Nio retains a product party in Shanghai on Sept. 21, 2023.
Evelyn Cheng | CNBC
BEIJING — Chinese electric auto business Nio claimed Thursday it will start its lower-priced manufacturer termed Onvo on May well 15.
The announcement arrives amid a value war in China’s remarkably competitive electrical car or truck industry that’s forced Tesla to minimize selling prices. Xpeng, a further EV startup, also strategies to release a sub-manufacturer known as Mona in the following two or a few months.
Nio stated the initially Onvo model, the L60, will be a “loved ones-centric wise BEV priced about RMB 250,000, in the similar section as Tesla Model Y.” That’s about $34,600.
In contrast, Nio’s SUVs and sedans presently sell for virtually 300,000 yuan or significantly extra. Nio delivered 15,620 electric autos in April, up from 11,866 cars the prior month.
The firm’s CEO William Li earlier informed CNBC that the first Onvo auto will be an SUV much less expensive than the Model Y.
Nio explained Onvo stands for “On Voyage,” and that that the Chinese identify of the brand name, “Le Dao,” signifies “Path to Contentment.” The firm sells cars and trucks to Europe, but did not specify no matter whether Onvo would be readily available outside the house China.
