From CNBC: 2024-05-15 12:04:44

Chinese electric car company Nio launched its lower-cost brand Onvo, unveiling the L60 SUV which starts at 219,900 yuan, about $4,000 cheaper than Tesla’s Model Y. Onvo plans to sell cars overseas eventually. Nio CEO confirmed the L60 is using lower-priced batteries from BYD. Biden administration announces new tariffs on Chinese EVs.

Onvo aims to set a new standard for family cars, offering a spacious interior, better shock absorption, and competitive driving range on a single charge. The brand will have access to Nio’s battery swap and charging stations. Onvo models use driver-assist technology, though Tesla’s Full Self-Driving software is expected to receive Beijing’s approval soon.

Read more: Nio’s Onvo brand undercuts Tesla Model Y