Nio holds a product occasion in Shanghai on Sept. 21, 2023.
Evelyn Cheng | CNBC
BEIJING — Chinese language electrical automobile firm Nio stated Thursday it should launch its lower-priced model referred to as Onvo on Might 15.
The announcement comes amid a value struggle in China’s highly competitive electric car market that is compelled Tesla to chop costs. Xpeng, one other EV startup, additionally plans to release a sub-brand called Mona within the subsequent two or three months.
Nio stated the primary Onvo mannequin, the L60, will likely be a “family-centric good 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 practically 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 informed CNBC that the primary Onvo automobile will likely be an SUV cheaper than the Model Y.
Nio stated Onvo stands for “On Voyage,” and that that the Chinese language title of the model, “Le Dao,” means “Path to Happiness.” The corporate sells vehicles to Europe, however did not specify whether or not Onvo can be obtainable outdoors China.
