Chinese EV startup Nio is changing its global strategy with U.S., EU tariffs on the horizon

Nio launched its lower-priced brand Onvo on Wednesday with a new L60 SUV that's about $4,000 cheaper than Tesla's Model Y.

"But now we have Onvo and then we will have Firefly, an even lower entry-level brand. We can enter the global market, and in the process of doing so we will have some changes. We can look more for local partners."State-owned automaker GAC's international department told CNBC last month that its push overseas would also incorporate a more flexible approach, partnering with local factories in some markets or investing directly.

He estimated that if Onvo can sell about 20,000 units a month, the brand would have a positive impact on Nio overall. The startup, which is listed in the U.S., has been operating at a loss.

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Chinese EV start-ups Nio and Xpeng turn to the mass market for growthChinese electric car start-ups Nio and Xpeng are turning to a lower-priced segment of the market with plans to release newly-branded cars this year.
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Chinese EV maker Nio to launch its lower-priced brand Onvo on May 15Chinese electric car company Nio said Thursday it will launch its lower-priced brand called Onvo on May 15.
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