From CNBC: 2024-09-19 10:50:48

Chinese electric car company Nio debuts lower-cost brand, Onvo, in Shanghai. Onvo’s L60 SUV starts at 149,900 yuan ($21,210) with battery services subscription, deliveries begin Sept. 28. Nio shares increase after launch, undercutting Tesla’s prices. Zeekr launches electric SUV in China, starting at 239,900 yuan. Xpeng introduces Mona electric coupe.

Tesla’s cheapest car, Model 3, costs 231,900 yuan in China. EU plans to increase tariffs on imported Chinese electric cars, possibly impacting Nio. Nio to start deliveries in UAE, focusing efforts in Europe. Nio aims for 10,000 monthly L60 deliveries in December, expects 20,000 monthly next year. Onvo plans for international market expansion, opening over 100 stores in China.

Nio’s CEO William Li anticipates 15% vehicle margin on Onvo-branded cars. Onvo and Firefly brands aim to release vehicles for international market. Nio committed to European markets despite tariffs, focusing on existing operations. Nio actively expanding presence in Europe with plans for more stores. Zeekr and Xpeng introduce new electric car models in China.

Read more: Tesla’s Chinese rival Nio cuts price for new Onvo-branded car