NIO prices its Model Y competitor $4,000 cheaper as Onvo L60 comes with the lowest SUV drag coefficient

The price and specs of NIO's first direct Model Y competitor were just announced, and the Onvo L60 beats Tesla on many important counts.

As if Tesla didn't feel enough pressure in the Chinese market, it now has to rely on the Model Y Juniper refresh to have an answer to the Onvo L60 (from "on voyage").

Onvo L60 vs Tesla Model Y price and specs

NIO reportedly tore down many Teslas to get a glimpse at what makes them tick at the respective price range.

Through various cost-cutting methods, such as eschewing the roof-mounted LiDAR for a 4D imaging radar, NIO managed to shave 10% off the Model Y production costs and transfer those savings to the Onvo SUV.

The L60 starting price is the equivalent of $30,440, while the Tesla Model Y costs $4,155 more in China. For that money, an L60 buyer gets the base model with 344 miles of range.

That's on the CLTC cycle, though, which might be up to a third more generous compared to the EPA estimates, so a direct comparison with the Model Y price should be done with the long range L60 version that is rated for 450 miles on the CLTC cycle (about 300 miles EPA).

Here, the price difference with the Model Y shrinks, yet the L60 still has the better specs. It is slightly larger than the Model Y, yet offers the lowest drag coefficient of any production SUV, an incredible 0.229 Cd number.

The lower wind resistance and the frugal powertrain have made the Onvo L60 one of the most efficient electric SUVs out there, too. NIO focused relentlessly on efficiency in order to make do with a smaller and cheaper battery, resulting in a very low power consumption of 12.1 kWh per 100km, or 19.36 kWh/100 miles.

For comparison, Tesla's most efficient RWD Model Y consumes 14.9 kWh per 100 km as per its official specs.

The other areas that Onvo L60 beats the Model Y specs are the fast charging 900V electric architecture, the swappable battery that can be replaced with a fresh one in minutes, the Nvidia Orin X processor, and the larger screen.

The Onvo L60 preorders open today, and NIO will start shipping the SUV with the world's best drag coefficient in September. NIO's CEO may have been right when he said to wait for the L60 before purchasing a Model Y.

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