CHINA'S NIO LAUNCHES ONVO BRAND TO CHALLENGE TESLA'S BEST-SELLING MODEL

Chinese electric vehicle maker Nio on Wednesday launched the first vehicle in its new lower-priced brand Onvo which aims to compete there with Tesla's Model Y, the world's best-selling EV. Nio unveiled the Onvo L60 SUV with a sticker price starting from 219,900 yuan ($30,476), 12% below the price of Tesla's Model Y which starts at 249,900 yuan in China. Nio plans to start delivery of the Onvo L60 in September.

Chief executive William Li introduced the Onvo L60 SUV in Shanghai, saying the company also aimed to take on Toyota Motor's RAV4 by providing family cars that balance customer experience and ownership costs.

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