Tesla's Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000

Nio, a Chinese electric car company, has launched a new, more affordable brand named Onvo, undercutting Tesla's Model Y by $4,000 with its first vehicle, the L60 SUV. Pre-sales started following the launch event, with deliveries expected in September. The L60 is priced at approximately $30,439, compared to the Model Y's $34,617. Nio aims to expand Onvo internationally, although specific details remain unspecified.

The launch of Onvo comes amid intense competition in China's electric vehicle market, prompting price cuts from various companies, including Tesla. Onvo's L60 boasts a spacious interior and superior shock absorption compared to competitors, and it offers a competitive driving range. The new brand leverages Nio’s existing battery swap and charging infrastructure, enhancing its appeal.