Nio has launched a new electric vehicle (EV) brand targeted at China’s cost-conscious middle-income consumers amid fierce competition in the world’s largest EV market, reports the South China Morning Post. The Shanghai-based carmaker said the L60 Onvo-branded SUV, which is equipped with an autonomous driving system, will take on Tesla’s bestselling Model Y. The carmaker enjoys an edge in production cost over its US rival.
Nio said deliveries of the new car will begin in September.
“Onvo vehicles will give family users the best experience at acceptable prices,” William Li, co-founder and CEO of Nio, said at a launch ceremony in Shanghai on Wednesday. “A balance between product experience and cost of building the vehicles will be struck.”