting, some new quirks have been created.

It is the best EV I’ve ever driven, though, and it’s the one I would buy today if I were in the market for an electric sedan. Here’s why.

(Full Disclosure: This test car was provided to me by Tesla Romania for an entire week so that I could review it properly. I picked it up from and returned it to the Tesla store in Bucharest and had access to free Supercharging during my loan.)

The Looks

The Tesla Model 3 has always been a good-looking car in my eyes, but it seems many people didn’t like the pre-facelift model’s front fascia. Tesla has reworked the Model 3’s design, and it’s far sleeker and more premium-looking from the outside. The headlights are now much slimmer, and the whole front fascia looks new. I think it looks great, but after chatting with other people about the design changes, some say they love it, while others say they prefer the pre-refresh front. Let us know in the comments which you like.

From the side, you can’t really tell the new and old Model 3s apart, although the new wheel designs will give it away. The standard 18-inch Photon wheels have an aero design and don’t look sporty at all, but my tester had the 19-inch Nova wheels, a $1,500 option, which make a big impact on how you perceive the car.

Tesla Model 3 Long Range

The new slimmed-down rear lights and the revised bumper design have a similar effect to the front fascia changes. They make the car look a lot more modern and a bit sportier too, thanks to the prominent diffuser. That diffuser houses reflectors and a set of backup lights, which replace the trunk-mounted rear-hazard and brake lamps when the tailgate is open.

Overall, the facelift changes the Model 3 for the better, and it also improves its aerodynamics slightly, thus helping it eke out more range. My tester was finished in Stealth Grey, which is nice but a bit impersonal, and unlike in the US where it is free, here in Europe we have to pay €2,000 for it, the same price as Ultra Red. This is probably because European-market Model 3s are all built at Tesla’s plant in China.

The Interior Finally Feels Premium

Tesla Model 3 Long Range

Tesla has always advertised the Model 3’s interior as being premium, but until the introduction of the Highland model, it didn’t deserve that descriptor. Hop inside the revised Model 3 and it instantly feels more plush than the old model. Assembly quality looks better, panels fit together better and premium touches like the wrap-around LED mood lighting strip and Alcantara door cards help with the premium feel. Everything feels softer and nicer to touch.

The focal point of the cabin is the big infotainment screen, which has also been improved. Its housing is the same size as before but with a thinner bezel, leaving you with more usable space on the screen. It doesn’t have any additional features or processing power, but it didn’t need them because it was already among the best infotainment systems in any car at any price.

Rear passengers also get a screen in the Model 3 Highland. It can be used to adjust the climate, watch YouTube or stream Netflix. Your kids are going to love it.


The front seats are comfortable, although the seat cushions could be a bit longer for over-six-footers. But even though my thighs felt like they could have used more support, I drove the Model 3 for a few hundred miles and found it very pleasant and easy on my back.

Rear occupants don’t have it quite as good, since the floor is quite high. It pushes your knees up, and there isn’t enough room to slide your feet under the front seat. However, the angle of the rear backrest is less vertical than before, and there’s plenty of knee room and headroom for adults in the back. The fold-down armrest helps improve comfort, and it also houses two deep cup holders.

Tesla Model 3 Long Range

The Model 3 has more storage cubbies than pretty much any other sedan I can think of. Aside from the glovebox, which is on the small side, you get some huge compartments in the center console. The largest one is right in front of the dual wireless phone chargers, and it’s big enough to fit a couple of big water bottles with room to spare.

Lift the cushy and well-padded armrest and you find another big storage space for more of your belongings. The moving parts of the console feel nicely damped and premium, a welcome change. From the lids that cover the front storage compartment and the cupholders, which feel as good as in any modern BMW, to the action of the armrest when you lift it, everything feels nice and posh.

The Steering Wheel Tesla Model 3 Long Range

Tesla removed the indicator and wiper stalks from behind the steering wheel in the Highland. This prompted a complete redesign of the wheel, which looks and feels better than before while offering more functionality. The new wheel make the car feel more agile and maneuverable, and its flat-bottom design looks reasonably sporty.

After driving the Model 3 for a week, I got used to operating the wipers and the high beam through the steering wheel controls, but using the indicators still seemed strange. Other manufacturers have also moved indicator controls to the wheel, but all of them put the left turn signal on the left prong and the right turn signal on the right prong. Tesla Model 3 Long Range Tesla Model 3 Long Range

In the Model 3 Highland, they are both on the left prong, stacked one on top of the other. While I did get used to this, it was tricky to use them when the steering wheel was not in the dead-ahead position.

We have a lot of roundabouts in Romania, which require you to indicate left while you are in one and then indicate right to signal you want to take an exit. In the Model 3, I had to look down at the steering wheel to know which button to press, which was quite frustrating at times.

The Drive

Tesla Model 3 on Twisty Road

Tesla has softened the suspension of the Highland compared to the outgoing Model 3. This makes it way more comfortable and compliant, but it also introduces a lot of extra body motions into the equation. I didn’t notice this for the first couple of days that I had the car, but when I took it to a twisty road, it became apparent just how much more the refreshed Model 3 pitches, dives and rolls in corners.

This means you don’t have quite as much confidence to push it around bends, and it also seemed like it was set up more for understeer than tail-out fun. Being the Dual Motor variant, perhaps it could have used the same power slider as the Performance model, which allows you to adjust how much power each axle can put down, thus altering the car’s handling balance.

Tesla Model 3 on Twisty Road

With around 400 horsepower on tap, the two-motor Model 3 felt very quick, especially off the line. It does seem like Tesla has dulled down the initial surge of acceleration when setting off, and acceleration seems to build as you start picking up speed. But it certainly feels like a car that can hit 60 mph from a standstill in 4.2 seconds, as Tesla claims.

Tesla has dropped the top speed of this middle variant slightly, so it’s now 125 mph rather than 145 mph. Apparently, this has to do with the tire choice, which prioritizes comfort and low noise, but it limits the Model 3 at the top end. If you want a Model 3 that goes quicker than that, you will have to get the Performance variant, which shaves over a second off the sprint time and tops out at 163 mph.

The Range

Tesla Model 3 Long Range

Here in Europe, Tesla advertises the Model 3 Long Range as being able to do 421 miles on the WLTP test cycle. The WLTP cycle typically produces range ratings that are considerably more optimistic than those validated on the EPA cycle. The WLPT figure drops to 390 miles with the 19-inch wheels. In America, the Model 3 Long Range gets an EPA range of 341 miles with the 18-inch wheels, or 305 miles with 19-inch wheels. Based on my observed efficiency, I think you could do 300 miles in any Long Range Model 3 without too much fuss.

It helps that the Model 3 is one of the most efficient electric vehicles around, stretching its available kilowatt-hours more than its rivals. During my time with the vehicle, when I had no regard for driving it economically and enjoyed countless acceleration runs, as well as a blast down a local twisty road, my tester still displayed an average of about 2.8 miles/kWh. I know it can do better than that, but that shows how good it is even in real-world usage.

Tesla Model 3 Long Range

I’ve driven a few good EVs, including some with batteries bigger than the Model 3 Long Range’s 75-kWh (usable) battery, but I felt no range anxiety in the Model 3. It probably helps that adding range via Tesla’s proprietary Supercharger is easier than having to charge a different EV from a third-party charger. Even here on the outskirts of Europe, Superchargers worked quickly and flawlessly.

There were two Superchargers close to my house, both V3 stations, and I charged the car twice over the week. The first time, I didn’t set the Supercharger as my destination, and the vehicle didn’t pull more than 103 kW. The second time, I did tell the car that I was going to a Supercharger, so it preconditioned the battery. I saw a peak of 146 kW. That’s still far off the maximum 250 kW that the car and charger could do, but it was still quick enough.

The Gadgets

Tesla Model 3 Long Range

One of my favorite things about the Model 3 and Teslas, in general, is that you get all of the important gadgets and features for free. The car comes standard with heated and cooled front seats, a heated steering wheel, a heated back seat and three-zone climate control. The full-length panoramic roof is also standard, as are the electrically adjustable front seats and the power-opening trunk.

The only things you have to pay extra for are the white leather interior (which I wouldn’t get because it just seems difficult to keep clean), the larger wheels, a few of the exterior colors and the Autopilot/Full Self-Driving options. This is refreshing, as competitors like the BMW i4 offer a dizzying options list that can easily add thousands of dollars to the base price.

But while the car may be brimming with unique and well-executed tech features, it’s not perfect. It lacks ultrasonic parking sensors and it relies on cameras for that role. This works fairly well most of the time, but occasionally it sees obstacles that aren’t there or it completely misses some objects. I wouldn’t rely on this system the same way I do in other cars.

Tesla Model 3 Long Range

There’s no questioning the quality and effectiveness of the Model 3’s ADAS systems, though. Even with the camera-only approach with no radar or lidar on the car, its adaptive cruise control does a phenomenal job of keeping the car in the center of the lane, keeping up with traffic and braking for emergencies.

Having tried the car in Europe where “Full Self-Driving” isn’t legal or availabe (yet), I was limited to trying Autopilot with the Autosteer function, and I found it to be very good. It was smooth and safe and it never made me feel uneasy behind the wheel. It’s one of the best ADAS systems I’ve ever used.

The Verdict

Tesla Model 3 Long Range

Tesla made an already excellent EV even better. The refreshed Model 3 is truly great and offers unmatched tech, style and performance for the price. In Long Range All-Wheel Drive guise, it starts at $47,740 in the US, and with optional paint and the white interior, it goes just over $50,000 with everything but FSD. That is a great deal for such an accomplished and well-equipped car.

It may be six years old now, but the facelift does enough to allow the Model 3 to continue to be the go-to compact electric sedan wherever you are in the world. Even in China where it’s facing increasingly talented and keenly priced rivals like the BYD Seal, the Model 3 is still relevant for a simple reason: It’s a stunningly good all-rounder.

Tesla’s Aggressive Campaign for Musk’s $56 Billion Pay Package: A Deep Dive into Recent Developments

Key Decisions at Tesla

Tesla has been making some perplexing decisions recently, from staff layoffs to strategic shifts, leaving many stakeholders bewildered. The company is now going all-out to convince shareholders to approve CEO Elon Musk’s $56 billion compensation package, even hiring an external adviser to help sway the vote. This move follows a Delaware court’s rejection of the pay package due to fiduciary duty breaches by Tesla’s board.

Elon-Musk-Photo

Tesla is spending big bucks to convince retail shareholders to ratify CEO Elon Musk’s court-rejected $56 billion compensation package.

Tesla’s Campaign for Musk’s Pay

To rally shareholder support, Tesla’s board has enlisted a strategic adviser and collaborated with an outside law firm. They have launched a dedicated Vote Tesla website aimed at encouraging retail investors, who hold about 42% of the company’s shares, to vote in favor of Musk’s compensation. This effort includes online voting, phone voting, and a promotional video featuring board Chair Robyn Denholm emphasizing the importance of Musk’s leadership for Tesla’s growth.

Supercharging Team Layoffs and Potential Consequences

Tesla’s decision to lay off its entire Supercharging team has raised significant concerns. Although some team members have been rehired under different management, insiders warn that the layoffs have already caused substantial damage. According to Reuters, the energy team, now responsible for Supercharging projects, is struggling to handle the increased workload, potentially jeopardizing Tesla’s charging infrastructure expansion.

Tesla Model X Supercharger

Cruise’s Settlement for Pedestrian Injury

In other industry news, General Motors’ autonomous vehicle subsidiary, Cruise, has agreed to pay at least $8 million to a pedestrian injured in an incident involving one of its self-driving cars. The settlement follows a series of high-profile issues for the company, including traffic disruptions and safety concerns. Cruise is now working to rebuild its reputation and improve its technology before resuming full operations.

Future of Tesla’s Leadership

The push to secure Musk’s pay package amid controversial decisions and strategic missteps raises questions about the future of Tesla’s leadership. With the possibility of Musk shifting focus to other ventures, speculation is growing about who could potentially lead Tesla and what changes might come under new leadership.

20231107 - Cruise Origin

General Motors’ self-driving arm, Cruise, will pay at least $8 million to a pedestrian injured during an incident with one of its vehicles last year.

Tesla’s Strategic Moves and Public Sentiment

Tesla’s aggressive campaign for Musk’s pay package and its recent layoffs have sparked considerable debate among investors and the public. Reddit’s /r/TeslaMotors subreddit, traditionally supportive of Musk, has seen a shift, with many users now opposing the compensation plan. This changing sentiment reflects broader concerns about Tesla’s direction and Musk’s management style.

Potential Impact on Tesla’s Growth

The outcome of the shareholder vote on Musk’s pay package could significantly impact Tesla’s future. If approved, it would solidify Musk’s control over the company, but a rejection could lead to leadership changes. Either scenario will influence Tesla’s strategic direction, investor confidence, and market position in the competitive EV industry.

NIO undercuts Tesla Model Y with new $30,000 L60 EV, kicking off cheaper Onvo brand

Chinese EV maker NIO launched the first EV under its new mass-market Onvo brand Wednesday. The new Onvo L60 electric SUV will rival Tesla’s best-selling Model Y at a cheaper starting price. Starting at just $30,500 (219,900 yuan), can NIO’s new electric SUV compete with the Model Y?

Meet the NIO Onvo L60, the latest Tesla Model Y rival

NIO CEO William Li launched the new Onvo brand Wednesday, introducing its first vehicle, the L60 SUV. Li said the new EV will rival Toyota’s RAV4 and Tesla’s top-selling Model Y as a family car.

“Defining a new standard for family cars,” according to NIO, the L60 has a pre-sale price of just $30,500 (219,900 yuan).

NIO compared its new electric SUV to the Tesla Model Y, saying it has better energy consumption (12.1 kWh/100km vs. 12.5 kWh/100km) under the same CLTC conditions.

At 4,828 mm long, 1,930 mm wide, and 1,616 mm tall, the Onvo L60 will directly rival the Model Y (4,750 mm long X 1,921 mm wide X 1,624 mm tall).

Starting at 219,900 yuan ($30,500), NIO’s new mass-market electric SUV undercuts the Model Y, which starts at 249,900 yuan ($34,600) in China.

NIO-Onvo-TeslaNIO Onvo L60 electric SUV (Source: NIO)

The new mass-market electric SUV on the block

The electric SUV has three battery pack options. The base 60 kWh variant features 555 km (345 mi) CLTC range, while the 90 kWh and 150 kWh models offer up to 730 km (454 mi) and over 1,000 km (621 mi) CLTC range, respectively.

NIO Onvo L60 vs Tesla Model Y trims Range
(CLTC)
Starting Price
NIO Onvo L60 (60 kWh) 555 km (341 mi) 219,900 yuan ($30,500)
NIO Onvo L60 (90 kWh) 730 km (454 mi) TBD
NIO Onvo L60 (150 kWh) +1,000 km (+621 mi) TBD
Tesla Model Y RWD 554 km (344 mi) 249,900 yuan ($34,600)
Tesla Model Y AWD Long Range 688 km (427 mi) 290,900 yuan ($40,300)
Tesla Model Y AWD Performance 615 km (382 mi) 354,900 yuan ($49,100)
NIO Onvo L60 vs Tesla Model Y

In comparison, the base RWD Tesla Model Y gets up to 554 km (344 mi) CLTC range. The AWD Long Range Model Y (290,900 yuan) and AWD Performance trims (354,900 yuan) get up to 688 km and 615 km CLTC cruising range, respectively.

Although full details are yet to be released, the L60, equipped with NIO’s in-house 900V platform, is expected to feature ultra-fast charging capabilities.

NIO-Onvo-TeslaNIO Onvo L60 electric SUV (Source: NIO)

Onvo owners will have access to NIO’s expanding (+1,000) battery swap and public fast charging network (+25,000).

A Reuters report last week claimed NIO made a deal with BYD to source batteries for its new Onvo brand. Two sources said BYD will join CATL to supply a smaller battery pack for its new EV. Meanwhile, CALB will provide the 85 kWh battery pack.

NIO-Onvo-TeslaNIO Onvo L60 electric SUV launch event (Source: NIO)

However, when contacted by Reuters, NIO said the information was “inaccurate” without elaborating. Check back for more info soon as NIO’s new mass-market Onvo brand hits the market.

Electrek’s Take

NIO is the latest EV maker (or automaker) to launch a new Tesla Model Y competitor. As its best-selling EV, it’s no surprise to see the competition looking to snag a piece of the market.

BYD launched its Sea Lion 07 last week, its “smart mid-size electric SUV,” starting at just 189,800 ($26,250). As the first EV based on its new e-Platform 3.0 Evo, the base Standard model gets up to 550 km (341 mi) CLTC range. For 199,800 ($27,625), the Long Range variant gets up to 610 km (379 mi) range.

Tesla FSD Trial Convinced Just 2% Of Users To Pay For It, Credit Card Data Shows

The company’s marketing campaign might have been a dud.

Elon Musk, Tesla’s head honcho and social media poster extraordinaire, has been known to hype up the capabilities of the so-called “Full Self-Driving” feature that can be activated on certain Tesla EVs.

At one point, he said that the price of the advanced driving assistance system (ADAS) “will increase proportionately to its value,” implying that current prices will be “temporarily low.” But that hasn’t happened yet. Furthermore, the cost of FSD has actually gone down, and Tesla tried its hand at increasing the number of paying customers by offering a one-month free trial of the feature. That experiment, however, seems to have been in vain.

FSD woes

Tesla’s so-called “Full Self-Driving” driving assistance system has long been Elon Musk’s not-so-secret card in trying to convince the public to buy a Tesla EV. And while many use it regularly, others aren’t convinced that the option’s hefty purchase price is worth it.

According to YipitData, the percentage of Tesla owners who trialed the latest version of FSD on their cars and ended up paying for it was just 2%. Moomoo Technologies (yes, we know, Yipit and Moomoo) writes that out of the nearly 3,500 owners who tried the service, only about 50 trials converted into FSD purchases or subscriptions.

It’s unclear if the number of customers in this dataset represents the entire fleet of Tesla vehicles running the 12.3 version of FSD in the United States. In total, there are roughly 1.8 million Tesla users in North America, so the subset might leave out a big chunk of the owners.

Nevertheless, it provides some valuable insight into the users’ willingness to pay $8,000 for a feature that’s still considered a Level 2 system on the SAE chart, meaning the driver is still responsible for driving. Previously, FSD had a purchase price of $12,000. Meanwhile, the monthly subscription price went from $200 to $99.

The latest version of FSD, 12.3, has been touted as being the closest thing to human-like driving, but it wouldn’t be the first time Tesla’s CEO used his X account to draw people into the idea of self-driving. He also invited competing carmakers to license the tech behind FSD, but as of today, that invitation received exactly zero responses.