NIO lowers Onvo brand new car prices, targeting Tesla Model Y

Chinese high-end electric car company NIO has launched a low-priced brand Onvo. The company announced that by purchasing battery services starting at RMB 599 per month, the first car of its Onvo brand - the L60 SUV - is priced at RMB 149,900. This is equivalent to spending over $1,000 per year to "rent" the battery. Buyers at the above price do not need to purchase the battery pack, and the invoice price of the vehicle does not include the battery pack price. The model with the battery pack and car starts at RMB 206,900, with deliveries scheduled to begin on September 28th. This electric car company has introduced a significant discount in hopes of weakening Tesla's position. When NIO announced the launch of the Onvo brand in May this year, the company stated that the starting price of the L60 was RMB 219,900, while Tesla's Model Y starts at RMB 249,900. Geely's ZEEKR, under the Geely Group, will launch its first mid-size electric SUV, the ZEEKR 7X, in China on September 20th, with a starting price of RMB 239,900. Following the announcement of the Onvo L60, NIO's stock price rose by 4.9% in U.S. trading on Thursday