In this article 9866-HK Follow your favorite stocks CREATE FREE ACCOUNTChinese electric car company Nio launched its lower-cost brand Onvo on Wednesday, May 15, 2024, in Shanghai, China.
CNBC | Evelyn ChengSHANGHAI — Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla's comparable Model Y.
Elon Musk's electric SUV has been one of the best-selling pure battery-powered electric cars in China.
watch nowFierce competition in China's electric car market has invited new entrants and prompted many companies to cut prices.
Smartphone company Xiaomi in late March entered the electric car market with its SU7 sedan to rival Tesla's Model 3 with a price that was also about $4,000 cheaper.
Persons:
Nio, Evelyn Cheng SHANGHAI, William Li, Onvo, CNBC's Eunice Yoon, Elon, Xiaomi, BYD, Li, Biden, Tesla
Organizations:
HK, CNBC, Onvo's, Tesla's, Elon Musk's
Locations:
Shanghai, China, Europe, .