Chinese electric car company Nio launched its lower-cost brand Onvo on Wednesday, May 15, 2024, in Shanghai, China.
HEFEI, China — There's yet another Chinese electric car aiming to undercut Tesla , with a steeper discount.
Onvo, the lower-priced brand launched by premium electric car company Nio , announced its first car, the L60 SUV, would start as low as 149,900 Chinese yuan ($21,210) when buying battery services via a monthly subscription, starting at 599 yuan.
Nio shares briefly rose by more than 3.5% in U.S. trading Thursday after the Onvo L60 launch.
When Nio launched the Onvo brand in May, the company said the L60 would start selling at 219,900 yuan versus Tesla 's Model Y at 249,900 yuan.
Persons:
Nio, Tesla, Mona, Max
Organizations:
Mona
Locations:
Shanghai, China, HEFEI