Hyperdrive
Nio Is Launching a More Affordable Brand in Direct Challenge to Tesla
- Premium EV maker will sell Onvo L60 model for $30,400
- Vehicles will be priced below Tesla’s top-selling Model Y
Nio Inc. is launching a more affordable electric car brand in China in a bid to gain a firmer foothold in the world’s most competitive market as Tesla Inc.’s momentum slips.
The brand, dubbed Onvo, will target family users with its first model, which competes directly with Tesla’s Model Y and Toyota Corp.’s RAV4 sport utility vehicles, Nio Chief Executive Officer William Li said at an event in Shanghai Wednesday. The launch vehicle — the medium-sized L60 SUV — is “longer, wider, and roomier than the Model Y,” he said.