Tesla’s Chinese rival Nio cuts price for new Onvo-branded car

Published On Sep 19, 2024, 10:50 AM

Nio, the Chinese electric vehicle company, has unveiled a new brand called Onvo, launching its first vehicle, the L60 SUV, with a starting price of 149,900 yuan ($21,210) when opting for a subscription battery service. Direct sales of the car with the battery included start at 206,900 yuan. The L60 aims to compete with Tesla's Model Y, which is priced higher, and deliveries are expected to start on September 28. In the competitive Chinese EV market, Nio anticipates significant sales growth and plans to expand its store network in China and consider international markets despite potential tariff challenges in Europe.