Nio holds a product occasion in Shanghai on Sept. 21, 2023.
Evelyn Cheng | CNBC
BEIJING — Chinese language electrical automotive firm Nio mentioned Thursday it would launch its lower-priced model referred to as Onvo on Could 15.
The announcement comes amid a worth conflict in China’s extremely aggressive electrical automotive market that is compelled Tesla to chop costs. Xpeng, one other EV startup, additionally plans to launch a sub-brand referred to as Mona within the subsequent two or three months.
Nio mentioned the primary Onvo mannequin, the L60, can be a “family-centric sensible BEV priced round RMB 250,000, in the identical phase as Tesla Mannequin Y.” That is about $34,600.
In distinction, Nio’s SUVs and sedans presently promote for almost 300,000 yuan or way more. Nio delivered 15,620 electrical vehicles in April, up from 11,866 vehicles the prior month.
The corporate’s CEO William Li beforehand instructed CNBC that the primary Onvo automotive can be an SUV cheaper than the Mannequin Y.
Nio mentioned Onvo stands for “On Voyage,” and that that the Chinese language identify of the model, “Le Dao,” means “Path to Happiness.” The corporate sells vehicles to Europe, however did not specify whether or not Onvo could be obtainable outdoors China.