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NIO stock performance post-Onvo L60 launch
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NIO Launches Mass-Market Onvo Brand with L60 to Compete with Tesla Model Y
May 15, 2024, 11:49 AM
Chinese electric vehicle maker NIO has launched a new mass-market brand, Onvo, targeting mainstream family users. The new brand aims to compete with popular models like the Toyota RAV4 and Tesla Model Y, offering a balance in product experience and ownership costs. The first vehicle under the Onvo brand, named L60, is designed to be longer, wider, and roomier than the Tesla Model Y. Onvo, which translates to 'Happy Road' in Chinese, was launched on Wednesday. This launch comes amid a downward trend in pricing for electric vehicles in China.
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