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, introducing the L60 SUV which undercuts Tesla's Model Y by $4,000. The L60, starting at approximately $30,439, will begin deliveries in September. Onvo aims to redefine the family car standard, offering features like spacious interiors and superior shock absorption, with a driving range comparable to or better than the Model Y.