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Chinese electric vehicle (EV) maker Nio has unveiled the first car from its new lower-priced brand Onvo, in a direct challenge to Tesla’s best-selling car.<\/b><\/p>\n
With prices starting at 219,900 yuan ($30,465, \u00a323,990), the L60 SUV is more than 10% cheaper than the world’s most popular EV, Tesla’s Model Y, which has a price tag of 249,900 yuan.<\/p>\n
It comes in the same week that US President Joe Biden announced he would quadruple the import tax on electric cars from China.<\/p>\n
Like other EV makers, Tesla has been struggling with falling sales in the face of intense competition from Chinese brands.<\/p>\n
The vehicle was unveiled in Shanghai by Nio’s chief executive, William Li, who said the company aimed to rival Tesla’s Model Y and the Toyota RAV4.<\/p>\n
“With technologies evolving and people\u2019s understanding in smart EVs deepening, today it\u2019s time for us to redefine the new standards for family cars,” Mr Li said.<\/p>\n
The company has started taking orders for the L60 and aims to begin deliveries by September.<\/p>\n
Nio executives said they have plans to launch a new Onvo model a year as part of efforts to expand into the family car market.<\/p>\n
The brand could also help Nio build up its presence outside its home country.<\/p>\n
However, it faces 100% tariffs in the US and an ongoing anti-subsidy probe launched by the European Union into EV imports from China.<\/p>\n
Electric car brands around the world are facing major challenges as they face slower sales and increased competition.<\/p>\n
In April, Tesla started to lay off more than 10% of its global EV workforce.<\/p>\n
Later that month, the company announced its profits for the first three months of the year had fallen by more than half compared to the same time last year.<\/p>\n
Meanwhile, China’s BYD said its profits had fallen as it was hit by weaker demand and a price war in the world’s largest car market.<\/p>\n<\/div>\n