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

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

Chinese electric car company Nio launched its lower-cost brand Onvo on Wednesday, May 15, 2024, in Shanghai, China.

CNBC | Evelyn Cheng

SHANGHAI — 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.

Deliveries for Onvo’s first car, the L60 SUV, are set to begin in September, the company said. Pre-sales began after Wednesday’s launch event.

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