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Nio Launches Onvo Brand to Challenge Tesla Model Y with $30,000 L60 EV, Undercuts by $4,000

May 15, 2024, 12:22 PM

Chinese electric vehicle maker Nio has launched a new mass-market brand, Onvo, aimed at challenging Tesla's dominance in the EV market. The first vehicle under the Onvo brand, the L60, is priced at $30,000, undercutting Tesla's Model Y by $4,000. Nio's founder highlighted that the L60 is longer, wider, and roomier than the Model Y, positioning it as a new standard for family cars. The Onvo brand, which translates to 'Happy Road' in Chinese, is seen as a new standard for family cars from the past. This move comes amid a downward trend in EV pricing in China, as Nio aims to balance product experience and ownership costs while competing with established models like the Toyota RAV4 and Tesla Model Y.