LeDao launches a new offensive

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Author | Chai Xuchen

Editor | Zhou Zhiyu

From Karen Mok’s “arrival” to Louis Koo’s “statement,” the family brand built by William Li has stepped up its promotional campaign.

At the Guangzhou Auto Show on November 21, Onvo invited Louis Koo to launch the “Black Warrior Special Edition” for its flagship L90. After experiencing a “roller-coaster of fate” last year, Onvo has finally found its footing. With the L60 and L90 moving ahead side by side, monthly sales have stabilized at around 20,000 vehicles, and Onvo has at last shouldered NIO’s volume sales duty.

However, standing at the junction of 2025 and 2026, Onvo President Shen Fei cannot afford to relax. “To be realistic, we’re still thinking about how to sell a few more cars.” Asked about his biggest challenge, Shen Fei told Wallstreetcn candidly.

Onvo faces a number of challenges next. First, as policies on new energy vehicle purchase taxes and local subsidies are set to change next year, and as “big battery range-extended” competitors are on the attack, what should Onvo’s next move be?

Looking back, a strange phenomenon has appeared in the SUV market for 2025: most three-row SUVs launched have adopted “big battery super range extender” solutions. This kind of “wanting it all” product definition seems to fit the needs of today’s family users, who want to cover all bases, whereas as a pure electric competitor in the same field, Shen Fei instead stresses “not being overly concerned with the competition.”

“It’s unrealistic for a team to base every aspect of its success on external factors.” Compared with focusing on competitors’ moves, Onvo prefers to hone its internal strengths: increasing brand awareness and strengthening the organization’s cohesion and fighting power. Shen Fei said, “Even if only one person survives in the end, we must strive to be that survivor.”

Onvo’s head of product, Yu Bin, explains from an “endgame perspective” that today’s big battery range-extended vehicles appearing in the market are actually the result of decisions made by automakers three years ago. At that time, batteries were expensive and infrastructure was lacking, so range extension was a reasonable interim solution; but looking at 2025, there are now 6–10 million public charging piles nationwide, and once users get used to the quiet experience of pure EVs, “there’s no going back.”

Facing entrants into battery swapping such as GAC and CATL, Onvo does not feel threatened, but instead sees this as evidence that their direction is correct.

Moreover, although Onvo is back on a growth track, deliveries have only just surpassed 110,000 vehicles, which is still not a large absolute scale. How to further boost sales remains a focus of outside attention.

As for the next blockbusting product the public is waiting for—the mid/large five-seat SUV L80—Onvo has chosen to delay its release until the first or second quarter of next year. In Shen Fei’s view, this is about adopting a calmer market pace. He told Wallstreetcn that orders for the L90 have far exceeded expectations, and Onvo does not yet have enough production capacity to absorb these orders.

This means that Onvo’s top priority is ensuring L90 deliveries. Shen Fei also admits that sales of the L90 exceeding expectations has given the company the confidence for internal adjustments. “Just adding more options doesn’t necessarily mean selling more; every company should have its own path to success.”

As the L80 joins the lineup next year and the battery swapping network becomes even denser, whether Onvo can double its sales in 2026 and help NIO remain profitable will be key going forward.

The following is a transcript of conversations with Onvo President Shen Fei and Onvo brand product head Yu Bin:

Q: Why did Onvo choose Louis Koo as product ambassador?

Shen Fei: We provide whatever users need. The Onvo brand is born for families, and this positioning and mission are closely related. As for why Louis Koo? First, he is ambitious; second, he takes responsibility; and he cares for and protects his family and friends, which is perfectly aligned with our brand philosophy.

Q: Next year, a purchase tax will be levied on new energy vehicles. How do we view the market next year?

Shen Fei: For users who will only receive their vehicles next year due to production scheduling, there will definitely be policies to cushion the impact of purchase tax. December this year may not be like previous years as everyone imagines—not just purchase tax, but also changes in various local subsidy policies. At the end of November and in December, it’s a matter of “let’s wait and see.” At least for Onvo, we will go all out to prepare for this market.

Q: After the new policies take effect next year, traditional fuel cars may launch a counterattack, and now even fuel cars are adding smart driving, smart cabins, etc. Do fuel cars still have a chance?

Yu Bin: In October, pure electric sales grew by 20% year-on-year. Once users are used to the quiet, comfortable experience of pure EVs, they never go back. Their development platforms increasingly support both range extension and pure EV. In China, it is definitely a trend of gradual replacement and shift towards pure electric. In some niche markets, the battery + range extender solution still can’t beat ICE cars on cost, or in special, extreme scenarios, traditional ICE work vehicles still have their place, but overall, pure EVs will become mainstream in China—there’s already consensus on this in the industry.

Q: What is currently the biggest challenge for Onvo?

Shen Fei: To be realistic, the biggest challenge is still how to sell a few more cars. That’s pretty challenging. Right now, our two models have very strong overall product capabilities. In this highly competitive market, there aren’t many models like the L60 that can keep steadily growing.

I tell the internal team there are two key issues: first, we need to keep letting more people know about the Onvo brand, our philosophy, and our unique advantages, including our car models and highlights of the L60 and L90. Second, as a new team, how do we keep improving cohesion, fighting power, and organizational ability.

Q: Most of the newly launched three-row SUVs still choose the big battery, super range extender solution. How do you view competition with big battery super range extenders?

Shen Fei: It’s not that because we do pure electric + battery swapping, others can’t do big range extenders. But putting a range extender and fuel tank in the car increases weight, costs, and takes up space. These three issues will always exist. In the past, others used small batteries for their range extenders, so the weight difference with a pure EV wasn’t much, but now they use batteries as large as ours, which adds all that extra weight and cost, and eats up space. So Onvo models naturally have better energy efficiency and more space. If their products match us in power, performance, and size, then Onvo’s cost and price will certainly be more competitive.

Another point: compared to five or six years ago, the number of public charging piles in China has multiplied several times—by about 5-10 times. In 2018 there were only several hundred thousand, now there are about 6–10 million. Charging is convenient enough now, so I don’t really understand the logic in just making batteries even bigger.

There's also the question of use frequency. One friendly competitor said publicly the average range extender user only needs gasoline about three times a year. Is it worth spending so much on carrying around a range extender system for only three uses a year? So from these perspectives, we are firmly doing pure EV plus battery swapping.

Yu Bin: Our product definition is “reverse engineered” from the endgame. From the product evaluation side, creating a new platform, a new product, takes about three years. This year is 2025, so if you go back three years, as Shen Fei mentioned, that was 2022, when EVs were very expensive and domestic charging/battery swap infrastructure wasn’t in place. At that time, range extension did solve some user concerns, so many peers started range extension projects with big batteries then. But we always stuck with pure EV + battery swap. So all the product differentiation you see today is the result of decisions made three years ago, and mainly reflects the state of the industry then—not now. It’s just the outcome.

Q: What are Onvo's advantages in battery swap systems, and why not pursue ultra-fast charging?

Shen Fei: Currently, battery swap penetration is extremely high among our users: only about 10% of their charge comes from public charging stations, while 90% comes from swapping, home charging, or destination chargers (like charging under the office at work). We don't feel a strong urgency to take on additional costs and risks to chase “5C, 6C ultra-fast charging”—we can choose safer, more reliable technology because we support both charging and swapping.

Also, using swap stations lets us check the battery every time it's swapped—identifying millimeter-level scratches or nicks, and checking for changes in charge–discharge characteristics, things hard to spot day to day. If we spot a major battery issue, we can notify the user to swap it out.

Q: Now that GAC, CATL, and JD.com are working together on battery swapping, does this promote the battery swap sector?

Shen Fei: This shows battery swapping is getting wider recognition. CATL has long been our supplier and know our swap system extremely well—they’re now doing battery swap themselves, which is meaningful. As for whether the swap standard must be unified in the next year or two, I don’t think it’s urgent or so important. Especially if our swap system reaches enough users, a closed-loop operation works fine. Of course, we hope more people use it, but the challenge with swapping is that automakers and battery companies have different angles, so unifying their interests quickly is hard. The route, technology, and direction are different for everyone.

Q: Next year’s competition will intensify. What are Onvo’s plans?

Shen Fei: I tell my team, don’t worry too much about the big external environment. Onvo’s room for growth and the effort we put in are enough to overcome those changes. Have the confidence and ability. Relying on external factors for your success is unrealistic; yes, we pay attention to the environment, but changing yourself is key.

No matter how others change, we stick to doing our own job: first, in product definition—insist on designing for families (L80’s space, comfort, safety, energy efficiency—keep those strengths going). Second, (as mentioned earlier) market, brand, visibility—if there’s a chance for more exposure or to go viral, keep pushing; keep improving internal organization.

You can’t sell more just by launching more models; each company needs its own path to success. Every industry sector is like this now: even if only one survives, we must strive to be that survivor.

Q: Some products lack enough strength so need frequent iterations. If the product is strong enough, does it not need that?

Yu Bin: Long-term, yes. But product strength means truly meeting the user’s core needs. Our job is to serve families well; whatever kind of product family users want, we’ll perfect it. The L90 Black Knight Special Edition is a demonstration of this—a popular, successful model with extra product innovations. Every month or two we’ll introduce something new based on hot-selling products to maintain market vitality, and more variants will come.

Q: What's the channel expansion schedule for L80 next year?

Shen Fei: L80 was initially scheduled for launch this year, but because L90 sold better than expected, the L80 launch plan was pushed to the first/second quarter of next year. We’ll try hard to penetrate lower-tier (smaller) markets, because our swap stations already have such wide coverage. Every lower-tier market has its own traits; as long as local partners are interested and the co-operation is win-win, we are open to collaboration.

Yu Bin: Whether L80 is announced by the end of this year or in Q1–Q2 next year will be evaluated internally. L80 is a big five-seat SUV; for users who want a large five-seater, they may also consider the seven-seat L90, which can work as either a big five-seater or a big three-row. Previously buyers could only get a five-seater, but now with the seven-seater they're covered in one go.

Q: The BaaS battery leasing model, besides giving users the option to separate car and battery purchases, what other benefits does it have?

Shen Fei: The main point is that, after separating car and battery, purchase shifts from a one-time payment to pay-as-you-go. The real difference comes from battery swapping itself. This is a complex problem; BaaS battery operations must be analyzed together with battery swapping. Many companies develop battery swap plans but have concerns at launch, largely because BaaS operations are more complex than expected. For users, it’s just a matter of one-time buyout or installment. If you want to swap from a standard to a long-range battery, you can do a flexible daily upgrade or a permanent one in the system; if you bought the vehicle outright, that choice is hard to make.

Also, right now our swap station battery reserves are plentiful. At L90’s initial launch, battery supply was tight—using more for swap stations meant fewer delivered vehicles. Now, with production capacity increased, battery stock at swap stations is fine.

Q: Is the “county coverage” construction progressing as expected, and does it affect sales?

Shen Fei: “County coverage” construction definitely helps sales. At the end of September, I personally drove along the 318 Sichuan–Tibet highway; swap station order volume there can’t be compared to Shanghai or Guangzhou, but during National Day even the busiest swap stations along 318 had nearly 100 orders, much more than people think. But nationwide, whether a given place needs a swap station should be based on practical realities, not just for publicity or marketing—after all, every penny a company spends must count. Our energy team will map all suitable new sites nationwide and see which ones meet the investment-return expectation, including their value in driving sales, promoting the market, and energy service income—I prefer rational decision-making: build wherever makes sense. That’s my logic.

That’s why I’ve always said I don’t like simply shouting about targets. If you set targets, you have to race to meet them. I hope the “county coverage” construction will proceed solidly, one province or region at a time, not racing arbitrary deadlines. Overemphasizing KPIs sometimes leads to poor execution. As Onvo president, I focus more on building next-generation (fourth- or fifth-gen) swap stations next to good-location second-gen ones.

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