Tesla's Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000

Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla's comparable Model Y.

Nio CEO William Li said he expected that Onvo would sell its cars overseas at some point, but didn't specify when, according to an interview with CNBC's Onvo's L60 starts at 219,900 yuan , versus the Model Y's 249,900 yuan. Elon Musk's electric SUV has been one of the best-selling pure battery-powered electric cars in China.in late March entered the electric car market with its SU7 sedan to rival Tesla's Model 3 with a price that was

When asked about the new levies, Li called them"completely unreasonable," noting the impact on consumers and climate goals. That's according to a CNBC translation of the Mandarin.Onvo aims to set a"new standard" for the family car, Alan Ai, president of the Nio sub-brand, said at Wednesday's launch event in Mandarin, translated by CNBC.

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