SHANGHAI (Reuters) -Chinese electric vehicle maker Nio on Wednesday launched the first vehicle in its new lower-priced brand Onvo which aims to compete there with Tesla’s Model Y, the world’s best-selling EV.
Nio unveiled the Onvo L60 SUV with a sticker price starting from 219,900 yuan ($30,476), 12% below the price of Tesla’s Model Y which starts at 249,900 yuan in China. Nio plans to start delivery of the Onvo L60 in September.
Chief executive William Li introduced the Onvo L60 SUV in Shanghai, saying the company also aimed to take on Toyota Motor’s RAV4 by providing family cars that balance customer experience and ownership costs.
“RAV4 and Model Y were the benchmark for family cars in their time. With technologies evolving and people’s understanding in smart EVs deepening, today it’s time for us to redefine the new standards for family cars,” Li said at the event.
The vehicle is more spacious than Tesla’s Model Y, he added.
With a lower price tag, the Onvo brand could also help Nio expand outside China, although branching out into Europe is overshadowed by an ongoing anti-subsidy probe the EU has launched into EV imports from China.
Ai Tiecheng, president of the Onvo brand, revealed that the Onvo L60 features Nio’s self-developed 900-volt fast-charging system. Its energy consumption averages 12.1 kilowatt-hours per 100 kilometers, slightly less than Tesla’s Model Y.
The Onvo cars will have access to more than 1,000 battery swapping stations and 25,000 public chargers belonging to Nio, Ai added.
The launch of the Onvo brand by China’s Nio underscores the company’s determination to expand its market presence. The Nio Onvo Challenge presents consumers with more options and fosters innovation in electric vehicle technology. Consequently, this competition benefits both manufacturers and consumers alike.
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