Tesla's Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000 [MSNBC.com]
Tesla, Inc. (TSLA)
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Source: MSNBC.com
In this articleChinese electric car company Nio launched its lower-cost brand Onvo on Wednesday, May 15, 2024, in Shanghai, China.CNBC | Evelyn ChengSHANGHAI — Chinese electric car companyTesla'sDeries for Onvo's first car, the L60 SUV, are set to begin in September, the company said. Pre-sales began after Wednesday's launch event.Nio CEO William Li said he expects Onvo to begin selling its cars overseas at some point but didn't specify when, according to an interview with CNBC'sEunice YoonSince launching about 10 years ago, Nio has focused on the premium segment of cars, priced around 300,000 yuan (US$41,500) or higher. The company has since expanded to Europe, but its monthly deries in China have generally remained modest versus the competition.Onvo's L60 starts at 219,900 yuan (US$30,439) versus the Model Y's 249,900 yuan (US$34,617). Elon Musk's electric SUV has been one of the best-selling pure battery-powered electric cars in China.watch nowVIDEO21:26How Tesla may have just kill
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