Asia Tech Wire (Sep 20) -- Chinese electric car maker Nio's first ONVO-branded car hit the market on Thursday.

ONVO, a sub-brand of Nio, announced late Thursday the official launch of its first model, the L60, starting at 206,900 yuan (US$29,363).

In terms of new vehicle deliveries, Nio Chairman and CEO William Li said on an earnings call earlier this month that the supply chain for the Onvo L60 is preparing for monthly deliveries of 10,000 units this year, with the hope of reaching 20,000 monthly deliveries next year.

Li said in Friday's interview that ONVO plans to launch one new vehicle per year, and will deliver a six/seven-seat mid-size SUV in the third quarter of next year.