In a clear challenge to Tesla’s best-selling vehicle, Chinese electric vehicle (EV) manufacturer Nio has presented 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.
In the face of fierce competition from Chinese companies, Tesla has been experiencing declining sales, just like other EV manufacturers.
William Li, the CEO of Nio, introduced the car in Shanghai and stated that the business wanted to compete with Tesla’s Model Y.
