Chinese EV maker Nio to launch its lower-priced brand Onvo on May 15

The announcement comes amid a price war in China's highly competitive electric car market that's forced Tesla to cut prices.plans to release a sub-brand called Mona

Nio said the first Onvo model, the L60, will be a"family-centric smart BEV priced around RMB 250,000, in the same segment as Tesla Model Y." That's about $34,600. In contrast, Nio's SUVs and sedans currently sell for nearly 300,000 yuan or far more. Nio delivered 15,620 electric cars in April, up from 11,866 cars the prior month.Nio said Onvo stands for"On Voyage," and that that the Chinese name of the brand,"Le Dao," means"Path to Happiness." The company sells cars to Europe, but didn't specify whether Onvo would be available outside China.

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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.
Source: CNBC - 🏆 12. / 72 Read more »