Nio Launches Onvo Brand to Challenge Tesla's Model Y in China

The new Onvo L60 SUV, priced 12% below Tesla's Model Y, aims to redefine family cars with advanced features and competitive pricing.

Nio's Onvo L60 starts at 219,900 yuan ($30,465), undercutting Tesla's Model Y by $4,000.
Deliveries of the L60 are set to begin in September, with pre-sales already underway.
Nio plans to release one new Onvo model annually, targeting various market segments.
The company aims to maintain stable pricing and avoid participating in price wars.
Nio is also adjusting its global strategy in response to potential U.S. and EU tariffs on Chinese EVs.