Chinese electric car company Nio launched its lower-cost brand Onvo on Wednesday, May 15, 2024, in Shanghai, China.
HEFEI, China — There's yet another Chinese electric car aiming to undercut Tesla , with a steeper discount.
Onvo, the lower-priced brand launched by premium electric car company Nio , announced its first car, the L60 SUV, would start as low as 149,900 Chinese yuan ($21,210) when buying battery services via a monthly subscription, starting at 599 yuan. That's the equivalent to just over $1,000 a year for "renting" the battery.
A model with the battery and the car starts at 206,900 yuan. Deliveries are set to begin Sept. 28.
When Nio launched the Onvo brand in May, the company said the L60 would start selling at 219,900 yuan versus Tesla 's Model Y at 249,900 yuan.
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