Gabriel Walker
May 16, 2024
Chinese electric car company Nio has launched a new brand, Onvo, aimed at setting new standards for family cars. The first car from this brand is the L60 SUV, priced slightly lower than Tesla's popular Model Y.
Nio says the L60 is just as spacious and comfortable as the Model Y but with a lower price tag. The car was revealed by William Li, Nio's chief executive, in Shanghai, China. Li said: "With technologies evolving and people’s understanding of smart EVs deepening, today it’s time for us to redefine the new standards for family cars”.
Read more: Tesla's electric slide — From disruptor to industry player in a competitive market
The pricing of the L60 SUV starts at CNY 219,900 yuan or $30,465, which is less than the Model Y's price of CNY 249,900 or $34,500. Nio hopes this new, more affordable brand will help them compete not only in China but also internationally. However, selling electric cars from China in other countries like the US and Europe might be difficult due to high import taxes and ongoing investigations.
This news comes as electric car companies around the world are facing challenges. Tesla recently laid off workers and saw profits drop, and Chinese company Build Your Dreams (BYD) is feeling the pressure of a price war in their home market.
