In a clear challenge to Tesla’s best-selling vehicle, Chinese electric vehicle (EV) manufacturer Nio has unveiled the first vehicle from its new, less expensive brand, Onvo.
The L60 SUV is more than 10% less expensive than the world’s most popular electric vehicle (EV), Tesla’s Model Y, which has a starting price of 219,900 yuan ($30,465, £23,990).It occurs the same week that US President Joe Biden declared he would increase import taxes on Chinese electric vehicles by four times.
Like other EV manufacturers, Tesla has been experiencing declining sales in the face of fierce competition from Chinese brands.
William Li, the CEO of Nio, unveiled the car in Shanghai and stated that the company wanted to compete with Tesla’s Model Y and the Toyota RAV4.
It’s time to rethink the new benchmarks for family vehicles as technology advances and people’s awareness of smart EVs grows, Mr. Li stated.
Orders for the L60 are now being accepted by the company, and deliveries are scheduled to start in September.
Executives from Nio stated that as part of their plans to enter the family car market, they intend to introduce a new Onvo model annually.
Additionally, the brand might assist Nio in expanding its reach outside of its nation of origin. However, it has to deal with 100% tariffs in the US and an ongoing EU anti-subsidy investigation into Chinese EV imports.
Globally, electric vehicle manufacturers are confronting significant obstacles due to declining sales and heightened rivalry.
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